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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 25, 2000
LJL BIOSYSTEMS, INC.
(Exact name of registrant as specified in its charter)
000-23647
(Commission File Number)
DELAWARE 77-0360183
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation)
405 TASMAN DRIVE
SUNNYVALE, CA 94089
(Address of principal executive offices, with zip code)
(408) 541-8787
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On April 25, 2000, LJL BioSystems, Inc. announced that it has introduced
and initiated commercial shipments of its first generation High Efficiency
Fluorescence Polarization (HEFP(TM)), assay for cyclic AMP (cAMP) to be used
in cell-based analysis. Further details regarding this announcement are
contained in the company's news release dated April 25, 2000 attached as an
exhibit hereto and incorporated herein by reference.
On April 25, 2000, LJL BioSystems, Inc. announced its first quarter of 2000
results. Further details regarding this announcement are contained in the
company's news release dated April 25, 2000 attached as an exhibit hereto and
incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Exhibits:
99.17 LJL BioSystems, Inc. News Release dated April 25, 2000
99.18 LJL BioSystems, Inc. News Release dated April 25, 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 hereunto duly authorized.
LJL BIOSYSTEMS, INC.
Date: April 26, 2000 By: /s/ Lev J. Leytes
----------------------
Lev J. Leytes
President and CEO
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Exhibit 99.17
FOR IMMEDIATE RELEASE
LJL BioSystems Ships First Generation of HEFP(TM) Cell-Based Assay For
G-Protein Coupled Receptors
SUNNYVALE, Calif., April 25 /PRNewswire/ -- LJL BioSystems, Inc. (Nasdaq:
LJLB) today announced that it has introduced and initiated commercial
shipments of its first generation High Efficiency Fluorescence Polarization
(HEFP(TM)), assay for cyclic AMP (cAMP) to be used in cell-based analysis.
This new proprietary assay, can be used to monitor responses of G-protein
coupled receptors (GPCRs) to drug candidates by measuring levels of
intracellular cAMP to determine adenylate cyclase activity. This cellular
enzyme is an important indicator of signaling and metabolism arising from
GPCR activation. GPCRs are critical to many physiological processes and many
of today's drugs interact with GPCR targets. Moreover, due to the human
genome sequencing efforts, significantly more new GPCRs are being discovered.
LJL's proprietary HEFP platform enables implementation of this cell-based
assay in a non-radioactive, miniaturized, and ultra-high throughput manner,
thus reducing cost and improving productivity of screening. The cAMP HEFP
assay is available in kit form to aid researchers in testing and evaluation
as well as in quantities suitable for screening large, primary compound
libraries.
"This achievement, in conjunction with the recent SBIR award, represents an
important milestone in the growth of LJL's GPCR assay repertoire," commented
Lev J. Leytes, Chairman and CEO of LJL. "We are especially excited about this
new proprietary HEFP assay technology because we believe it has the potential
to monitor responses to multiple GPCR receptors and further reduce assay
development time and cost."
LJL will be hosting a conference call on Tuesday April 25, 2000 at 1:15 p.m.
PDT to discuss first quarter results, this announcement and the Company's
progress. Interested parties can access this call at www.vcall.com. About LJL
BioSystems, Inc.
LJL BioSystems designs, produces and sells infrastructure tools that
accelerate and enhance the process of discovering new drugs in the genomics
and post-genomics era. Our products, including instruments and consumables,
are designed to provide flexible, cost-efficient, high throughput solutions
that can be used across all stages of the drug discovery process, including
screening and genotyping. Our worldwide customers include pharmaceutical,
biotechnology and genomics companies as well as research institutions. LJL's
customers include, among others, AstraZeneca, Aventis, Bristol Myers Squibb,
SmithKline Beecham, Eli Lilly, Pfizer, Merck, Johnson and Johnson, Tularik,
Millennium Pharmaceuticals, Amgen, and Incyte. LJL is headquartered in
Sunnyvale, California and has a subsidiary in the United Kingdom. Additional
information can be found at www.ljlbio.com. Forward-Looking Statements
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Statements made in this news release, other than statements of historical
fact, are forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act, including statements regarding LJL's "expectations,"
"goals," "beliefs," "hopes," "designs," "intentions," "strategies" or the
like. Such statements are subject to risks and uncertainties that could cause
actual results to differ materially, including such factors, among others, as
the impact of competitive products and pricing, the timely development and
market acceptance of new products, the ability to raise capital,
concentration of HTS and Ultra-HTS markets, market conditions, the mix
between domestic and international sales, manufacturing and cost of LJL's
products, dependence on collaborative partners, the enforcement of
intellectual property rights, and uncertainties relating to sole source
suppliers, technological approaches, FDA and other regulatory approvals.
These and other risk factors are discussed in LJL's Annual Report on Form
10-K, filed February 16, 2000, and its Registration Statement on Form S-3
filed on March 14, 2000 (see, in particular, Risk Factors and Management's
Discussion and Analysis of Financial Condition and Results of Operations).
LJL disclaims any intent or obligation to update these forward-looking
statements. As a result of these and other factors, LJL expects to experience
significant fluctuations in operating results, and there can be no assurance
that LJL will become or remain consistently profitable in the future.
For information on LJL BioSystems, Inc., contact Larry Tannenbaum, Chief
Financial Officer, at 408-548-0542 or [email protected].
/CONTACT: Larry Tannenbaum, CFO and Senior Vice President of LJL BioSystems,
Inc., 408-548-0542, or [email protected]; or Susanne Friestedt of
Friestedt International, 619-223-8844, or [email protected], for LJL
BioSystems, Inc./
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Exhibit 99.18
FOR IMMEDIATE RELEASE
LJL BioSystems' First Quarter Revenues up 129% Compared to Last Year
- -- Continued strong demand from existing and new customers in drug discovery
and genomics
SUNNYVALE, Calif.--(BUSINESS WIRE)--April 25, 2000--
LJL BioSystems, Inc. (Nasdaq: LJLB), a leading provider of infrastructure
tools for accelerating drug discovery, today announced record financial
results for the first quarter, ended March 31, 2000. Revenues of $3.1 million
for the first quarter of 2000 compare to revenues of $1.4 million for the
first quarter of 1999.
"We are especially pleased with the 129% increase in revenues compared to the
first quarter last year and the expansion in all areas of our business.
During the quarter, we extended our penetration into the emerging market for
genotyping of single nucleotide polymorphisms (SNPs) with several new
customers buying our HEFP(TM) platform," stated Lev J. Leytes, chairman and
CEO of LJL. "At the same time, we continued adding new customers and
receiving strong follow-on orders from existing pharmaceutical and
biotechnology companies to expedite and enhance their drug discovery
efforts."
For the first quarter, gross margins were 64% compared to 49% for the first
quarter of 1999. Higher volume and a favorable product mix, including strong
sales of the Company's ultra-high throughput systems and consumable products,
contributed to the year-over-year improvement. Financial results, including
revenues and gross margins, may fluctuate in the future due to product mix
and sales volumes, seasonality and other factors.
The net loss for the first quarter was $(2.3) million or $(0.16) per share on
14.0 million weighted average shares outstanding. These results compare to a
net loss of $(2.4) million or $(0.20) per share on 12.0 million weighted
average shares outstanding in first quarter of 1999. The Company ended the
quarter with cash, cash equivalents and investments of $26.5 million compared
to $8.5 million as of December 31, 1999. During the quarter, the Company
successfully raised cash proceeds of $19.3 million, excluding issuance costs,
in a private placement of 1.76 million shares of its Common Stock.
LJL made several key announcements of strategic importance during the first
quarter, including:
- -- Reporting favorable results from prominent genomic customers using
the Company's HEFP technology for SNP genotyping.
- -- Securing additional capital to help fund the Company's growth.
- -- Welcoming Richard Eglen, Ph.D. to the Company's management team as
Senior Vice President, Assay Technologies from his former
position as a Vice President of Roche Bioscience. Dr. Eglen has
assumed responsibilities for strategy, development and
commercialization of LJL's assay technologies.
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"The hiring of Dr. Eglen has strengthened our ability to grow and expand our
consumables business. In fact, recently we introduced and initiated
commercial shipments of a new High Efficiency Fluorescence Polarization
(HEFP) assay for cell-based analysis. In addition, last week we announced the
receipt of a competitive Small Business Innovation Research (SBIR) grant from
the National Institutes of Health to further study the application of our
HEFP technology for measuring G-protein coupled receptor (GPCR) signaling.
GPCRs are critical to many physiological processes and many of the drugs
today interact with GPCR targets. Moreover, due to the human genome
sequencing efforts, significantly more new GPCRs are being discovered,"
stated Leytes.
LJL will be hosting a conference call at 1:15 p.m. PST, today, Tuesday April
25, 2000 to discuss first quarter results and review the Company's progress.
Interested parties can access this call at www.vcall.com.
About LJL BioSystems, Inc.
LJL BioSystems designs, produces and sells infrastructure tools that
accelerate and enhance the process of discovering new drugs in the genomics
and post-genomics era. Our products, including instruments and consumables,
are designed to provide flexible, cost-efficient, high throughput solutions
that can be used across all stages of the drug discovery process, including
screening and genotyping. Our worldwide customers include pharmaceutical,
biotechnology and genomics companies as well as research institutions. LJL's
customers include, among others, AstraZeneca, Aventis, Bristol Myers Squibb,
SmithKline Beecham, Eli Lilly, Pfizer, Merck, Johnson and Johnson, Tularik,
Millennium Pharmaceuticals, Amgen, and Incyte. LJL is headquartered in
Sunnyvale, California and has a subsidiary in the United Kingdom. Additional
information can be found at www.ljlbio.com.
Forward-Looking Statements
Statements made in this news release, other than statements of historical
fact, are forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act, including statements regarding LJL's "expectations,"
"goals," "beliefs," "hopes," "designs," "intentions," "strategies" or the
like. Such statements are subject to risks and uncertainties that could cause
actual results to differ materially, including such factors, among others, as
the impact of competitive products and pricing, the timely development and
market acceptance of new products, the ability to raise capital,
concentration of HTS and Ultra-HTS markets, market conditions, the mix
between domestic and international sales, manufacturing and cost of LJL's
products, dependence on collaborative partners, the enforcement of
intellectual property rights, and uncertainties relating to sole source
suppliers, technological approaches, FDA and other regulatory approvals.
These and other risk factors are discussed in LJL's Annual Report on Form
10-K, filed February 16, 2000, and its Registration Statement on Form S-3
filed on March 14, 2000 (see, in particular, Risk Factors and Management's
Discussion and Analysis of Financial Condition and Results of Operations).
LJL disclaims any intent or obligation to update these forward-looking
statements. As a result of these and other factors, LJL expects to experience
significant fluctuations in operating results, and there can be no assurance
that LJL will become or remain consistently profitable in the future.
For information on LJL BioSystems, Inc., contact Larry Tannenbaum, Chief
Financial Officer, at 408/548-0542 or [email protected].
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LJL BIOSYSTEMS, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three months ended March 31,
2000 1999
------------ ------------
<S> <C> <C>
Net sales $ 3,111,000 $ 1,359,000
Cost of sales 1,111,000 698,000
------------ ------------
Gross profit 2,000,000 661,000
Operating expenses:
Research and development 2,099,000 1,483,000
Selling, general and administrative 2,395,000 1,689,000
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Total operating expenses 4,494,000 3,172,000
Loss from operations (2,494,000) (2,511,000)
Interest and other income, net 240,000 180,000
Interest expense (25,000) (20,000)
------------ ------------
Loss before provision for income taxes (2,279,000) (2,351,000)
Provision for income taxes 4,000 --
------------ ------------
Net loss $(2,283,000) $(2,351,000)
============ ============
Basic and diluted net loss per share $ (0.16) $ (0.20)
============ ============
Shares used in computation of basic
and diluted net loss per share 13,999,933 11,968,738
============ ============
</TABLE>
LJL BIOSYSTEMS, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(UNAUDITED)
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
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<S> <C> <C>
Assets
Cash, cash equivalents and investments $ 26,460,000 $ 8,458,000
Accounts receivable, net 1,337,000 2,047,000
Inventories, net 2,155,000 2,591,000
Other current assets 1,034,000 159,000
Property and equipment, net 975,000 880,000
Loans receivable from employees 223,000 223,000
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$ 32,184,000 $14,358,000
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</TABLE>
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<TABLE>
<CAPTION>
<S> <C> <C>
Liabilities and Stockholders' Equity
Liabilities:
Accounts payable $ 815,000 $ 1,245,000
Accrued expenses 2,307,000 2,026,000
Customer deposits 293,000 293,000
Deferred revenue 773,000 146,000
Debt 801,000 868,000
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Total liabilities 4,989,000 4,578,000
Stockholders' equity 27,195,000 9,780,000
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$ 32,184,000 $ 14,358,000
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</TABLE>
CONTACT: LJL BioSystems, Inc.
Larry Tannenbaum, 408/548-0542 (CFO and Senior Vice
President)
[email protected]
or
Friestedt International (Media Relations Contact)
Susanne Friestedt, 619/223-8844
[email protected]
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