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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2000
Commission File Number 0-20945
MEDI-JECT CORPORATION
161 Cheshire Lane, Suite 100
Minneapolis, Minnesota 55441
(763) 475-7700
A Minnesota Corporation IRS Employer ID No. 41-1350192
------------------------------------
Indicate by check mark whether the Registrant (1) has filed all reports required
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 the Registrant's Common Stock, $.01 par
value, as of November 13, 2000, was 1,429,211.
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MEDI-JECT CORPORATION
INDEX
PAGE
----
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements (Unaudited)
Balance Sheets as of December 31, 1999 and
September 30, 2000................................................3
Statements of Operations for the three and nine months ended
September 30, 1999 and 2000.......................................4
Statements of Cash Flows for the nine months ended
September 30, 1999 and 2000.......................................5
Notes to Financial Statements.....................................6
ITEM 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.........................................9
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.......10
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K.................................11
SIGNATURES ...............................................................14
2
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MEDI-JECT CORPORATION
BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
December 31, 1999 September 30, 2000
----------------- ------------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents .......................................... $ 85,136 $ 229,792
Accounts receivable, less allowance for doubtful accounts of
$25,000 and $20,384, respectively .............................. 167,301 262,672
Inventories ........................................................ 429,472 414,890
Prepaid expenses and other assets .................................. 23,263 41,978
------------ ------------
705,172 949,332
Equipment, furniture and fixtures, net ...................................... 1,002,554 796,069
Patent rights, net .......................................................... 302,410 279,394
------------ ------------
$ 2,010,136 $ 2,024,795
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable ................................................... $ 337,927 $ 176,729
Accrued expenses and other liabilities ............................. 551,104 481,144
Convertible notes payable .......................................... -- 2,900,000
Note payable obligations - current maturities ...................... 14,156 15,741
------------ ------------
903,187 3,573,614
Note payable, less current maturities ....................................... 54,094 44,566
------------ ------------
Total liabilities ........................................................... 957,281 3,618,180
------------ ------------
Mandatorily Redeemable Series B Convertible Preferred Stock:
$0.01 par; authorized 250 shares, 250 issued and outstanding
at December 31, 1999, and September 30, 2000, respectively ......... 250,000 250,000
------------ ------------
Shareholders' equity (deficit):
Preferred Stock: $0.01 par; authorized 1,000,000 shares:
Series A Convertible Preferred Stock: $0.01 par; authorized
10,000 shares; 1,000 and 1,100 issued and outstanding at
December 31,1999, and September 30, 2000, respectively;
aggregate liquidation preference of $1 million and
$1.1 million at December 31, 1999 and September 30, 2000,
respectively .............................................. 10 11
Common Stock: $0.01 par; authorized 3,400,000 shares;
1,424,729 and 1,427,611 issued and outstanding at
December 31, 1999 and September 30, 2000, respectively ......... 14,247 14,276
Additional paid-in capital ......................................... 24,936,433 25,154,053
Accumulated deficit ................................................ (24,147,835) (27,011,725)
------------ ------------
802,855 (1,843,385)
------------ ------------
$ 2,010,136 $ 2,024,795
============ ============
</TABLE>
See accompanying notes to financial statements.
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MEDI-JECT CORPORATION
STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
For Three Months Ended For Nine Months Ended
--------------------------------------- ---------------------------------------
September 30, 1999 September 30, 2000 September 30, 1999 September 30, 2000
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Revenues:
Product Sales ................. $ 481,914 $ 444,900 $ 1,441,189 $ 1,673,013
Licensing & product development 27,144 10,000 1,236,752 32,788
----------- ----------- ----------- -----------
509,058 454,900 2,677,941 1,705,801
----------- ----------- ----------- -----------
Operating Expenses:
Cost of sales ................. 412,854 344,210 1,233,693 1,229,580
Research and development ...... 559,552 302,823 1,745,137 865,531
General and administrative .... 367,725 765,316 1,341,934 1,850,743
Sales and marketing ........... 312,046 164,959 800,281 504,339
----------- ----------- ----------- -----------
1,652,177 1,577,308 5,121,045 4,450,193
----------- ----------- ----------- -----------
Net operating loss .................. (1,143,119) (1,122,408) (2,443,104) (2,744,392)
----------- ----------- ----------- -----------
Other income (expense):
Interest and other income ..... 13,751 -- 63,197 26
Interest and other expense .... 117 (2,874) (12,472) (6,428)
----------- ----------- ----------- -----------
13,868 (2,874) 50,725 (6,402)
----------- ----------- ----------- -----------
Net loss ............................ $(1,129,251) $(1,125,282) $(2,392,379) $(2,750,794)
----------- ----------- ----------- -----------
Preferred stock dividends ........... (62,797) (39,286) (112,797) (113,096)
----------- ----------- ----------- -----------
Net loss applicable to common shares $(1,192,048) $(1,164,568) $(2,505,176) $(2,863,890)
=========== =========== =========== ===========
Basic and diluted net loss
per common share ........... $ (.84) $ (.82) $ (1.76) $ (2.01)
=========== =========== =========== ===========
Basic and diluted weighted average
common shares outstanding ..... 1,424,729 1,426,733 1,424,731 1,425,436
</TABLE>
See accompanying notes to financial statements.
4
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MEDI-JECT CORPORATION
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
For Nine Months Ended
--------------------------------------
September 30, 1999 September 30, 2000
------------------ ------------------
<S> <C> <C>
Cash flows from operating activities:
Net loss .......................................... $(2,392,379) $(2,750,794)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization ................ 328,286 309,911
Loss from disposal of assets ................. 35,444 3,646
Non-cash compensation ...................................... 21,457 25,727
Non-cash expense for services ............... -- 95,800
Changes in operating assets and liabilities...
Accounts receivable ...................... 67,464 (95,371)
Inventories .............................. 174,469 14,582
Prepaid expenses and other assets ........ 18,691 (18,715)
Accounts payable ......................... 136,748 (161,198)
Accrued expenses and other liabilities.... (63,790) (83,056)
Deferred revenue ......................... (216,000) --
----------- -----------
Net cash used in operating activities ...................... (1,889,610) (2,659,468)
----------- -----------
Cash flows from investing activities:
Purchases of equipment, furniture and fixtures..... (245,108) (65,441)
Purchases of patent rights ........................ (32,658) (18,615)
----------- -----------
Net cash used in investing activities ...................... (277,766) (84,056)
----------- -----------
Cash flows from financing activities:
Proceeds from convertible notes payable ........... -- 2,900,000
Principal payments on capital lease obligations.... (1,722) (7,943)
Proceeds from issuance of common stock ............ -- 4,502
Offering costs .................................... (50,000) (8,379)
----------- -----------
Net cash provided by (used in) financing activities......... (51,722) 2,888,180
----------- -----------
Net increase (decrease) in cash and cash equivalents........ (2,219,098) 144,656
Cash and cash equivalents:
Beginning of period ............................... 2,852,285 85,136
----------- -----------
End of period ..................................... $ 633,187 $ 229,792
=========== ===========
</TABLE>
See accompanying notes to financial statements.
5
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MEDI-JECT CORPORATION
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X. Accordingly, they do not include all of
the information and footnotes required by accounting principles
generally accepted in the United States of America for complete
financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. The accompanying financial
statements and notes should be read in conjunction with the Company's
1999 audited financial statements and notes thereto.
2. INTERIM FINANCIAL STATEMENTS
Operating results for the three-month and nine-month periods ended
September 30, 2000, are not necessarily indicative of the results that
may be expected for the year ending December 31, 2000.
3. INVENTORIES
Inventories consist of the following:
December 31, 1999 September 30, 2000
----------------- ------------------
Raw Material $219,903 $237,182
Work in-process 60,998 26,918
Finished goods 148,571 150,790
-------- --------
$429,472 $414,890
======== ========
4. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest during the nine-month periods ended September
30, 1999 and 2000 was $97 and $6,941, respectively.
Cash paid for taxes during the nine-month periods ended September 30,
1999 and 2000 was $250 and $700, respectively.
5. NEW ACCOUNTING PRONOUNCEMENTS
In December 1999 the Securities and Exchange Commission ("SEC") issued
Staff Accounting Bulletin No. 101 which provides the staff's views in
applying generally accepted accounting principles to selected revenue
recognition issues. We will be required to adopt the new standard
beginning with the fourth quarter of fiscal 2000. The impact of
adoption on our financial statements is not yet quantifiable.
6
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In March 2000, the Financial Accounting Standards Board issued
Interpretation No. 44 (FIN 44), Accounting for Certain Transactions
involving Stock Compensation, an interpretation of APB Opinion No. 25,
which clarifies the accounting consequence of various modifications to
the terms of a previously fixed stock option or award. Our stock option
repricing in January 2000 is accounted for as a variable plan, on a
prospective basis on July 1, 2000, in accordance with FIN 44. See Note
6 for further details.
6. STOCK OPTION REPRICING
On December 21, 1999, our Board of Directors approved the repricing, as
of January 3, 2000, of all outstanding Qualified and Non-Qualified
Stock Options held by our employees and directors, which had an
exercise price greater than $1.5625 per share. This repricing action
reduced the exercise price to $1.5625 per share for all such Stock
Option Agreements representing 252,517 shares which had exercise prices
ranging from $1.75 to $25.00 per share. Following the repricing, all
other terms and conditions of these option agreements were unchanged,
including the vesting schedules.
Beginning in the third quarter of 2000 and in accordance with Financial
Accounting Standards Board Interpretation No. 44 (FIN 44), the Company
is recognizing expense on the remaining 239,450 unexpired repriced
shares. In connection with implementing FIN 44 on July 1, 2000, $14,875
of expense is recognized in the third quarter. Expense of at least
$50,404 relates to 79,060 shares of repriced unvested stock options and
will be recognized over the remaining vesting period. Future expense
related to vested and unvested stock option shares is dependent on the
market value of the shares at the end of each quarter until the
repriced stock options are exercised, forfeited or expire and is
therefore unknown at this time.
7. SHARE TRANSACTION AGREEMENT
On January 25, 2000, we signed a non-binding letter of intent with
Permatec Holding AG, a privately-held drug delivery company located in
Basel, Switzerland, to purchase three subsidiaries from Permatec in
exchange for our Common Stock representing up to approximately 67% of
our outstanding Common Stock (the "Share Transaction"). On July 14,
2000, we signed a definitive Stock Purchase Agreement involving the
Share Transaction. These subsidiaries develop and license certain
pharmaceutical formulation technologies, including transdermal patches
and topical gels.
We have submitted a proxy to the SEC asking for approval to submit to
our shareholders proposals to approve, among other things, the Stock
Purchase Agreement, an amendment to our Articles of Incorporation to
increase our authorized shares, to approve the conversion of Series B
Convertible Preferred Stock into common stock and to approve the future
conversation of Series C Convertible Preferred Stock into common stock.
This transaction is currently being reviewed by the SEC.
In the first quarter of 2000, Permatec invested a total of $500,000 in
Medi-Ject convertible notes that, at the time, would have converted
into common stock at the
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completion of the business combination at a conversion price of $2.00
per share. During the second quarter of 2000, Permatec invested an
additional $1,450,000 in Medi-Ject convertible notes for a total of
$1,950,000 during the first half of 2000. In the third quarter of 2000,
Permatec invested an additional $950,000 in Medi-Ject convertible notes
for a total of $2,900,000 during the nine-month period ended September
30, 2000. Also during the second quarter of 2000, all of the Medi-Ject
notes that Permatec had invested in during the first half of 2000 were
restructured where the notes will automatically convert into Medi-Ject
Series C Convertible Preferred Stock on the later of (1) the date we
have amended our Articles of Incorporation increasing our authorized
common stock to at least 10,000,000 shares or (2) the closing of the
Share Transaction with Permatec. The notes will convert at the closing
of the Share Transaction into a number of shares of Series C
Convertible Preferred Stock equal to the outstanding principal balance
of the notes divided by $200. The Series C Convertible Preferred Stock
will convert, at the option of the holder, into shares of Medi-Ject
common stock at any time after the closing of the Share Transaction or
after November 30, 2000, if the Share Transaction is not completed by
such date. If the Share Transaction is not completed by November 30,
2000, the outstanding balance of the notes will accrue interest at an
annual rate of 10%, starting with the original note date. All notes
have due dates ranging from December 31, 2000, through September 22,
2002, unless our shareholders do not approve the amendment to our
Articles of Incorporation increasing our authorized common stock to at
least 10,000,000 shares, in which case the principal balance plus
accrued interest will be immediately due and payable on the date of
such shareholder meeting. Upon conversion of the Series C Preferred
Stock to common stock, a deemed dividend to the preferred shareholders
of approximately $2,700,000, related to the in-the-money conversion
features, will be recorded by the Company which will be reflected as an
adjustment to net loss available for common shareholders.
8. MANDATORILY REDEEMABLE STOCK
We have 250 shares of Mandatorily Redeemable Series B Convertible
Preferred Stock that will become due and payable on December 22, 2000,
if we do not complete the amendment to our Articles of Incorporation
and obtain the necessary approvals. We are obligated to redeem all 250
shares of the Series B Stock at a price per share equal to 105% of the
liquidation preference, which is $1,050 per share or $262,500 in the
aggregate.
9. NASDAQ LISTING REQUIREMENTS
On April 7, 2000, we were notified by Nasdaq/Amex that we no longer met
certain requirements for continued listing on The Nasdaq SmallCap
Market. As a result, our eligibility for continued listing on The
Nasdaq Stock Market is being reviewed. In May we provided to Nasdaq a
plan for achieving compliance during the second and third quarter of
this year. This plan included, among other things, the business
combination agreement with Permatec Holding AG and additional equity
financing. A representative from Nasdaq called in June to inquire about
the status of the Share Transaction. Upon the filing of the preliminary
proxy statement with the SEC, Lawrence Christian, our Chief Financial
Officer, notified Nasdaq that the Purchase Agreement was signed and
that the
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preliminary proxy statement was filed. We have spoken with
representatives of Nasdaq to update them on the progress of the Share
Transaction but have not received any formal notice of any action they
may intend to take.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Results of Operations
Three and Nine Months Ended September 30, 2000 and 1999
Total revenues for the three and nine months ended September 30, 2000 were
$454,900 and $1,705,801, respectively. These figures reflect a decrease of
$54,158, or 11% for the same three- month period in 1999 and a decrease of
$972,140, or 36% compared to the same nine-month period in 1999. Product sales
decreased $37,014 or 8% in the three-month period and increased $231,824 or 16%
in the nine-month period ended September 30, 2000, compared to the same periods
in the prior year. The increase in product sales in the nine-month period is
primarily attributable to a 43% increase in revenue from sales in the human
growth hormone market.
Licensing and product development fee income decreased by $17,144 in the
three-month period and $1,203,964 or 97% in the nine-month period ended
September 30, 2000, as compared to the prior-year periods. This decrease results
from having received funds from Schering-Plough Corporation during the first
quarter of 1999 to settle mutual obligations of the parties under a contract
dated January 20, 1998. We received a one-time payment from Schering-Plough in
exchange for cancellation of a product purchase order and as reimbursement for
certain non-cancelable manufacturing expenses. The Company expects that
licensing and product development fee income will fluctuate on a quarterly
basis, depending on a variety of factors; including the timing of execution of
potential development and licensing agreements and the timing, nature and size
of fee payments to be made under existing and new agreements. In addition, since
the Company does not, in general, recognize project-based fee income until
related development work has been performed, quarterly results will fluctuate
with the timing of the Company's research and development efforts.
Cost of sales in the three months and nine months ended September 30, 2000
reflect decreases of $68,644 or 17% and $4,113 respectively when compared to
prior-year periods.
Research and development expenses totaled $302,823 and $865,531 in the three-
and nine-month periods ended September 30, 2000, respectively. These figures
reflect decreases from the prior-year periods of $256,729 or 46% and $879,606 or
50%, respectively mainly due to lower utilization of certain production
employees for development activities and lower clinical study expenses.
General and administrative expenses totaled $765,316 and $1,850,743 in the
three- and nine-month periods ended September 30, 2000, respectively. These
figures represent an increase of
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$397,591 or 108% and $508,809 or 38% when compared to the same periods in 1999.
The largest component of the increase is attributable to expenses associated
with the Permatec Share Transaction activities totaling $476,323 for the nine
months ended September 30, 2000.
Sales and marketing expenses totaled $164,959 and $504,339 in the three- and
nine-month periods ended September 30, 2000, respectively. These figures reflect
a decrease in the three-month period of $147,087 or 47% and a decrease in the
nine-month period of $295,942 or 37%. The main components of these decreases are
a decrease in media creation services of approximately $71,000 and a decrease in
payroll expense of approximately $122,000. Payroll decreases resulted from
staffing reassignments to the general and administrative department and some
staffing reductions as a result of outsourcing our domestic insulin direct sales
process. We anticipate these staffing levels to remain consistent for the
remainder of the year.
Net other income for the three and nine months ended September 30, 2000
decreased by $16,742 or 121% and $57,127 or 113% relative to the prior-year
three-month and nine-month periods ending September 30. This decrease primarily
reflects a decrease in interest income attributable to lower average cash
balances.
Liquidity and Capital Resources
Cash and cash equivalents totaled $85,136 on December 31, 1999, compared to
$229,792 on September 30, 2000. This increase of $144,656 results primarily from
proceeds from convertible notes payable in the amount of $2,900,000 offset by a
net loss of $2,750,794 adjusted for charges for depreciation and amortization
and changes in operating and treasury activities. Significant components of
changes in operating assets and liabilities include an increase in accounts
receivable of $95,371and a decrease in accounts payable of $161,198.
We expect to report a net loss for the year ended December 31, 2000 as we
continue to incur marketing and development cost related to bringing future
generations of products to market. Our long-term capital requirements will
depend on numerous factors, including the status of collaborative arrangements,
the progress of research and development programs and the receipt of revenues
from sales of products.
To continue our existence, we will be required to raise additional working
capital or combine with another entity or both. We are currently pursuing the
share transaction with Permatec Holding AG, as more fully explained in Item 1,
Note 7 above. Regarding this transaction, we have been financing our operations
through advances from Permatec under convertible promissory notes described
above. To date, Permatec has provided $2,900,000 to us under such notes. Even
with such share transaction, we will be required to raise additional capital to
continue operations. There can be no assurance that we will be able to raise the
needed additional capital on acceptable terms or at all.
We have submitted a proxy to the SEC asking for approval to submit to our
shareholders proposals to approve, among other things, the Stock Purchase
Agreement, an amendment to our Articles of Incorporation to increase our
authorized shares, to approve the conversion of Series B Convertible Preferred
Stock into common stock and to approve the future conversion of Series C
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Convertible Preferred Stock into common stock. This transaction is currently
being reviewed by the SEC.
We also have 250 shares of Mandatorily Redeemable Series B Convertible Preferred
Stock that will become due and payable on December 22, 2000, if we do not
complete the amendment to our Articles of Incorporation and obtain the necessary
approvals. We are obligated to redeem all 250 shares of the Series B Stock at a
price per share equal to 105% of the liquidation preference, which is $1,050 per
share or $262,500 in the aggregate.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market Risk Disclosure
There have been no material changes in reported market risks faced by the
Company since December 31, 1999.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities.
None
Item 4. Submission of Matters to a Vote of Securities Holders.
None
Item 5. Other Information.
None
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
3.1 Second Amended and Restated Articles of
Incorporation.(a)
3.2 Second Amended and Restated Bylaws.(a)
3.3 Reserved.
3.4 Reserved.
4.1 Form of Certificate for Common Stock.(a)
4.2 Stock Warrant, dated January 25, 1996, issued to
Becton Dickinson and Company.(a)
4.3 Stock Option, dated January 25, 1996, issued to
Becton Dickinson and Company.(a)
4.4 Certificate of Designations for Series A Convertible
Preferred Stock.
4.5 Certificate of Designations for Series B Convertible
Preferred Stock.
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4.6 Preferred Stock, Option and Warrant Purchase
Agreement, dated January 25, 1996, with Becton
Dickinson and Company (filed herewith as Exhibit
10.7).(a)
4.7 Warrant issued to Elan International Services, Ltd.
on November 10, 1998.
4.8 Warrant issued to Grayson & Associates, Inc. on
September 23, 1999.
10.1 Office/Warehouse/Showroom Lease, dated January 2,
1995, including amendments thereto.(a)
10.3 Development and Supply Agreement with Ferring N.V.,
dated December 31, 1993 and amendments.
10.4 Exclusive License & Supply Agreement with
Bio-Technology General Corporation, dated December
22, 1999.
10.5 Preferred Stock Purchase Agreement with
Bio-Technology General Corporation, dated December
22, 1999.
10.6 Reserved.
10.7 Preferred Stock, Option and Warrant Purchase
Agreement, dated January 25, 1996, with Becton
Dickinson and Company.(a)
10.8* Employment Agreement, dated December 21, 1999, with
Franklin Pass, M.D.
10.9* Employment Agreement, dated December 21, 1999 with
Lawrence Christian.
10.9.1* Employment Agreement, dated May 1, 2000, with
Lawrence Christian.
10.10* Reserved.
10.11* Employment Agreement, dated December 21, 1999, with
Peter Sadowski.
10.11.1* Employment Agreement, dated May 1, 2000, with Peter
Sadowski.
10.12* 1993 Stock Option Plan.(a)
10.13* Form of incentive stock option agreement for use with
1993 Stock Option Plan.(a)
10.14* Form of non-qualified stock option agreement for use
with 1993 Stock Option Plan.(a)
10.15* 1996 Stock Option Plan, with form of stock option
agreement.(a)
13
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10.20+ Development and License Agreement with Becton
Dickinson and Company, effective January 1, 1996
(terminated January 1, 1999). See Exhibit 10.24 (a)
10.21 Office-Warehouse lease with Carlson Real Estate
Company, dated February 11, 1997. (b)
10.22* 1998 Stock Option Plan for Non-Employee Directors.
(c)
10.23* Letter consulting agreement dated February 20, 1998
with Geoffrey W. Guy. (c)
10.24# Agreement with Becton Dickinson dated January 1, 1999
10.25 Securities Purchase Agreement with Elan International
Services, Ltd. dated November 10, 1998
10.26# License & Development Agreement with Elan
Corporation, plc, dated November 10, 1998
27 Financial Data Schedule
99 Cautionary Statement (b)
* Indicates management contract or compensatory plan or arrangement.
+ Pursuant to Rule 406 of the Securities Act of 1933, as amended,
confidential portions of Exhibit 10.20 were deleted and filed separately
with the Securities and Exchange Commission pursuant to a request for
confidential treatment, which was subsequently granted by the Securities
and Exchange Commission.
# Pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended,
confidential portions of Exhibits 10.24 and 10.26 were deleted and filed
separately with the Securities and Exchange Commission pursuant to a
request for confidential treatment.
(a) Incorporated by reference to our Registration Statement on Form S-1 (File
No. 333-6661), filed with the Securities and Exchange Commission on October
1, 1996.
(b) Incorporated by reference to our Form 10-K for the year ended December 31,
1996.
(c) Incorporated by reference to our Form 10-K for the year ended December 31,
1997.
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter ended September
30, 2000.
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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.
MEDI-JECT CORPORATION
November 13, 2000 /s/ Franklin Pass
---------------------- -----------------------------------------
Date Franklin Pass, MD, Chairman/CEO
November 13, 2000 /s/ Lawrence M. Christian
---------------------- -----------------------------------------
Date Lawrence M. Christian, Vice
President-Finance & Administration/CFO
(principal financial & accounting officer)
15