SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Q-MED, INC.
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(Exact name of registrant as specified in its Charter)
Delaware 0-11411 22-2468665
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File No.) Identification No.)
100 Metro Park South, Laurence Harbor, New Jersey 08878
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (908) 566-2666
N/A
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(Former Name or former address,
if changed since last report.)
Dated: November 17, 1995
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Item 5. Other Events
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On November 17, 1995, the Company completed the closing of a private
placement of 678,740 shares of common stock resulting in the receipt of net
proceeds of $2,510,544.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a) Financial Statements
None
(b) Pro Forma Financial Information
Pro Forma Balance Sheet
(c) Exhibit
None
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PRO FORMA BALANCE SHEET
The following pro forma balance sheet of Q-Med, Inc. (the "Registrant") is
being furnished to provide information concerning recent financing activities to
the National Association of Securities Dealers, Inc. in order to demonstrate
compliance with the requirements for continued inclusion in the NASDAQ System
and for the information of shareholders. The pro forma balance sheet gives
effect to the Registrant's sale of 678,740 shares of common stock to private
investors at $3.75 per share (the "Private Placements") which occurred in
October and November, 1995. The pro forma balance sheet gives effect to the
Private Placements as if they occurred on August 31, 1995.
The following pro forma balance sheet should not be indicative of the
future financial position of the Registrant and does not take into consideration
the effect of changes in financial position and results of operations since
August 31, 1995, other than the Private Placement. It should be read in
conjunction with the historical financial statements and notes of the Registrant
contained in prior filings with the Securities and Exchange Commission.
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<TABLE>
Q-MED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AUGUST 31, 1995
(Unaudited)
<CAPTION>
ASSETS
Historical Adjustments Pro Forma
------------ ------------ ------------
<S> <C> <C> <C>
Current assets
Cash and cash equivalents ................................... $ 321,121 $ 2,510,544 $ 2,831,665
Accounts receivable, net of allowances
of approximately $143,000 .................................. 888,739 888,739
Inventory ................................................... 1,562,504 1,562,504
Prepaid expenses and other current assets ................... 165,463 165,463
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Total current assets ..................................... 2,937,827 5,448,371
Product software development costs .......................... 119,818 119,818
Property and equipment, net ................................. 332,644 332,644
Cost of technology .......................................... 466,678 466,678
Other assets ................................................ 153,733 153,733
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$ 4,010,700 $ 6,521,244
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses ....................... $ 1,350,815 $ 1,350,815
Note payable to bank ........................................ 300,000 300,000
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Total current liabilities .................................. 1,650,815 1,650,815
Note payable - long term .................................... 175,000 175,000
Deferred warranty revenue ................................... 48,056 48,056
Leases payable - long term .................................. 60,818 60,818
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Total liabilities ......................................... 1,934,689 1,934,689
Minority interest ........................................... 3,250 3,250
Stockholders' equity
Common stock $.001 par value;
20,000,000 shares authorized;
8,225,070 shares issued and
outstanding ................................................ 8,225 679 8,904
Paid-in capital ............................................. 12,564,262 2,509,865 15,074,127
Accumulated deficit ......................................... (10,424,101) (10,424,101)
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2,148,386 4,658,930
Less: treasury stock at cost 22,000
common shares ............................................. (75,625) (75,625)
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Total stockholders' equity .................................. 2,072,761 4,583,305
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$ 4,010,700 $ 6,521,244
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</TABLE>
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Q-MED, INC.
(Registrant)
Date: November 21, 1995
By: /S/ MICHAEL W. COX
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Michael W. Cox, President
