AMENDMENT NO. 1
To
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 0R 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission file number 0-28434
------------------------------------------
DIATIDE, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3078258
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation (IRS Employer Identification No.)
or organization)
Nine Delta Drive, Londonderry, NH 03053
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
603-437-8970
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes X No
--- ---
The number of shares outstanding of each of the issuer's classes of common stock
as of
Class Outstanding at May 5, 1998
----- --------------------------
Common Stock, $0.001 par value 10,559,971
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<PAGE>
EXPLANATORY NOTE
On May 15, 1998 at 12:50 p.m. EST the Registrant, Diatide Inc., filed
Form 10-Q with the Securities and Exchange Commission via EDGAR (SEC Accession
number 0001029869-98-000675). Subsequent to that filing two changes have been
made to page 5 (Consensed Statements Of Cash Flows). Those are the only material
changes between this filing and the previously filed 10-Q.
<PAGE>
DIATIDE, INC.
(A Development Stage Company)
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
For the Period
February 6, 1990
(date of
Three Months Ended March 31, inception) to
----------------------------------------- March 31,
1998 1997 1998
------------------- ------------------- -------------------
<S> <C> <C> <C>
Operating activities:
Net loss $ (3,082,539) $ (2,695,313) $ (48,252,501)
Adjustments to reconcile net loss to
cash used in operating activities:
Depreciation and amortization 112,765 115,703 1,886,182
Cancellation of accrued interest -- -- 111,438
Amortization of deferred compensation 34,164 83,115 732,205
Compensation associated with stock option
grants 30,300 15,000 289,185
Changes in operating assets and
liabilities (311,154) (641,472) 2,288,141
------------------- ------------------- -------------------
Cash used in operating activities (3,216,464) (3,122,967) (42,945,350)
Investing activities:
Additions to property and equipment (32,820) (52,490) (2,774,695)
Purchases of marketable securities (966,837) (3,997,069) (35,586,419)
Sales of marketable securities 4,550,000 4,500,000 25,494,953
------------------- ------------------- -------------------
Cash provided by (used in) investing
activities 3,550,343 450,441 (12,866,161)
Financing activities:
Sale of preferred stock -- -- 39,808,914
Issuance of convertible notes -- -- 3,508,464
Repayment of convertible notes -- -- (315,000)
Issuance of long-term debt -- -- 900,518
Repayment of long-term obligations (941) (288) (907,641)
Sale of common stock 42,576 40,044 17,049,767
Repurchase of common stock -- -- (24)
------------------- ------------------- -------------------
Cash provided by financing activities 41,635 39,756 60,044,998
------------------- ------------------- -------------------
Net increase (decrease) in cash and cash
equivalents 375,514 (2,632,770) 4,233,487
Cash and cash equivalents at beginning of period 3,857,973 6,004,207 --
------------------- ------------------- -------------------
Cash and cash equivalents at end of period $ 4,233,487 $ 3,371,437 $ 4,233,487
=================== =================== ===================
Noncash transactions:
Acquisition of equipment through capital
lease obligation $ -- $ -- $ 19,358
Conversion of convertible notes and
accrued interest to preferred stock $ -- $ -- $ 3,304,902
Deferred compensation associated with
stock options issued at less than fair
value $ -- $ -- $ 1,075,969
</TABLE>
See Notes to Condensed Financial Statements.
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<PAGE>
DIATIDE, INC.
FORM 10-Q
March 31, 1998
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DIATIDE, INC.
DATE: May 14, 1998 BY: /s/ Daniel F. Harrington
_____________________________________________________
Daniel F. Harrington
Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
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