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
January 24, 1996
Date of Report (Date of earliest event reported)
CAMBRIDGE BIOTECH CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-12081 04-2726626
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification Number)
incorporation)
365 Plantation Street, Biotechnology Research Park
Worcester, Massachusetts 01605
(Address of principal executive offices)
(508) 797-5777
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Item 5. Other Events.
Attached hereto as Exhibit A is a copy of the Registrant's
amended monthly operating report dated January 24, 1996 (the "Monthly
Operating Report"), to the United States Bankruptcy Court Trustee
for the District of Massachusetts, Western Division, relating to
the Registrant's petition under Chapter 11 of the United States
Bankruptcy Code, Case No. 94-43054-JFQ.
The Monthly Operating Report has not been audited by the
Registrant's independent, certified public accountants, nor does
the Monthly Operating Report contain complete consolidated
information relating to the Company's subsidiaries and affiliates
or adjustments which may be required as a result of an independent
audit of the Registrant's financial statements, including
adjustments relating to the special investigation described in the
Company's reports on Form 8-K filed with the Securities and
Exchange Commission on April 6, 1994 and May 13, 1994,
respectively.
Item 7. Exhibits.
The Registrant's Monthly Operating Report dated January 24, 1996
filed with the United States Bankruptcy Court Trustee for the
District of Massachusetts, Western Division, Case No. 94-43054-JFQ.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
behalf by the undersigned thereunto duly authorized.
CAMBRIDGE BIOTECH CORPORATION
Dated: February 6, 1996 By: \s\ Alison Taunton-Rigby
Alison Taunton-Rigby, President
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MASSACHUSETTS
IN RE: CAMBRIDGE BIOTECH CORPORATION CASE NO.: 94-43054-JFQ
365 PLANTATION STREET JUDGE: J.F. QUEENAN
WORCESTER, MA 01605-2376
DEBTOR(S): CAMBRIDGE BIOTECH CORPORATION, CHAPTER: 11
DEBTOR-IN-POSSESSION
MONTHLY OPERATING REPORT FOR MONTH ENDING: NOVEMBER 30, 1995
COMES NOW, CAMBRIDGE BIOTECH CORPORATION
Debtor-in-Possession, and hereby submits its Monthly Operating
Report for the period commencing November 1, 1995 and ending November 30,
1995 as shown by the report and exhibits consisting of twenty-two pages
and containing the following, as indicated:
____X____ Monthly Reporting Questionnaire (Attachment 1)
____X____ Comparative Balance Sheets (Forms OPR-1 & OPR-2)
____X____ Summary of Accounts Receivable (Form OPR-3)
____X____ Schedule of Post-petition Liabilities (Form OPR-4)
____X____ Income Statement (Form OPR-5)
____X____ Statement of Sources and Uses of Cash (Form OPR-6)
I declare under penalty of perjury that this report and all attachments
are true and correct to the best of my knowledge and belief.
Date: January 24, 1996 DEBTOR(S)-IN-POSSESSION
By: /s/ Alison Taunton-Rigby
Name & Title: Alison Taunton-Rigby
President & CEO
Address: 365 Plantation Street
Worcester, MA 01605-2376
Telephone No.:508-797-5777
Footnote:
As Debtor-in-Possession commenced filing on July 7, 1994
___________________________________________________________________________
Attachment 1 (Page 1)
Rev. 1/92
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: CAMBRIDGE BIOTECH CORPORATION
Case Number: 94-43054
Month of: NOVEMBER 1, 1995 THROUGH NOVEMBER 30, 1995
1. Payroll: State the amount of all executive wages paid and taxes
withheld and paid.
See Attached
2. Insurance: Is worker's compensation and other insurance in effect? YES.
Are payments current? YES.
If any policy has lapsed, been replaced or renewed, state so
in the schedule below. Attach a copy of the new policy's
binder or cover page.
Date
Coverage
Carrier Coverage Expiration Premium Pd.
TYPE Name Amount Policy # Date Amounts Through
PACKAGE POLICY Glenn See
(Property/Boiler Falls Attached 13CBP061 11/1/96 $49,540 11/1/96
/Liability o/s Ins. 3088795
Auto/Umbrella)
CRIME/KIDNAP & Federal 8132-51-
RANSOM Ins. Co. $500,000 40-C 11/1/96 $ 3,850 11/1/96
AMC062
VEHICLE Continental $1,000,000 0345 11/1/96 $ 4,417 11/1/96
EXCESS U.S.
UMBRELLA Fire $5,000,000 552003135 11/1/96 $ 5,000 11/1/96
FOREIGN
PACKAGE LIAB./ Fidelity & See
AUTO/WORKERS Casualty of Attached PST0096
COMP. New York 41914 11/1/96 $ 5,000 11/1/96
---------------------------------------------------------------------------
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054 SCHEDULE #1
Month of: November 1995
Monthly Operating Report - Wages - Executives
November 1 through November 30, 1995
Taxes Taxes Taxes
Name Title Gross Net Withheld Paid Due
A.Taunton-Rigby Pres./CEO 17,307.70 10,708.58 6,599.12 6,599.12 0.00
Jeffrey Beaver Chairman 7,692.32 4,888.93 2,803.39 2,803.39 0.00
Gary Long VP.Corp.Operations 9,615.40 6,794.40 2,821.00 2,821.00 0.00
Deborah Grabbe VP. Reg.Affairs 10,000.00 6,983.78 3,016.22 3,016.22 0.00
Gerald Beltz VP.R & D 10,769.24 7,971.53 2,797.71 2,797.71 0.00
Robert Kammer VP.Medical Aff. 11,538.46 8,068.32 3,470.14 3,470.14 0.00
--------- --------- --------- --------- ----
Total Executive Payroll: 66,923.12 45,415.54 21,507.58 21,507.58 0.00
______________________________________________________________________________
Issue Date (MM/DD/YY)
ACORD INSURANCE BINDER 11/02/95
This Binder is a temporary insurance contract, subject to the
conditions shown on the reverse side of this form.
____________________________________________________________________________
PRODUCER COMPANY BINDER NO.
Technology Services B09 Glenn Falls Ins. Co. 000007076
Minet Gallagher Assoc. ____________________________________
200 State Street EFFECTIVE EXPIRATION
Boston, MA 02109 DATE TIME DATE TIME
11/01/95 12:01 X AM 11/1/96 X 12:01AM
CODE SUB-CODE PM NOON
______________________________ X This binder is issued to extend
INSURED coverage in the above named company
Cambridge Biotech Corp. per expiring policy no: 13CBP0613088795
365 Plantation Street ___________________________________________
Worcester, MA 01605 DESCRIPTION OF OPERATIONS/VEHICLES/PROPERTY
(Including Location)
- ----------------------------------------------------------------------------
Package Policy:
Property, Boiler, Liability, Automobile
(2 Vehicles in Maryland), & Umbrella
______________________________________________________________________________
COVERAGES LIMIT
TYPE OF INSURANCE COVERAGE/FORMS AMOUNT DEDUCTIBLE COINSUR.
______________________________________________________________________________
PROPERTY CAUSE OF LOSS Real & Personal Prop. $21,300,000 $2,500. AA
BASIC BROAD X SPEC EDP Hardware
limit: 400,000, Media: 250,000 SAME
Special Bus.Income/Extra Expense7,885,000 SAME AA
Unnamed Locations: 100,000 SAME
____________________________________________________________________________
GENERAL LIABILITY Employee Benefit GENERAL AGGREGATE $2,000,000
X COMMERCIAL GN'L LIAB. Liab: $1,000,000 PRODUCTS-COMP/OP AGG. $EXCLUDED
CLAIMS MADE X OCCUR Claims Made w/ PERSONAL & ADV.INJURY $1,000,000
OWNER'S & CONTRACTOR'S $1000. ded EACH OCCURRENCE $1,000,000
PROT. FIRE DAMAGE (Any
one fire) $ 300,000
______________________ RETRO DATE MED. EXP.
FOR CLAIMS MADE: (Any one person) $ 5,000
----------------------------------------------------------------------------
AUTOMOBILE LIABILITY Maryland Automobiles: COMBINED SINGLE LIMIT $1,000,000
___Any Auto 1983 Chevrolet Pick- BODILY INJURY $
___All Owned Autos up & (Per Person)
_X_Scheduled Autos 1988 Chevrolet Truck BODILY INJURY $
_X_Hired Autos (Per Accident)
_X_Non-Owned Autos PROPERTY DAMAGE $
___Garage Liability MEDICAL PAYMENTS $
PERSONAL INJURY $
PROTECTION.
UNINSURED MOTORIST $
- -----------------------------------------------------------------------------
AUTO PHYS.DAMAGE DEDUCT.___All Vehicles X Actual Cash Value
X Collision: $500 _X_Scheduled Vehicles __ Stated Amount $
X Other than Col.$500 __ Other
- -----------------------------------------------------------------------------
EXCESS LIABILITY EACH OCCURRENCE $5,000,000
X Umbrella Form AGGREGATE $5,000,000
__Other Than Umbrella Form SELF-INSURED RETENTION $ 10,000
RETRO DATE FOR CLAIMS MADE:
- -----------------------------------------------------------------------------
WORKER'S COMPENSATION ___STATUTORY LIMITS __________
AND EMPLOYER'S EACH ACCIDENT $_________
LIABILITY DISEASE-POLICY LIMIT $_________
DISEASE-EACH EMPLOYEE $_________
- ------------------------------------------------------------------------------
SPECIAL CONDITIONS/OTHER COVERAGES: It is hereby agreed and understood that
coverage is bound. Coverage includes: Boiler & Machinery-Comprehensive ex-
cluding production machines; Replacement Cost Valuation; Valuable Papers:
$50,000 & Animal coverage for $10,000. Annual Premium: $49,540.
- -----------------------------------------------------------------------------
NAME & ADDRESS
Signet Bank-as respects _X_ Mortgagee ___ Additional Insured
Three Taft Court & ___ Loss Payee
1500 E. Gude in
Rockville, MD 20850 Loan #______________________________________
7700 Wisconsin Ave., Suite 400 Authorized Representative
Bethesda, MD 20814 Minet Gallagher by: Betsey Tan
----------------------------------------------------------------------------
ACORD 75-S (7/90) ACORD CORPORATION 1990
____________________________________________________________________________
Issue Date (MM/DD/YY)
ACORD INSURANCE BINDER 1/16/96
This Binder is a temporary insurance contract, subject to the
conditions shown on the reverse side of this form.
____________________________________________________________________________
PRODUCER COMPANY BINDER NO.
Minet Gallagher Assoc.B09 Federal Insurance Co. 8132-51-40-D
200 State Street ____________________________________
Boston, MA 02109 EFFECTIVE EXPIRATION
DATE TIME DATE TIME
11/01/95 12:01 X AM 11/1/96 X 12:01AM
CODE SUB-CODE PM NOON
______________________________ X This binder is issued to extend
INSURED coverage in the above named company
Cambridge Biotech Corp. per expiring policy no: 8132-51-40-C
365 Plantation Street ___________________________________________
Worcester, MA 01605 | DESCRIPTION OF OPERATIONS/VEHICLES/PROPERTY
| (Including Location)
- --------------------------------|
| Crime Bond / Kidnap & Ransom
________________________________|____________________________________________
COVERAGES LIMIT
TYPE OF INSURANCE COVERAGE/FORMS AMOUNT DEDUCTIBLE COINSUR.
______________________________________________________________________________
PROPERTY CAUSE OF LOSS
BASIC BROAD SPEC
____________________________________________________________________________
GENERAL LIABILITY GENERAL AGGREGATE $
COMMERCIAL GN'L LIAB. PRODUCTS-COMP/OP AGG. $
CLAIMS MADE OCCUR PERSONAL & ADV.INJURY $
OWNER'S & CONTRACTOR'S EACH OCCURRENCE $
PROT. FIRE DAMAGE (Any
one fire) $
______________________ RETRO DATE MED. EXP.
FOR CLAIMS MADE: (Any one person) $
----------------------------------------------------------------------------
AUTOMOBILE LIABILITY COMBINED SINGLE LIMIT $
___Any Auto BODILY INJURY $
___All Owned Autos (Per Person)
___Scheduled Autos BODILY INJURY $
___Hired Autos (Per Accident)
___Non-Owned Autos PROPERTY DAMAGE $
___Garage Liability MEDICAL PAYMENTS $
PERSONAL INJURY $
PROTECTION.
UNINSURED MOTORIST $
- -----------------------------------------------------------------------------
AUTO PHYS.DAMAGE DEDUCT.___All Vehicles __ Actual Cash Value
_ Collision $___ ___Scheduled Vehicles __ Stated Amount $
_ Other than Col $___ __ Other
- -----------------------------------------------------------------------------
EXCESS LIABILITY EACH OCCURRENCE $_________
__Umbrella Form AGGREGATE $_________
__Other Than Umbrella Form SELF-INSURED RETENTION $_________
RETRO DATE FOR CLAIMS MADE:
- -----------------------------------------------------------------------------
WORKER'S COMPENSATION ___STATUTORY LIMITS __________
AND EMPLOYER'S EACH ACCIDENT $_________
LIABILITY DISEASE-POLICY LIMIT $_________
DISEASE-EACH EMPLOYEE $_________
- ------------------------------------------------------------------------------
SPECIAL CONDITIONS/OTHER COVERAGES: Employee Theft limit: $500,000 Ded $5,000
ERISA compliance Depositors Forgery: $500,000 Ded: $5,000
K&R w/Delivery, Expense, Legal Liability, and Political Threat: each $500,000
includes all employees. Annual Premium: $3,850.
- -----------------------------------------------------------------------------
NAME & ADDRESS
___ Mortgagee ___ Additional Insured
___ Loss Payee
Loan #______________________________________
Authorized Representative
Minet Gallagher by: Betsey Tan
----------------------------------------------------------------------------
ACORD 75-S (7/90) ACORD CORPORATION 1990
----------------------------------------------------------------------------
Issue Date (MM/DD/YY)
ACORD INSURANCE BINDER 11/02/95
This Binder is a temporary insurance contract, subject to the
conditions shown on the reverse side of this form.
____________________________________________________________________________
PRODUCER COMPANY BINDER NO.
Minet Gallagher Assoc. B15 Continental Ins. Co. AMC0620345
200 State Street ____________________________________
Boston, MA 02109 EFFECTIVE EXPIRATION
DATE TIME DATE TIME
11/01/95 12:01 X AM 11/1/96 X 12:01AM
PM NOON
_____________________________ X This binder is issued to extend
INSURED coverage in the above named company
Cambridge Biotech Corp. per expiring policy no: AMC0620345
365 Plantation Street ___________________________________________
Worcester, MA 01605 | DESCRIPTION OF OPERATIONS/VEHICLES/PROPERTY
| (Including Location)
- -------------------------------|
| Massachusetts Automobile Liability
| & Physical Damage (Non-ownership & Hired
| Car included in package policy w/MD
| vehicles)
_______________________________|______________________________________________
COVERAGES LIMIT
TYPE OF INSURANCE COVERAGE/FORMS AMOUNT DEDUCTIBLE COINSUR.
______________________________________________________________________________
PROPERTY CAUSE OF LOSS
BASIC BROAD SPEC.
____________________________________________________________________________
GENERAL LIABILITY GENERAL AGGREGATE $_________
COMMERCIAL GN'L LIAB. PRODUCTS-COMP/OP AGG. $_________
CLAIMS MADE OCCUR PERSONAL & ADV.INJURY $_________
OWNER'S & CONTRACTOR'S EACH OCCURRENCE $_________
PROT. FIRE DAMAGE (Any
one fire) $_________
______________________ RETRO DATE MED. EXP.
FOR CLAIMS MADE: (Any one person) $_________
----------------------------------------------------------------------------
AUTOMOBILE LIABILITY COMBINED SINGLE LIMIT $1,000,000
___Any Auto 1989 Ford I.D. # BODILY INJURY $_________
___All Owned Autos 2FDKF37H6KCA51420 (Per Person)
_X_Scheduled Autos 1995 Ford Taurus BODILY INJURY $_________
___Hired Autos ID# (Per Accident)
___Non-Owned Autos 1FALP52UXSA196067 PROPERTY DAMAGE $_________
___Garage Liability MEDICAL PAYMENTS $ 5,000
PERSONAL INJURY $ 8,000
PROTECTION.
UNINSURED MOTORIST $ 20/40
- -----------------------------------------------------------------------------
AUTO PHYS.DAMAGE DEDUCT. ___All Vehicles X Actual Cash Value
X Collision $500 _X_Scheduled Vehicles __ Stated Amount $
X Other than Col $500 w/waiver where __ Other
applicable
- -----------------------------------------------------------------------------
EXCESS LIABILITY EACH OCCURRENCE $_________
__Umbrella Form AGGREGATE $_________
__Other Than Umbrella Form SELF-INSURED RETENTION $_________
RETRO DATE FOR CLAIMS MADE:
- -----------------------------------------------------------------------------
WORKER'S COMPENSATION ___STATUTORY LIMITS __________
AND EMPLOYER'S EACH ACCIDENT $_________
LIABILITY DISEASE-POLICY LIMIT $_________
DISEASE-EACH EMPLOYEE $_________
- ------------------------------------------------------------------------------
SPECIAL CONDITIONS/OTHER COVERAGES: It is hereby agreed and understood that
coverage is bound. Total Premium: $4,417
- -----------------------------------------------------------------------------
NAME & ADDRESS
___ Mortgagee ___ Additional Insured
___ Loss Payee
Loan # William W. Gallagher TM
Authorized Representative
Minet Gallagher by: W. Gallagher Assoc.
----------------------------------------------------------------------------
ACORD 75-S (7/90) ACORD CORPORATION 1990
- -----------------------------------------------------------------------------
Issue Date (MM/DD/YY)
ACORD INSURANCE BINDER 11/02/95
This Binder is a temporary insurance contract, subject to the
conditions shown on the reverse side of this form.
____________________________________________________________________________
PRODUCER COMPANY BINDER NO.
Technology Services B09 United States Fire Ins. 000007081
Minet Gallagher Assoc. ____________________________________
200 State Street EFFECTIVE EXPIRATION
Boston, MA 02109 DATE TIME DATE TIME
11/01/95 12:01 X AM 11/1/96 X 12:01AM
PM NOON
_____________________________ X This binder is issued to extend
INSURED coverage in the above named company
Cambridge Biotech Corp. per expiring policy no: 552003135
365 Plantation Street ___________________________________________
Worcester, MA 01605 | DESCRIPTION OF OPERATIONS/VEHICLES/PROPERTY
| (Including Location)
|
| Excess Umbrella Liability
_______________________________|______________________________________________
COVERAGES LIMIT
TYPE OF INSURANCE COVERAGE/FORMS AMOUNT DEDUCTIBLE COINSUR.
______________________________________________________________________________
PROPERTY CAUSE OF LOSS
BASIC BROAD SPEC.
____________________________________________________________________________
GENERAL LIABILITY GENERAL AGGREGATE $_________
COMMERCIAL GN'L LIAB. PRODUCTS-COMP/OP AGG. $_________
CLAIMS MADE OCCUR PERSONAL & ADV.INJURY $_________
OWNER'S & CONTRACTOR'S EACH OCCURRENCE $_________
PROT. FIRE DAMAGE (Any
one fire) $_________
______________________ RETRO DATE MED. EXP.
FOR CLAIMS MADE: (Any one person) $_________
----------------------------------------------------------------------------
AUTOMOBILE LIABILITY COMBINED SINGLE LIMIT $_________
___Any Auto BODILY INJURY $_________
___All Owned Autos (Per Person)
___Scheduled Autos BODILY INJURY $_________
___Hired Autos (Per Accident)
___Non-Owned Autos PROPERTY DAMAGE $_________
___Garage Liability MEDICAL PAYMENTS $_________
PERSONAL INJURY $_________
PROTECTION.
UNINSURED MOTORIST $________
- -----------------------------------------------------------------------------
AUTO PHYS.DAMAGE DEDUCT. ___All Vehicles ___Actual Cash Value
__Collision ___Scheduled Vehicles __ Stated Amount $
__Other than Col __ Other
- -----------------------------------------------------------------------------
EXCESS LIABILITY Excess Umbrella EACH OCCURRENCE $5,000,000
__Umbrella Form 5m x 5m AGGREGATE $5,000,000
X Other Than Umbrella Form SELF-INSURED RETENTION $Not Applic
RETRO DATE FOR CLAIMS MADE:
- -----------------------------------------------------------------------------
WORKER'S COMPENSATION ___STATUTORY LIMITS __________
AND EMPLOYER'S EACH ACCIDENT $_________
LIABILITY DISEASE-POLICY LIMIT $_________
DISEASE-EACH EMPLOYEE $_________
- ------------------------------------------------------------------------------
SPECIAL CONDITIONS/OTHER COVERAGES: It is hereby agreed and understood that
coverage is bound. Annual Premium is $5,000
- -----------------------------------------------------------------------------
NAME & ADDRESS
___ Mortgagee ___ Additional Insured
___ Loss Payee
Loan #
Authorized Representative
Minet Gallagher by: Betsey Tan
----------------------------------------------------------------------------
ACORD 75-S (7/90) ACORD CORPORATION 1990
- -----------------------------------------------------------------------------
Issue Date (MM/DD/YY)
ACORD INSURANCE BINDER 1/16/96
This Binder is a temporary insurance contract, subject to the
conditions shown on the reverse side of this form.
____________________________________________________________________________
PRODUCER COMPANY BINDER NO.
Minet Gallagher Assoc. B09 Fidelity & Casualty Co. PST009641914
200 State Street ____________________________________
Boston, MA 02109 EFFECTIVE EXPIRATION
DATE TIME DATE TIME
11/01/95 12:01 X AM 11/1/96 X 12:01AM
PM NOON
______________________________ X This binder is issued to extend
INSURED coverage in the above named company
Cambridge Biotech Corp. per expiring policy no: PST009641914
365 Plantation Street ___________________________________________
Worcester, MA 01605 | DESCRIPTION OF OPERATIONS/VEHICLES/PROPERTY
| (Including Location)
|
| Foreign Package:
| Foreign Liability
| Foreign Auto
| Foreign Workers Compensation
_______________________________|______________________________________________
COVERAGES LIMIT
TYPE OF INSURANCE COVERAGE/FORMS AMOUNT DEDUCTIBLE COINSUR.
______________________________________________________________________________
PROPERTY CAUSE OF LOSS
BASIC BROAD SPEC.
____________________________________________________________________________
GENERAL LIABILITY Foreign Liability: GENERAL AGGREGATE $_________
X COMMERCIAL GN'L LIAB. PRODUCTS-COMP/OP AGG. $Nil
CLAIMS MADE X OCCUR PERSONAL & ADV.INJURY $Included
OWNER'S & CONTRACTOR'S EACH OCCURRENCE $1,000,000
PROT. FIRE DAMAGE (Any
one fire) $ 100,000
______________________ RETRO DATE MED. EXP.
FOR CLAIMS MADE: (Any one person) $ 10,000
----------------------------------------------------------------------------
AUTOMOBILE LIABILITY COMBINED SINGLE LIMIT $1,000,000
___Any Auto Foreign Auto: BODILY INJURY $_________
___All Owned Autos (Per Person)
___Scheduled Autos BODILY INJURY $_________
_X_Hired Autos (Per Accident)
_X_Non-Owned Autos PROPERTY DAMAGE $_________
___Garage Liability MEDICAL PAYMENTS $ 10,000
PERSONAL INJURY $_________
PROTECTION.
UNINSURED MOTORIST $_________
- -----------------------------------------------------------------------------
AUTO PHYS.DAMAGE DEDUCT. ___All Vehicles __ Actual Cash Value
__Collision ___Scheduled Vehicles __ Stated Amount $
__Other than Col __ Other
- -----------------------------------------------------------------------------
EXCESS LIABILITY EACH OCCURRENCE $_________
__Umbrella Form AGGREGATE $_________
__Other Than Umbrella Form SELF-INSURED RETENTION $_________
RETRO DATE FOR CLAIMS MADE:
- -----------------------------------------------------------------------------
WORKER'S COMPENSATION Foreign Workers _X_STATUTORY LIMITS __________
AND EMPLOYER'S Compensation EACH ACCIDENT $1,000,000
LIABILITY Mass. Statutory DISEASE-POLICY LIMIT $1,000,000
Repatriation: DISEASE-EACH EMPLOYEE $1,000,000
$25,000
- ------------------------------------------------------------------------------
SPECIAL CONDITIONS/OTHER COVERAGES: Coverage is bound as shown above.
Annual Premium: $5,000.
- -----------------------------------------------------------------------------
NAME & ADDRESS
___ Mortgagee ___ Additional Insured
___ Loss Payee
Loan #
Authorized Representative
Minet Gallagher Associates by: Betsey Tan
----------------------------------------------------------------------------
ACORD 75-S (7/90) ACORD CORPORATION 1990
- -----------------------------------------------------------------------------
Attachment 1 (Page 2)
Rev. 1/92
CHAPTER 11
MONTHLY OPERATING REPORT
DETAILED LISTING OF DISBURSEMENTS
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Month of: November 1 Through November 30, 1995
3. Bank Accounts Monthly Operating Report
ACCOUNT TYPE
OPERATING OPERATING OPERATING PAYROLL
Bank Fleet Dependent First N'tl Flagship
Name Care BOM
G/L number 1.1113 1.1116 2.1129 1.1119.1
Account number 9372562275 551-50574 175-8828-5 1023381112
Beginning Book
Balance $35,654.29 $1,475.02 $2,188.43 $17,134.27
PLUS: Deposits 2,246,861.51
LESS:Disbursements (1,427,006.71) ($1,717.02) (1,860.88) (561,781.16)
Other:
Transfers In(Out) (608,268.49) $2,675.70 0.00 561,781.16
Investments (172,493.00)
------------ -------- ---------- ----------
Ending Book
Balance (1) $74,747.60 $ 2,433.70 $ 327.55 $17,134.27
========== ========= ========== ==========
___________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
As of: November 30, 1995
--------------------------------
Monthly Operating Report
3. Bank Accounts Petty
------------- Payroll Escrow Cash Total
------- ------ ----- -----
Bank Name Nations Bk CBL Escrow N/A
G/L Number 2.1127 1.1131 xx.1150
Account Number 3933333731 N/A N/A
Beginning Bk Bal. $5,211.04 $100,000.00 $1,054.79 $162,717.84
PLUS: Deposits 2,246,861.51
LESS: Disburs. (41,615.00) (1,604.97) (2,035,585.74)
Other:
Transfers In (Out) 41,615.00 2,196.63 0.00
Investments (172,493.00)
--------- ---------- -------- ------------
Ending Book Balance (1) $5,211.04 $100,000.00 $1,646.45 $201,500.61
========= =========== ========= ===========
(1) Cash balances exclude short term investments of
excess cash which totals $5,405,083 for the month.
The total cash and short term investments increased for
the month of November by $211,276 and increased since
the 7/7/94 filing date by $2,996,844.
- -------------------------------------------------------------------------------
ATTACHMENT 1(Page 2)
REV. 1/92
CHAPTER 11
MONTHLY OPERATING REPORT
DETAILED LISTING OF DISBURSEMENTS
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Month of: November 1, through November 30, 1995
4. Post Petition Payments: Amount Date Check #
Professionals:
Bromberg & Sunstein $ 633.92 11/14/95 73239
Keystone Consulting 6,600.00 11/16/95 73305
Musket Research Associate 5,000.00 11/01/95 72968
Poorman-Douglas 687.00 11/22/95 73432
----------
Total (Professionals) $ 12,920.92
==========
Pre-Petition Debts:
For Priority Debt:
None $0.00
--------
0.00
For Secured Debt:
Norwest Capital Lease Payment (2.3505) 390.34 11/13/95 73226
-------
390.34
For Unsecured Debt:
None 0.00
-------
0.00
For Accrued Restructuring:
Rockville Retention Bonus
Payments (TMS) 12,885.38 11/15/95 wire transfer
Total Management Solutions 49.50 11/06/95 73066
----------
12,934.88
---------
Total (Pre-petition) $13,325.22
========
_____________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-1
Comparative Balance Sheets
As of: November 30, 1995
FILING
DATE 7/31/94 8/31/94 9/30/94
ASSETS
CURRENT ASSETS:
Cash $1,287,187 $771,969 $863,230 $744,627
Other Negotiable
Instruments (i.e.
Commercial Paper,
CD's, Repo's, etc.) 1,322,553 2,925,553 3,235,553 2,001,807
Accounts Receivable
(See OPR-3) 2,813,217 2,798,473 2,426,792 3,072,351
Less: Allowance for
doubtful accounts (159,413) (153,957) (156,702) (156,702)
Inventory, at lower
of cost or market 4,771,316 4,727,916 4,588,153 3,989,809
Prepaid Expenses and
Deposits 540,318 758,112 724,877 917,900
Other Receivables 38,793 68,301 19,737 81,504
---------- ---------- ---------- ----------
TOTAL CURRENT ASSETS 10,613,971 11,896,367 11,701,640 10,651,296
PROPERTY, PLANT AND
EQUIPMENT, AT COST 27,437,762 27,440,087 27,443,284 27,400,776
Less: Accumulated
Depreciation (13,006,471)(13,250,916) (13,518,839)(13,794,569)
NET PROPERTY, PLANT ---------- ---------- ---------- ----------
& EQUIP. 14,431,291 14,189,171 13,924,445 13,606,207
OTHER ASSETS
Investment in Foreign
Subsidiary & Interco.
Receivables 7,303,275 7,226,960 7,334,353 7,321,297
Equity Investments in
Minority Interests 949,801 949,801 949,801 699,801
Long term Notes
Receivable 120,000 120,000 120,000 120,000
Patents & Purchased
Technology, net 2,645,753 2,588,888 2,519,249 2,449,611
Misc. other assets 83,666 83,543 85,921 103,250
----------- ---------- ---------- ----------
NET OTHER ASSETS 11,102,495 10,969,192 11,009,324 10,693,959
---------- ---------- ---------- ----------
TOTAL ASSETS $36,147,757 $37,054,730 $36,635,409 $34,951,462
========== ========== ========== ==========
See Accompanying Notes to Financial Statements
________________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-1
Comparative Balance Sheets
As of: November 30, 1995
10/31/94 11/30/94 12/31/94 1/31/95
ASSETS
CURRENT ASSETS:
Cash $121,108 $1,978,464 $141,017 $170,469
Other Negotiable
Instruments (i.e.
Commercial Paper,
CD's, Repo's, etc.) 2,744,989 6,518,489 8,396,774 8,171,774
Accounts Receivable
(See OPR-3) 2,456,055 2,020,214 3,025,812 2,712,218
Less: Allowance for
doubtful accounts (154,965) (154,988) (150,200) (150,754)
Inventory, at lower
of cost or market 4,144,276 4,313,167 3,965,668 4,066,730
Prepaid Expenses and
Deposits 843,827 1,049,251 836,285 857,048
Other Receivables 112,983 65,389 92,624 81,742
---------- ---------- ---------- ----------
TOTAL CURRENT ASSETS 10,268,273 15,789,986 16,307,980 15,909,227
PROPERTY, PLANT AND
EQUIPMENT, AT COST 27,395,379 27,392,289 24,776,430 24,782,465
Less: Accumulated
Depreciation (14,056,613) (14,318,428)(14,892,611) (15,141,494)
NET PROPERTY, PLANT ---------- ---------- ---------- ----------
& EQUIP. 13,338,766 13,073,861 9,883,819 9,640,971
OTHER ASSETS
Investment in Foreign
Subsidiary & Interco.
Receivables 7,321,594 2,180 510 0
Equity Investments in
Minority Interests 699,801 644,200 110,075 110,075
Long term Notes
Receivable 120,000 120,000 0 0
Patents & Purchased
Technology, net 2,400,000 2,328,114 2,094,494 2,034,338
Misc. other assets 110,888 72,832 105,791 106,768
---------- --------- --------- ---------
NET OTHER ASSETS 10,651,283 3,167,326 2,310,870 2,251,181
---------- ---------- ---------- ----------
TOTAL ASSETS $34,258,322 $32,031,173 $28,502,669 $27,801,379
========== ========== ========== ==========
See Accompanying Notes to Financial Statements
________________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-1
Comparative Balance Sheets
As of: November 30, 1995
2/28/95 3/31/95 4/30/95
ASSETS
CURRENT ASSETS:
Cash ($55,657) $214,214 $173,689
Other Negotiable Instruments
(i.e., Commercial Paper, CD's 8,159,683 6,479,683 6,162,566
Repo's, etc.)
Accounts Receivable (See OPR-3) 2,721,157 3,221,150 3,111,506
Less: Allowance for doubtful accounts (151,583) (148,773) (155,829)
Inventory, at lower of cost or market 3,909,665 3,966,171 4,053,493
Prepaid Expenses and Deposits 931,831 1,198,892 1,229,568
Other Receivables 64,335 77,139 80,229
---------- ---------- ----------
TOTAL CURRENT ASSETS 15,579,431 15,008,476 14,655,222
PROPERTY, PLANT AND EQUIPMENT, AT COST 24,794,255 24,895,135 24,894,506
Less: Accumulated Depreciation (15,376,953) (15,809,227)(16,039,124)
---------- ---------- ----------
NET PROPERTY, PLANT & EQUIP. 9,417,302 9,085,908 8,855,382
OTHER ASSETS
Investment in Foreign
Subsidiary & Interco. Receivables 0 0 0
Equity Investments in
Minority Interests 110,075 110,075 110,075
Long term Notes Receivable 0 0 0
Patents & Purchased Technology, net 1,980,640 1,812,398 1,766,695
Miscellaneous other assets 106,646 106,524 106,401
--------- --------- ---------
NET OTHER ASSETS 2,197,361 2,028,997 1,983,171
---------- ---------- ----------
TOTAL ASSETS $27,194,094 $26,123,381 $25,493,775
========== ========== ==========
See Accompanying Notes to Financial Statements
- -------------------------------------------------------------------
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-1
Comparative Balance Sheets
As of: NOVEMBER 30, 1995
ASSETS 5/31/95 6/30/95 7/31/95
CURRENT ASSETS:
Cash $157,900 $138,077 $344,437
Other Negotiable Instruments
(i.e. Commercial Paper, CD's
Repo's, etc.) 6,051,807 5,976,957 5,973,454
Accounts Receivable (See OPR-3) 3,123,410 3,557,453 3,407,884
Less: Allowance for doubtful accounts (159,019) (166,019) (173,017)
Inventory, at lower of cost or market 3,920,770 3,903,542 3,744,522
Prepaid Expenses and Deposits 1,261,826 1,234,929 1,163,646
Other Receivables 78,432 75,165 76,573
---------- ---------- ----------
TOTAL CURRENT ASSETS 14,435,126 14,720,104 14,537,499
PROPERTY, PLANT AND EQUIPMENT, AT COST 24,913,243 24,903,260 24,926,375
Less: Accumulated Depreciation (16,267,078) (16,669,411) (16,887,830)
---------- ---------- ----------
NET PROPERTY, PLANT & EQUIP. 8,646,165 8,233,849 8,038,545
OTHER ASSETS
Investment in Foreign
Subsidiary & Interco. Receivables 0 0 0
Equity Investments in
Minority Interests 110,075 110,075 110,075
Long term Notes Receivable 0 0 0
Patents & Purchased Technology, net 1,724,305 1,634,189 1,571,552
Miscellaneous other assets 106,279 106,156 106,034
--------- --------- ---------
NET OTHER ASSETS 1,940,659 1,850,420 1,787,661
---------- --------- ---------
TOTAL ASSETS $25,021,950 $24,804,373 $24,363,705
========== ========== ==========
See Accompanying Notes to Financial Statements
- ---------------------------------------------------------------------------
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-1
Comparative Balance Sheet
As of: NOVEMBER 30, 1995
ASSETS 8/31/95 9/30/95 10/31/95
CURRENT ASSETS:
Cash $431,722 $111,722 $162,718
Other Negotiable Instruments
(i.e. Commercial Paper, 6,215,932 6,040,001 5,232,590
CD's, Repo's etc.)
Accounts Receivable (See OPR-3) 3,179,522 3,246,157 4,344,761
Less:Allowance for doubtful
accounts (180,037) (187,342) (194,793)
Inventory, at lower of cost or
market 3,682,465 4,103,462 3,923,724
Prepaid Expenses and Deposits 1,360,141 1,388,231 779,179
Other Receivables 79,128 85,007 87,124
--------- --------- ---------
TOTAL CURRENT ASSETS 14,768,873 14,787,238 14,335,303
PROPERTY, PLANT AND EQUIPMENT, AT COST 24,944,783 24,967,102 25,034,893
Less: Accumulated Depreciation (17,105,893) (17,525,164)(17,809,440)
----------- ----------- -----------
NET PROPERTY, PLANT & EQUIP. 7,838,890 7,441,938 7,225,453
OTHER ASSETS:
Investment in Foreign Subsidiary
& Interco. Receivables 0 0 0
Equity Investments in Minority
Interests 110,075 110,075 110,075
Long Term Notes Receivable 0 0 0
Patents & Purchased Technology, net 1,527,563 1,339,284 1,246,871
Miscellaneous other assets 105,912 105,790 105,667
--------- --------- ---------
NET OTHER ASSETS 1,743,550 1,555,149 1,462,613
--------- --------- ---------
TOTAL ASSETS $24,351,313 $23,784,325 $23,023,369
========== ========== ==========
See Accompanying Notes to Financial Statements.
- ---------------------------------------------------------------------------
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-1
Comparative Balance Sheets
As of: November 30, 1995
- ---------------------------------------------------------------------------
ASSETS 11/30/95
CURRENT ASSETS
Cash $ 201,501
Marketable Securities 5,405,083
Accounts Receivable(See OPR-3) 4,514,457
Less: Allowance for
doubtful accounts (201,822)
Inventory, at lower of cost
or market 3,568,252
Prepaid Expenses 719,167
Other Receivables 88,328
---------
TOTAL CURRENT ASSETS 14,294,966
PROPERTY, PLANT AND EQUIPMENT,
AT COST 24,879,731
Less: Accumulated
Depreciation (17,878,752)
----------
NET PROPERTY,PLANT & EQUIP. 7,000,979
OTHER ASSETS:
Investment in Foreign Subsidiary
& Interco. Receivables 0
Equity Investments in Minority
Interests 110,075
Long term Notes Receivable 0
Patents & Purchased Technology, net 1,153,241
Miscellaneous other assets 105,545
---------
NET OTHER ASSETS 1,368,861
---------
TOTAL ASSETS $22,664,806
See Accompanying Notes to Financial Statements
- -----------------------------------------------------------------------------
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-2
Comparative Balance Sheets
As of: NOVEMBER 30, 1995
FILING
DATE 7/31/94 8/31/94 9/30/94
LIABILITIES
POST PETITION LIABILITIES (OPR-4) $0 $650,373 $1,141,051 $1,497,470
PRE PETITION LIABILITIES:
Priority Debt 223,302 182,012 182,012 68,035
Secured Debt 5,034,218 5,033,952 5,033,605 4,026,027
Unsecured Debt 5,523,250 5,524,993 5,524,993 5,555,313
TOTAL PRE PETITION ---------- ---------- ---------- ---------
LIABILITIES 10,780,770 10,740,957 10,740,610 9,649,375
Accrued Restructuring 1,844,180 1,842,293 1,838,952 1,838,649
Deferred Revenue & Taxes 5,254,300 5,247,862 5,224,541 4,432,191
Income Taxes Payable
---------- ---------- ---------- ----------
TOTAL LIABILITIES 17,879,250 18,481,485 18,945,154 17,417,685
MINORITY INTEREST
SHAREHOLDERS' EQUITY (DEFICIT):
PREFERRED STOCK 0 0 0 0
COMMON STOCK 260,570 260,570 260,570 260,570
PAID - IN CAPITAL 119,978,714 119,985,005 119,993,131 120,001,257
ACCUMULATED DEFICIT:
Through Filing Date (101,970,777) (101,970,777)(101,970,777)(101,970,777)
Post Filing Date - 1994 298,447 (592,669) (757,273)
Post Filing Date - 1995
---------- ---------- ---------- ----------
TOTAL ACCUMULATED DEFICIT(101,970,777) (101,672,330)(102,563,446)(102,728,050)
---------- ---------- ---------- ----------
TOTAL SHAREHOLDERS' EQUITY 18,268,507 18,573,245 17,690,255 17,533,777
TOTAL LIABILITIES AND ---------- ---------- ---------- ----------
SHAREHOLDERS' EQUITY $36,147,757 $37,054,730 $36,635,409 $34,951,462
========== ========== ========== ==========
See Accompanying Notes to Financial Statements.
______________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-2
Comparative Balance Sheets
As of: NOVEMBER 30, 1995
10/31/94 11/30/94 12/31/94
LIABILITIES
POSTPETITION LIABILITIES (OPR-4) $2,082,362 $2,755,184 $2,953,193
PRE PETITION LIABILITIES:
Priority Debt 68,035 67,035 41,405
Secured Debt 4,025,674 4,025,320 4,024,962
Unsecured Debt 5,557,217 5,554,724 5,648,205
TOTAL PRE PETITION --------- --------- ---------
LIABILITIES 9,650,926 9,647,079 9,714,572
Accrued Restructuring 1,818,204 1,818,204 378,170
Deferred Revenue & Taxes 4,478,161 7,969,504 6,788,574
Income Taxes Payable 479
---------- ---------- ----------
TOTAL LIABILITIES 18,029,653 22,189,971 19,834,988
SHAREHOLDERS' EQUITY (DEFICIT):
PREFERRED STOCK 0 0 0
COMMON STOCK 260,570 260,570 260,570
PAID - IN CAPITAL 120,009,383 120,017,509 120,024,635
ACCUMULATED DEFICIT:
Through Filing Date (101,970,777)(101,539,684)(101,539,684)
Post Filing Date - 1994 (2,070,507) (8,897,193) (10,077,840)
Post Filing Date - 1995
---------- ----------- -----------
TOTAL ACCUMULATED DEFICIT (104,041,284) (110,436,877)(111,617,524)
---------- ---------- ----------
TOTAL SHAREHOLDERS' EQUITY 16,228,669 9,841,202 8,667,681
TOTAL LIABILITIES AND ---------- ---------- ----------
SHAREHOLDERS' EQUITY $34,258,322 $32,031,173 $28,502,669
========== ========== ==========
See Accompanying Notes to Financial Statements.
____________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-2
Comparative Balance Sheets
As of: NOVEMBER 30, 1995
1/31/95 2/28/95 3/31/95
LIABILITIES
POST PETITION LIABILITIES (OPR-4) $3,406,350 $3,711,705 $3,844,426
PRE PETITION LIABILITIES:
Priority Debt 41,405 41,405 37,685
Secured Debt 4,024,601 4,024,238 4,023,872
Unsecured Debt 5,607,221 5,609,144 5,609,724
--------- --------- ---------
TOTAL PRE PETITION LIABILITIES 9,623,227 9,674,787 9,671,281
Accrued Restructuring 378,170 374,564 371,904
Deferred Revenue & Taxes 6,481,588 6,092,576 5,720,237
Income Taxes Payable 479 479 1,299
---------- ---------- ----------
TOTAL LIABILITIES 19,939,814 19,854,111 19,609,147
MINORITY INTEREST 1,193 1,193 2,800
SHAREHOLDERS' EQUITY (DEFICIT):
PREFERRED STOCK 0 0 0
COMMON STOCK 260,570 260,570 260,570
PAID - IN CAPITAL 120,032,761 120,040,887 120,049,013
ACCUMULATED DEFICIT:
Through Filing Date (101,539,684)(101,539,684)(101,539,684)
Post Filing Date - 1994 (10,077,840) (10,077,840) (10,077,840)
Post Filing Date - 1995 (815,435) (1,345,143) (2,180,625)
----------- ----------- -----------
TOTAL ACCUMULATED DEFICIT (112,432,959)(112,962,667)(113,798,149)
---------- ---------- ----------
TOTAL SHAREHOLDERS' EQUITY 7,860,372 7,338,790 6,511,434
TOTAL LIABILITIES AND ---------- ---------- ----------
SHAREHOLDERS' EQUITY $27,801,379 $27,194,094 $26,123,381
========== ========== ==========
See Accompanying Notes to Financial Statements.
____________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-2
Comparative Balance Sheets
As of: NOVEMBER 30, 1995
4/30/95 5/31/95 6/30/95
LIABILITIES
POST PETITION LIABILITIES (OPR-4) $4,049,265 $4,344,761 $4,873,571
PRE PETITION LIABILITIES:
Priority Debt 36,319 36,319 34,954
Secured Debt 4,023,502 4,023,130 4,022,755
Unsecured Debt 5,594,925 5,594,925 5,600,781
--------- --------- ---------
TOTAL PRE PETITION LIABILITIES 9,654,746 9,654,374 9,658,490
Accrued Restructuring 370,929 370,929 366,089
Deferred Revenue 5,401,416 5,083,970 4,753,389
Income Taxes Payable 1,299 1,299 2,335
---------- ---------- ----------
TOTAL LIABILITIES 19,477,655 19,455,333 19,653,874
MINORITY INTEREST 2,800 2,800 4,832
SHAREHOLDERS' EQUITY (DEFICIT):
PREFERRED STOCK 0 0 0
COMMON STOCK 260,570 260,570 260,570
PAID - IN CAPITAL 120,057,139 120,065,265 120,073,391
ACCUMULATED DEFICIT:
Through Filing Date (101,539,684)(101,539,684)(101,539,684)
Post Filing Date - 1994 (10,077,840) (10,077,840) (10,077,840)
Post Filing Date - 1995 (2,686,865) (3,144,494) (3,570,770)
----------- ----------- -----------
TOTAL ACCUMULATED DEFICIT (114,304,389)(114,762,018)(115,188,294)
---------- ---------- ----------
TOTAL SHAREHOLDERS' EQUITY 6,013,320 5,563,817 5,145,667
TOTAL LIABILITIES AND ---------- ---------- ----------
SHAREHOLDERS' EQUITY $25,493,775 $25,021,950 $24,804,373
========== ========== ==========
See Accompanying Notes to Financial Statements.
- -----------------------------------------------------------------------------
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-2
Comparative Balance Sheets
As of: NOVEMBER 30, 1995
7/31/95 8/31/95 9/30/95
LIABILITIES
POST PETITION LIABILITIES (OPR-4) $5,422,110 $5,594,484 $5,774,517
PRE PETITION LIABILITIES:
Priority Debt 36,319 36,319 36,319
Secured Debt 4,022,376 4,021,995 4,021,611
Unsecured Debt 5,603,755 5,603,755 5,603,755
--------- --------- ---------
TOTAL PRE PETITION LIABILITES 9,662,450 9,662,069 9,661,685
Accrued Restructuring 364,055 321,395 274,694
Deferred Revenue 4,444,846 4,132,160 3,798,366
Income Taxes Payable 2,335 2,335 3,128
---------- --------- ---------
TOTAL LIABILITES 19,895,796 19,712,443 19,512,390
MINORITY INTEREST 4,832 4,832 6,386
SHAREHOLDERS' EQUITY (DEFICIT):
PREFERRED STOCK 0 0 0
COMMON STOCK 260,570 260,570 260,570
PAID - IN CAPITAL 120,073,391 120,073,391 120,073,391
ACCUMULATED DEFICIT:
Through Filing Date (101,539,684)(101,539,684) (101,539,684)
Post Filing Date - 1994 (10,077,840) (10,077,840) (10,077,840)
Post Filing Date - 1995 (4,253,360) (4,082,399) (4,450,888)
----------- ------------ ------------
TOTAL ACCUMULATED DEFICIT (115,870,884)(115,699,923) (116,068,412)
---------- ------------ ------------
TOTAL SHAREHOLDERS' EQUITY 4,463,077 4,634,038 4,265,549
TOTAL LIABILITIES AND ---------- ----------- -----------
SHAREHOLDERS' EQUITY $24,363,705 $24,351,313 $23,784,325
========== =========== ==========
See Accompanying Notes to Financial Statements.
____________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-2
Comparative Balance Sheets
As Of: NOVEMBER 30, 1995
10/31/95 11/30/95
LIABILITIES
POST PETITION LIABILITIES (OPR-4) $4,950,424 $5,121,358
PRE-PETITION LIIABILITIES:
Priority Debt 36,319 36,319
Secured Debt 4,021,223 4,020,833
Unsecured Debt 5,604,060 5,603,915
--------- ---------
TOTAL PRE-PETITION LIABILITIES 9,661,602 9,661,067
Accrued Restructuring 255,755 242,820
Deferred Revenue 3,513,689 3,131,233
Income Taxes Payable 3,128 3,128
--------- ---------
TOTAL LIABILITIES 18,384,598 18,159,606
MINORITY INTEREST 6,386 6,386
SHAREHOLDERS' EQUITY (DEFICIT):
PREFERRED STOCK 0 0
COMMON STOCK 260,570 260,570
PAID-IN CAPITAL 120,073,391 120,073,391
ACCUMULATED DEFICIT:
Through Filing Date (101,539,684)(101,539,684)
Post Filing Date-1994 (10,077,840) (10,077,840)
Post Filing Date-1995 (4,084,052) (4,217,623)
--------- ------------
TOTAL ACCUMULATED DEFICIT (115,701,576)(115,835,147)
------------- ------------
TOTAL SHAREHOLDERS' EQUITY 4,632,385 4,498,814
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $23,023,369 $22,664,806
========== ==========
- ----------------------------------------------------------------------------
Case Name: Cambridge Biotech Corporation Form: OPR-3
Case Number: 94-43054
Summary of Accounts Receivable
As of: NOVEMBER 30, 1995
0 - 30 31 - 60
TOTAL DAYS DAYS
----------- ---------- ------------
Date of Filing:July 7, 1994 2,813,216.84 2,110,219.71 452,069.57
Allowance for doubtful accts (159,413.23)
Net 2,653,803.61 2,110,219.71 452,069.57
Month: July 31, 1994 2,798,472.98 1,289,104.11 1,238,841.68
Allowance for doubtful accts (153,956.56)
Net 2,644,516.42 1,289,104.11 1,238,841.68
Month: August 31, 1994 2,426,792.24 1,669,036.84 267,054.03
Allowance for doubtful accts (156,701.89)
Net 2,270,090.35 1,669,036.84 267,054.03
Month: Sept. 30, 1994 3,072,351.16 2,402,728.52 365,353.30
Allowance for doubtful accts (156,701.89)
Net 2,915,649.27 2,402,728.52 365,353.30
Month: October 31, 1994 2,456,054.54 1,406,348.28 750,784.77
Allowance for doubtful accts (154,964.89)
Net 2,301,089.65 1,406,348.28 750,784.77
Month: Nov. 30, 1994 2,020,214.59 1,322,881.77 350,696.71
Allowance for doubtful accts (154,988.00)
Net 1,865,226.59 1,322,881.77 350,696.71
Month: Dec. 31, 1994 3,025,812.46 2,407,489.50 389,515.89
Allowance for doubtful accts (150,200.00)
Net 2,875,612.46 2,407,489.50 389,515.89
Month: January 31, 1995 2,712,217.41 1,602,468.56 854,807.89
Allowance for doubtful accts (150,753.71)
Net 2,561,463.70 1,602,468.56 854,807.89
Month: Feb. 28, 1995 2,721,156.82 1,972,020.47 187,953.54
Allowance for doubtful accts (151,582.78)
Net 2,569,574.04 1,972,020.47 187,953.54
Month: March 31, 1995 3,221,150.56 2,380,366.33 671,660.83
Allowance for doubtful accts (148,773.14)
Net 3,072,377.42 2,380,366.33 671,660.83
Month: April 30, 1995 3,111,505.76 1,660,592.76 1,250,431.86
Allowance for doubtful accts (155,829.15)
Net 2,955,676.61 1,660,592.76 1,250,431.86
Month: May 31, 1995 3,123,410.36 2,153,951.07 257,035.14
Allowance for doubtful accts (159,019.25)
Net 2,964,391.11 2,153,951.07 257,035.14
Month: June 30, 1995 3,557,453.25 2,902,109.40 332,562.82
Allowance for doubtful accts (166,019.26)
Net 3,391,433.99 2,902,109.40 332,562.82
Month: July 31, 1995 3,407,884.36 2,212,905.66 982,984.93
Allowance for doubtful accts (173,017.12)
Net 3,234,867.24 2,212,905.66 982,984.93
Month: August 31, 1995 3,179,522.37 2,183,815.66 281,811.74
Allowance for doubtful accts. (180,037.08)
Net 2,999,485.29 2,183,815.66 281,811.74
Month: September 30, ,1995 3,246,157.13 2,482,719.49 515,865.14
Allowance for doubtful accts. (187,341.75)
Net 3,058,815.38 2,482,719.49 515,865.14
Month: October 31, 1995 4,344,760.98 2,458,054.64 1,491,457.97
Allowance for doubtful accts. (194,793.10)
Net 4,149,967.88 2,458,054.64 1,491,457.97
Month: November 30, 1995 4,514,456.69 2,632,421.11 1,045,556.05
Allowance for doubtful accts. (201,821.98)
Net 4,312,634.71 2,632,421.11 1,045,556.05
_________________________________________________________________________
Case Name: Cambridge Biotech Corporation Form: OPR-3
Case Number: 94-43054
Summary of Accounts Receivable
As of: NOVEMBER 30, 1995
61 - 90 OVER
TOTAL DAYS 90 DAYS
----------- --------- ----------
Date of Filing:July 7, 1994 2,813,216.84 56,398.93 194,528.63
Allowance for doubtful accts (159,413.23) (159,413.23)
Net 2,653,803.61 56,398.93 35,115.40
Month: July 31, 1994 2,798,472.98 128,524.10 142,003.09
Allowance for doubtful accts (153,956.56) (11,953.47) (142,003.09)
Net 2,644,516.42 116,570.63 0.00
Month: August 31, 1994 2,426,792.24 297,637.99 193,063.38
Allowance for doubtful accts (156,701.89) (156,701.89)
Net 2,270,090.35 297,637.99 36,361.49
Month: Sept. 30, 1994 3,072,351.16 77,168.82 227,100.52
Allowance for doubtful accts (156,701.89) (156,701.89)
Net 2,915,649.27 77,168.82 70,398.63
Month: October 31, 1994 2,456,054.54 87,405.93 211,515.56
Allowance for doubtful accts (154,964.89) (154,964.89)
Net 2,301,089.65 87,405.93 56,550.67
Month: Nov. 30, 1994 2,020,214.59 188,381.49 158,254.62
Allowance for doubtful accts (154,988.00) (154,988.00)
Net 1,865,226.59 188,381.49 3,266.62
Month: Dec. 31, 1994 3,025,812.46 65,733.45 163,073.62
Allowance for doubtful accts (150,200.00) (150,200.00)
Net 2,875,612.46 65,733.45 12,873.62
Month: January 31, 1995 2,712,217.41 92,582.75 162,358.21
Allowance for doubtful accts (150,753.71) (150,753.71)
Net 2,561,463.70 92,582.75 11,604.50
Month: Feb. 28, 1995 2,721,156.82 407,769.97 153,412.84
Allowance for doubtful accts (151,582.78) (151,582.78)
Net 2,569,574.04 407,769.97 1,830.06
Month: March 31, 1995 3,221,150.56 45,696.46 123,426.94
Allowance for doubtful accts (148,773.14) (25,346.20) (123,426.94)
Net 3,072,377.42 20,350.26 0.00
Month: April 30, 1995 3,111,505.76 103,220.04 97,261.10
Allowance for doubtful accts (155,829.15) (58,568.05) (97,261.10)
Net 2,955,676.61 44,651.99 0.00
Month: May 31, 1995 3,123,410.36 631,903.39 80,520.76
Allowance for doubtful accts (159,019.25) (78,498.49) (80,520.76)
Net 2,964,391.11 553,404.90 0.00
Month: June 30, 1995 3,557,453.25 52,189.56 270,591.47
Allowance for doubtful accts (166,019.26) (166,019.26)
Net 3,391,433.99 52,189.56 104,572.21
Month: July 31, 1995 3,407,884.36 125,622.71 86,371.06
Allowance for doubtful accts (173,017.12) (86,646.06) (86,371.06)
Net 3,234,867.24 38,976.65 0.00
Month: August 31, 1995 3,179,522.37 559,210.76 154,684.21
Allowance for doubtful accts. (180,037.08) (25,352.87) (154,684.21)
Net 2,999,485.29 533,857.89 0.00
Month: September 30, 1995 3,246,157.13 84,128.64 163,443.86
Allowance for doubtful accts. (187,341.75) (23,897.89) (163,443.86)
Net 3,058,815.38 60,230.75 0.00
Month: October 31, 1995 4,344,760.98 230,772.04 164,476.33
Allowance for doubtful accts. (194,793.10) (30,316.77) (164,476.33)
Net 4,149,967.88 200,455.27 0.00
Month: November 30, 1995 4,514,456.69 583,493.54 252,985.99
Allowance for doubtful accts. (201,821.98) 0.00 (201,821.98)
Net 4,312,634.71 583,493.54 51,164.01
________________________________________________________________________
Case Name: Cambridge Biotech Corporation Form OPR-4
Case Number: 94-43054
Schedule of Post Petition Liabilities
As of: NOVEMBER 30, 1995
DATE DATE TOTAL 0-30 31-60
INCURRED DUE DUE DAYS DAYS
TAXES PAYABLE:
Federal Income Taxes W/H 0
FICA-Employer's Share 0
FICA-Employee's Share W/H 0
Unemployment Tax 0
State Income Tax Withheld 0
State Sales & Use Tax Various Various 2,557 1,057 1,000
State Franchise Tax Various Various 3,034 1,034 1,000
Real Estate and
Personal Property Tax Various Various 60,664 16,664 9,000
------ ------ -----
TOTAL TAXES PAYABLE 66,255 18,755 11,000
POST PETITION
SECURED DEBT 0 0
POST PETITION
UNSECURED DEBT 0 0
ACCRUED INTEREST
PAYABLE Various Various 25,821 4,821 3,000
TRADE ACCOUNTS
PAYABLE & OTHER:
Accounts Payable Various Various 493,439 452,011 56
Accrued Expenses Various Various 3,126,233 813,340 617,893
Accrued Stock
Incentive Plan 7/8/94 Emerge 1,409,610 1,409,610
from
Ch. 11
TOTAL ACCOUNTS --------- --------- -------
PAYABLE & OTHER 5,029,282 2,674,961 617,949
--------- --------- -------
TOTAL POST PETITION LIABILITIES $5,121,358 $2,698,537 $631,949
========= ========= =======
_______________________________________________________________________________
Case Name: Cambridge Biotech Corporation Form OPR-4
Case Number: 94-43054
Schedule of Post Petition Liabilities
As of: NOVEMBER 30, 1995
DATE DATE TOTAL 61-90 OVER 90
INCURRED DUE DUE DAYS DAYS
TAXES PAYABLE:
Federal Income Taxes W/H 0
FICA-Employer's Share 0
FICA-Employee's Share W/H 0
Unemployment Tax 0
State Income Tax Withheld 0
State Sales & Use Tax Various Various 2,557 500
State Franchise Tax Various Various 3,034 1,000
Real Estate and
Personal Property Tax Various Various 60,664 9,000 26,000
------ ----- -----
TOTAL TAXES PAYABLE 66,255 10,500 26,000
POST PETITION
SECURED DEBT 0 0
POST PETITION
UNSECURED DEBT 0 0
ACCRUED INTEREST
PAYABLE Various Various 25,821 3,000 15,000
TRADE ACCOUNTS
PAYABLE & OTHER:
Accounts Payable Various Various 493,439 766 40,606
Accrued Expenses Various Various 3,126,233 380,000 1,315,000
Accrued Stock
Incentive Plan 7/8/94 Emerge 1,409,610
from
Ch. 11
TOTAL ACCOUNTS --------- ------- ---------
PAYABLE & OTHER 5,029,282 380,766 1,355,606
--------- ------- ---------
TOTAL POST PETITION LIABILITIES $5,121,358 $394,266 $1,396,606
========= ======= =========
_____________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-5
Income Statement
Period: July 8, 1994 - November 30, 1995
7/8-31/94 August September
NET REVENUE (INCOME) $1,990,463 $1,297,330 $2,870,689
COST OF GOODS SOLD:
Materials
Labor - Direct
Manufacturing Overhead
TOTAL COST OF GOODS SOLD 677,628 872,451 1,424,705
--------- ------- -------
GROSS PROFIT 1,312,835 424,879 1,445,984
OPERATING EXPENSES:
Selling and Marketing 86,253 117,890 129,345
General and Administrative 330,964 404,626 548,839
Research and Development 223,590 359,735 288,595
Other: Regulatory 18,336 22,767 18,815
Other: Misc. (Income)/Expense (13,655) (8,693) (45,076)
------- ------- -------
TOTAL OPERATING EXPENSES 645,488 896,325 940,518
INCOME BEFORE INTEREST,
DEPRECIATION, TAXES OR ------- ------- -------
EXTRAORDINARY EXPENSES 667,347 (471,446) 505,466
CHAPTER 11 EXPENSES (97,310) (113,110) (112,501)
INTEREST EXPENSE (27,145) (38,638) (31,839)
DEPRECIATION (244,445) (267,922) (275,730)
INCOME TAX EXPENSE 0 0 0
EXTRAORDINARY
INCOME(EXPENSE) 0 0 (250,000)
------- ------- -------
NET INCOME (LOSS) $298,447 ($891,116) ($164,604)
======= ======= =======
See Accompanying Notes to Financial Statements.
_______________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-5
Income Statement
Period: July 8, 1994 - November 30, 1995
October November December
NET REVENUE (INCOME) $1,089,394 $1,073,137 $3,369,904
COST OF GOODS SOLD:
Materials
Labor - Direct
Manufacturing Overhead
TOTAL COST OF GOODS SOLD 781,526 637,644 1,201,755
------- ------- -------
GROSS PROFIT 307,868 435,493 2,168,149
OPERATING EXPENSES:
Selling and Marketing 130,164 137,154 157,174
General and Administrative 503,279 497,797 931,930
Research and Development 526,086 376,756 871,580
Other: Regulatory 41,259 26,668 32,231
Other: Misc. (Income)/Expense 1,583 (28,619) 929,547
--------- --------- ---------
TOTAL OPERATING EXPENSES 1,202,371 1,009,756 2,922,462
INCOME BEFORE INTEREST,
DEPRECIATION, TAXES OR ------- ------- -------
EXTRAORDINARY EXPENSES (894,503) (574,263) (754,313)
CHAPTER 11 EXPENSES (130,808) (105,473) (42,975)
INTEREST EXPENSE (25,880) (34,149) 131,775
DEPRECIATION (262,043) (261,816) (611,521)
INCOME TAX EXPENSE 0 0 8,493
MINORITY INTEREST 0
EXTRAORDINARY
INCOME(EXPENSE) 0 (5,850,985) 87,894
--------- --------- ---------
NET INCOME (LOSS) $(1,313,234) $(6,826,686) $(1,180,647)
========= ========= =========
See Accompanying Notes to Financial Statements.
______________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-5
Income Statement
Period: July 8, 1994 - November 30, 1995
January 1995 February March
NET REVENUE (INCOME) $1,396,377 $1,766,809 $2,778,865
COST OF GOODS SOLD:
Materials
Labor - Direct
Manufacturing Overhead
TOTAL COST OF GOODS SOLD 757,549 920,742 1,509,887
------- ------- ---------
GROSS PROFIT 638,828 846,067 1,268,978
OPERATING EXPENSES:
Selling and Marketing 120,148 116,908 179,619
General and Administrative 502,352 451,508 942,244
Research and Development 404,257 395,094 664,295
Other: Regulatory 33,717 31,186 35,613
Other: Misc.
(Income)/Expense (52,914) (44,031) (43,545)
------- ------- ---------
TOTAL OPERATING EXPENSES 1,007,560 950,665 1,778,226
INCOME BEFORE INTEREST,
DEPRECIATION, TAXES OR ------- ------- -------
EXTRAORDINARY EXPENSES (368,732) (104,598) (509,248)
CHAPTER 11 EXPENSES (98,405) (96,420) (78,629)
INTEREST EXPENSE (32,384) (31,021) 58,559
DEPRECIATION (315,211) (301,785) (299,621)
INCOME TAX EXPENSE 0 4,116 (4,936)
MINORITY INTEREST (703) 0 (1,607)
EXTRAORDINARY
INCOME(EXPENSE) 0 0 0
------- ------- -------
NET INCOME (LOSS) ($815,435) ($529,708) ($835,482)
======= ======= =======
See Accompanying Notes to Financial Statements.
_____________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-5
Income Statement
Period: July 8, 1994 - November 30, 1995
April May June
NET REVENUE (INCOME) $1,642,292 $2,188,446 $2,959,667
COST OF GOODS SOLD:
Materials
Labor - Direct
Manufacturing Overhead
TOTAL COST OF GOODS SOLD 726,804 1,086,787 1,642,248
------- --------- ---------
GROSS PROFIT 915,488 1,101,659 1,317,419
OPERATING EXPENSES:
Selling and Marketing 139,342 152,110 172,675
General and Administrative 490,893 572,129 824,781
Research and Development 392,539 408,496 430,260
Other: Regulatory 17,577 29,652 41,658
Other: Misc.
(Income)/Expense (48,350) (46,132) (83,349)
------- --------- -------
TOTAL OPERATING EXPENSES 992,001 1,116,255 1,386,025
INCOME BEFORE INTEREST,
DEPRECIATION, TAXES OR ------ ------ -------
EXTRAORDINARY EXPENSES (76,513) (14,596) (68,606)
CHAPTER 11 EXPENSES (99,270) (113,541) (123,086)
INTEREST EXPENSE (32,995) (33,974) 63,298
DEPRECIATION (297,462) (295,518) (294,814)
INCOME TAX EXPENSE 0 0 (1,036)
MINORITY INTEREST 0 0 (2,032)
EXTRAORDINARY
INCOME(EXPENSE) 0 0 0
------- ------- -------
NET INCOME (LOSS) ($506,240) ($457,629) ($426,276)
======= ======= =======
See Accompanying Notes to Financial Statements.
- ----------------------------------------------------------------------------
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR - 5
Income Statement
Period: July 8, 1994 - November 30, 1995
July August September
NET REVENUE (INCOME) $1,938,622 $2,373,327 $2,730,414
COST OF GOODS SOLD:
Materials
Labor - Direct
Manufacturing Overhead
TOTAL COST OF GOODS SOLD 1,101,074 946,529 1,357,642
--------- --------- ----------
GROSS PROFIT 837,548 1,426,798 1,372,772
OPERATING EXPENSES:
Selling and Marketing 134,861 135,741 103,055
General and Administrative 446,284 330,294 918,735
Research and Development 498,460 397,805 414,180
Other:Regulatory 29,266 22,144 29,693
Other:Misc.(Inc)/Exp. (15,202) (7,476) (118,333)
------- ------- ---------
TOTAL OPERATING EXPENSES 1,093,669 878,508 1,347,330
INCOME BEFORE INTEREST,
DEPRECIATION, TAXES OR ------- ------- ---------
EXTRAORDINARY EXPENSES (256,121) 548,290 25,442
CHAPTER 11 EXPENSES (138,916) (97,785) (105,820)
INTEREST EXPENSE (1,589) 6,064 (1,583)
DEPRECIATION (285,964) (285,608) (284,181)
INCOME TAX EXPENSE 0 0 (793)
MINORITY INTEREST 0 0 (1,554)
EXTRAORDINARY
INCOME (EXPENSE) 0 0 0
------- -------- -------
NET INCOME (LOSS) $(682,590) $170,961 ($368,489)
======= ======== =========
See Accompanying Notes to Financial Statements.
_____________________________________________________________________________
CASE NAME: Cambridge Biotech Corporation
CASE NUMBER: 94-43054
Form OPR-5
Consolidated Income Statement
Period: July 8, 1994 - November 30, 1995
FILING
October November TO DATE
NET REVENUE (INCOME) $2,795,039 $2,791,697 $37,052,472
COST OF GOODS SOLD:
Materials
Labor - Direct
Manufacturing Overhead
TOTAL COST OF GOODS SOLD 1,242,412 1,456,544 18,343,927
--------- --------- ----------
GROSS PROFIT 1,552,627 1,335,153 18,708,545
OPERATING EXPENSES:
Selling and Marketing 81,641 118,817 2,212,897
General & Administrative 442,043 476,452 9,615,150
Research & Development 364,558 460,261 7,476,547
Other:Regulatory 34,632 29,775 494,989
Other: Misc. (Income)/Expense (48,377) (41,058) 286,320
-------- ------- ---------
TOTAL OPERATING EXPENSES 874,497 1,044,247 20,085,903
INCOME BEFORE INTEREST, DEPRECIATION,-------- ------- ---------
TAXES/EXTRAORDINARY EXPENSES 678,130 290,906 (1,377,358)
CHAPTER 11 EXPENSES (25,411) (138,570) (1,718,030)
INTEREST EXPENSE (1,607) (1,577) (34,685)
DEPRECIATION (284,276) (284,330) (5,152,247)
INCOME TAX EXPENSE 0 0 5,844
MINORITY INTEREST 0 0 (5,896)
EXTRAORDINARY INCOME (EXPENSE) 0 0 (6,013,091)
-------- ------- ---------
NET INCOME (LOSS) 366,836 ($133,571) (14,295,463)
======== ======= ============
- ---------------------------------------------------------------------------
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-6
Statement of Sources and Uses of Cash
Period of: July 8, 1994 - November 30, 1995
July 8-
July 31 August September
SOURCES OF CASH:
Income (Loss) From Operations $298,447 ($891,116) ($164,604)
Add: Depreciation, Amortization
& Other Non-Cash Items 301,164 322,366 542,532
------- ------- -------
CASH GENERATED FROM OPERATIONS 599,611 (568,750) 377,928
Add: Decrease in Assets:
Accounts Receivable 9,288 374,426
Other Receivables 48,564
Inventory 43,400 139,763 598,344
Prepaid Expenses & Deposits 33,235
Property, Plant & Equipment
Patents & Purchased Technology 18,612
Intercompany Receivables 76,315 13,056
Short Term Investments 1,233,746
Proceeds on sale of foreign
subsidiary
Proceeds on sale of minority interest
Proceeds on note receivable
Other non-current assets 123
Increase in Liabilities:
Pre-Petition Liabilities 1,742 52,055
Post-Petition Liabilities 650,372 490,679 356,419
Deferred Revenue
--------- ------- ---------
TOTAL SOURCES OF CASH (A) 1,380,851 517,917 2,650,160
USES OF CASH:
Increase in Assets:
Accounts Receivable 565,559
Other Receivables 29,508 61,767
Intercompany Receivables 107,393
Inventory
Prepaid Expenses & Deposits 217,794 193,023
Patents & Purchased Technology
Property, Plant & Equipment 2,325 3,197 37,492
Other non-current assets 2,378 17,329
Short Term Investments 1,603,000 310,000
Decrease in Liabilities:
Pre-Petition Liabilities 41,290 135,711
Post-Petition Liabilities
Accrued Restructuring 1,886 3,341 304
Deferred Revenue 750,000
Secured Debt and Capital Leases 266 347 1,007,578
--------- ------- ---------
TOTAL USES OF CASH (B) 1,896,069 426,656 2,768,763
------- ------- -------
NET SOURCE (USE) OF CASH (A-B=NET) (515,218) 91,261 (118,603)
CASH - BEGINNING BALANCE (See OPR-1) 1,287,187 771,969 863,230
------- ------- -------
CASH - ENDING BALANCE (See OPR-1) $771,969 $863,230 $744,627
======= ======= =======
See Accompanying Notes to Financial Statements
_____________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-6
Statement of Sources and Uses of Cash
Period of: July 8, 1994 - November 30, 1995
October November December
SOURCES OF CASH:
Income (Loss) From Operations ($1,313,234)($6,826,686) ($1,180,647)
Add: Depreciation, Amortization
& Other Non-Cash Items 695,379 5,591,211 813,729
------- ------- -------
CASH GENERATED FROM OPERATIONS (617,855) (1,235,475) (366,918)
Add: Decrease in Assets:
Accounts Receivable 539,309 435,863
Other Receivables 47,594
Inventory 347,499
Prepaid Expenses & Deposits 74,073 212,966
Property, Plant & Equipment 80,647 3,090 2,585,034
Patents & Purchased Technology 449,705
Intercompany Receivables 703 1,670
Short Term Investments
Proceeds on sale of foreign
subsidiary 1,982,685 100,000
Proceeds on sale of minority interest 534,125
Proceeds on note receivable 120,000
Other non-current assets 38,056
Increase in Liabilities:
Pre-Petition Liabilities 1,904 230,000 120,000
Post-Petition Liabilities 168,807 557,512 101,997
Deferred Revenue 88,212 3,528,549 152,057
------- --------- --------
TOTAL SOURCES OF CASH (A) 335,800 6,037,579 3,908,430
USES OF CASH:
Increase in Assets:
Accounts Receivable 1,006,666
Other Receivables 31,479 30,955
Intercompany Receivables 28,561
Inventory 154,467 168,891
Prepaid Expenses & Deposits 205,424
Patents & Purchased Technology 1,756 93,988
Property, Plant & Equipment 6,513
Other non-current assets 7,638 34,059
Short Term Investments 743,182 3,773,500 1,878,285
Decrease in Liabilities:
Pre-Petition Liabilities 3,492 52,419
Post-Petition Liabilities
Accrued Restructuring 20,445 0 1,440,034
Deferred Revenue 1,202,600
Secured Debt and Capital Leases 352 355 358
------- --------- ---------
TOTAL USES OF CASH (B) 959,319 4,180,223 5,745,877
------- --------- ---------
NET SOURCE (USE) OF CASH (A-B=NET) (623,519) 1,857,356 (1,837,447)
CASH - BEGINNING BALANCE (See OPR-1) 744,627 121,108 1,978,464
------- --------- -------
CASH - ENDING BALANCE (See OPR-1) $121,108 $1,978,464 $141,017
======= ========= =======
See Accompanying Notes to Financial Statements
____________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-6
Statement of Sources and Uses of Cash
Period of: July 8, 1994 - November 30, 1995
January February March
SOURCES OF CASH:
Income (Loss) From
Operations ($815,435) ($529,708) ($835,482)
Add: Depreciation,
Amortization & Other
Non-Cash Items 110,375 140,458 424,199
CASH GENERATED FROM ------- ------- -------
OPERATIONS (705,060) (389,250) (411,283)
Add: Decrease in Assets:
Accounts Receivable 310,429
Other Receivables 14,602 17,407
Inventory 157,065
Prepaid Expenses &
Deposits
Property, Plant &
Equipment
Patents & Purchased
Technology
Intercompany Receivables 510
Short Term Investments 225,000 12,091 1,680,000
Proceeds on sale of
foreign subsidiary
Proceeds on sale of
minority interest
Proceeds on note receivable
Other non-current assets
Increase in Liabilities:
Pre-Petition Liabilities 1,923 4,116
Post-Petition
Liabilities 351,983 194,519 67,852
Minority Interests 1,193 1,607
Deferred Revenue
------- ------ ---------
TOTAL SOURCES OF CASH (A) 198,657 (6,245) 1,342,292
USES OF CASH:
Increase in Assets:
Accounts Receivable 122,838 502,803
Other Receivables 12,804
Intercompany Receivables
Inventory 101,062 56,506
Prepaid Expenses &
Deposits 20,763 74,783 267,061
Patents & Purchased
Technology 6,500 17,442
Property, Plant &
Equipment 6,035 11,790 100,880
Other non-current assets
Short Term Investments
Decrease in Liabilities:
Pre-Petition Liabilities 40,984 7,256
Post-Petition Liabilities 104,642
Accrued Restructuring 0 3,607 2,660
Secured Debt and
Capital Leases 361 363 367
------- ------- -------
TOTAL USES OF CASH (B) 169,205 219,881 1,072,421
NET SOURCE (USE) OF CASH
(A-B=NET) 29,452 (226,126) 269,871
CASH-BEGINNING BALANCE
(See OPR-1) 141,017 170,469 (55,657)
CASH-ENDING BALANCE ------ ------- -------
(See OPR-1) $170,469 ($55,657) $214,214
====== ======= =======
See Accompanying Notes to Financial Statements.
_____________________________________________________________________________
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR-6
Statement of Sources and Uses of Cash
Period of: July 8, 1994 - November 30, 1995
April May June
SOURCES OF CASH:
Income (Loss) From
Operations ($506,240) ($457,629) ($426,276)
Add: Depreciation,
Amortization & Other
Non-Cash Items 171,744 166,848 407,066
CASH GENERATED FROM ------- ------- -------
OPERATIONS (334,496) (290,781) (19,210)
Add: Decrease in Assets:
Accounts Receivable 116,700
Other Receivables 1,797 3,267
Inventory 132,723 17,228
Prepaid Expenses &
Deposits 26,897
Property, Plant &
Equipment 630
Patents & Purchased
Technology
Intercompany Receivables
Short Term Investments 317,117 110,759 74,850
Proceeds on sale of
foreign subsidiary
Proceeds on sale of
minority interest
Proceeds on note receivable
Other non-current assets
Increase in Liabilities:
Pre-Petition Liabilities 4,491
Post-Petition Liabilities 95,350 112,840 418,355
Minority Interests 2,032
Deferred Revenue
------- ------ -------
TOTAL SOURCES OF CASH (A) 195,301 67,338 527,910
USES OF CASH:
Increase in Assets:
Accounts Receivable 8,714 427,043
Other Receivables 3,090
Intercompany Receivables
Inventory 87,322
Prepaid Expenses &
Deposits 30,676 32,257
Patents & Purchased
Technology 14,994 18,615 97,846
Property, Plant &
Equipment 18,737 17,629
Other non-current assets
Short Term Investments
Decrease in Liabilities:
Pre-Petition Liabilities 16,165
Post-Petition Liabilities 82,235 4,431
Accrued Restructuring 975 4,840
Secured Debt and
Capital Leases 369 373 375
------- ------ -------
TOTAL USES OF CASH (B) 235,826 83,127 547,733
NET SOURCE (USE) OF CASH ------ ------ ------
(A-B=NET) (40,525) (15,789) (19,823)
CASH-BEGINNING BALANCE
(See OPR-1) 214,214 173,689 157,900
CASH-ENDING BALANCE ------ ------ ------
(See OPR-1) $173,689 $157,900 $138,077
====== ====== ======
See Accompanying Notes to Financial Statements.
- -----------------------------------------------------------------------------
Case Name: Cambridge Biotech Corporation
Case Number: 94-43054
Form OPR - 6
Statement of Sources and Uses of Cash
Period of: July 8, 1994 - November 30, 1995
July August September
SOURCES OF CASH: ------ ------- ---------
Operations $(682,590) $170,961 ($368,489)
Amortization & Other
Non-Cash Items 1,241 (31,548) 273,879
CASH GENERATED FROM ------- -------- ---------
OPERATIONS (681,349) 139,413 (94,610)
Add: Decrease in Assets:
Accounts Receivables 156,567 235,382 44,430
Other Receivables 3,364
Inventory 159,020 62,057
Prepaid Expenses &
Deposits 71,283
Property, Plant &
Equipment
Patents & Purchased
Technology
Intercompany Receivables
Short Term Investments 3,503 175,931
Proceeds on sale of
foreign subsidiary
Proceeds on sale of
minority interest
Proceeds on note receivable
Other non-current assets
Increase in Liabilities:
Pre-Petition Liabilities 4,339
Post-Petition Liabilities 519,932 172,374 180,826
Minority Interests 1,554
Deferred Revenue
------- ------- -------
TOTAL SOURCES OF CASH (A) 233,295 609,226 311,495
USES OF CASH:
Increase in Assets:
Accounts Receivable 103,760
Other Receivables 1,408 2,555 9,243
Intercompany Receivables
Inventory 420,997
Prepaid Expenses &
Deposits 196,495 28,090
Patents & Purchased
Technology 18,964
Property, Plant &
Equipment 23,114 18,408 22,319
Other non-current assets
Short Term Investments 242,478
Decrease in Liabilities:
Pre-Petition Liabilities
Post-Petition Liabilities
Accrued Restructuring 2,035 42,660 46,702
Secured Debt and
Capital Leases 378 381 384
------ ------- -------
TOTAL USES OF CASH (B) 26,935 521,941 631,495
NET SOURCE (USE) OF CASH ------- ------- -------
(A-B=NET) 206,360 87,285 (320,000)
CASH - BEGINNING BALANCE
(See OPR-1) 138,077 344,437 431,722
CASH - ENDING BALANCE ------- ------- -------
(See OPR-1) $344,437 $431,722 $111,722
======= ======== =======
See Accompanying Notes to Financial Statements.
_____________________________________________________________________________
CASE NAME: Cambridge Biotech Corporation
CASE NUMBER: 94-43054
Form OPR-6
Statement of Sources and Uses of Cash
Period of: July 8, 1994 - November 30, 1995
7/8/94-
October November 11/30/95
SOURCES OF CASH:
Income (Loss) From Operations $366,836 ($133,571) ($14,295,463)
Add: Depreciation, Amortization
& Other Non-Cash Items 101,327 (12,091) 10,019,879
------- --------- ----------
CASH GENERATED FROM OPER. 468,163 (145,662) (4,275,584)
Add: Decrease in Assets:
Accounts Receivable 2,222,394
Other Receivables 136,595
Inventory 179,738 355,472 2,192,309
Prepaid Expenses & Deposits 609,052 60,012 1,087,518
Property, Plant & Equipment 2,669,401
Patents & Purchased Tech. 468,317
Intercompany Receivables 92,254
Short-Term Investments 807,411 4,640,408
Proceeds on sale of
foreign subsidiary 2,082,685
Proceeds on sale of
minority interest 534,125
Proceeds on note receivable 120,000
Other non-current assets 38,179
Increase in Liabilities:
Pre-Petition Liabilities 305 420,875
Post-Petition Liabilities 190,149 4,629,966
Minority Interest 6,386
Deferred Revenue 3,768,818
------- ------- ---------
TOTAL SOURCES OF CASH (A) 2,064,669 459,971 20,834,646
USES OF CASH:
Increase in Assets:
Accounts Receivable 1,091,153 162,667 3,991,203
Other Receivables 2,117 1,204 186,130
Intercompany Receivables 135,954
Inventory 989,245
Prepaid Expenses & Deposits 1,266,366
Patents & Purchased Technology 12,524 11,498 294,127
Property, Plant & Equipment 67,791 59,856 396,086
Other non-current assets 61,404
Short Term Investments 172,493 8,722,938
Decrease in Liabilities:
Pre-Petition Liabilities 145 297,462
Post-Petition Liabilities 820,761 1,012,069
Accrued Restructuring 18,939 12,935 1,601,363
Deferred Revenue 1,952,600
Secured Debt & Capital
Leases 388 390 1,013,385
------- ------ ---------
TOTAL USES OF CASH (B) 2,013,673 421,188 21,920,332
------- ------- ---------
NET SOURCE (USE) OF CASH (A-B=NET) 50,996 38,783 (1,085,686)
CASH-BEGINNING BALANCE (See OPR-1) 111,722 162,718 1,287,187
------- ------- ---------
CASH-ENDING BALANCE (See OPR-1) 162,718 $201,501 $201,501
======= ======= =======
- ----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
1. The Company's monthly inventory valuations for 1995 and the amount of
reserves reflect management's best judgment. However, the Company is
currently reviewing its inventory valuations. The Company conducted
physical inventories at its Rockville, MD facility in November 1995
and its Shrewsbury, MA and Worcester, MA facilities in December 1995.
The physical counts and management's review may result in adjustments
to the monthly inventory valuations. Management believes that these
adjustments will not have a material effect on the results of opera-
tions, cash flow, or financial position of the Company.
2. On October 27, 1994, the Company's plan to institute a retention bonus
plan for some of its employees was approved by the United States
Bankruptcy Court for the District of Massachusetts (Western Division).
The plan calls for bonuses to be paid in stock of the reorganized
Company upon emergence from Chapter 11 reorganization. As of November
30, 1995, the Company has recorded compensation expense of $1,409,610,
which is a non-cash expense.
3. On March 8, 1995, an Adversary Proceeding No. 95-4074 was commenced in
the United States Bankruptcy Court, District of Massachusetts, Western
Division, by Institut Pasteur and Genetic Systems Corporation alleging
patent infringement and asking for damages and injunctive relief. The
Company filed an answer and counterclaim denying the plaintiff's
allegations and seeking a declaration of the Company's license rights
to two of the three patents at issue. On September 1, 1995, the United
States Bankruptcy Court issued summary judgment upholding the Company's
license to two patents issued to Institut Pasteur to commercialize
diagnostic tests for the HIV-2 strain of the AIDS virus. The Court
also ruled that the Company's HIV-1 Western blot confirmatory test for
HIV-1 infringes a third patent issued to Institut Pasteur, and enjoined
the Company from the manufacture and sale of the HIV-1 Western blot
test. The Company commenced an adversary proceeding requesting a
determination that Cambridge Biotech Corporation was entitled to a
license to the technology used in the HIV-1 Western blot test. On
January 5, 1996, the United States Bankruptcy Court declared a non-
exclusive patent license to be in effect between Institut Pasteur and
the Company as of January 1, 1996, covering the Company's HIV-1 Western
Blot test. The terms outlined by the court include a one percent
royalty on net sales without an up-front license fee. The court also
ordered the Company to pay damages equal to a one percent royalty for
the pre-license period from July 7, 1994 through December 31, 1995.
Institut Pasteur and Genetic Systems Corporation have appealed this
decision by the Bankruptcy Court and the court's decision entitling
the Company to a license for its HIV-1 Western blot test.
4. In September, 1995, the Company received correspondence from one of its
customers claiming that the Company owes its payments totaling $837,220
representing claimed adjustments to the invoiced prices of product sold
to the customer during the first seven and one-half months of 1995. As
the Company sold product at prices which the Company believes were
agreed to among the parties and which were reflected on purchase orders
prepared by the customer, the Company vigorously disputes this claim
and has communicated this position to the customer. Although the
Company is unable to predict with certainty the outcome of this claim,
the Company believes that it is probable that it will arrive at a
resolution to this matter which will not materially adversely affect the
Company's financial position.
