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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):
February 12, 1996
XYTRONYX, INC.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-14838 36-3258753
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(Commissioner File Number) (IRS Employer Identification Number)
6555 Nancy Ridge Drive
Suite 200
San Diego, California 92121
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (619) 550-3900
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Item 5. Other Events.
The News Release dated February 12, 1996 regarding third quarter
results of operations, filed as Exhibit 99.46 hereto, is hereby incorporated
into this Report by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits. The following exhibit accompanies this Report:
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Exhibit
Number Exhibit Description
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99.46 News Release dated February 12, 1996 regarding third
quarter results of operations.
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.
XYTRONYX, INC.
By: /s/ DALE SANDER
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Dale Sander
Chief Financial Officer
Date: February 14, 1996
2
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Index to Exhibits
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Exhibit Sequentially
Number Description of Exhibit Numbered Page
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99.46 News Release dated February 12,
1996 regarding third quarter
results of operations.
3
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EXHIBIT 99.46
FOR IMMEDIATE RELEASE
CONTACT: Dale A. Sander, CFO
(619) 546-1114
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XYTRONYX, INC. REPORTS FISCAL 1996 THIRD QUARTER RESULTS
SAN DIEGO, CA, FEBRUARY 12, 1996 -- Xytronyx, Inc. (AMEX: XYX) today announced
results for the fiscal third quarter ended December 31, 1995.
Revenues for the third quarter ended December 31, 1995 were $202,000 compared to
$51,000 for the same period of the prior year. Net loss for the quarter was
$656,000 or $0.10 per share, compared to a loss of $913,000 or $0.17 per share
for the third quarter of the prior year.
Revenues for the nine months ended December 31, 1995 were $343,000, compared to
$1,152,000 for the same period of the prior year. Net results were a loss of
$2,241,000, or $0.40 per share, compared to a loss of $2,503,000, or $0.50 per
share, for the same period of the prior year. Prior year revenues included
proceeds from an agreement with Coors Brewing Company for the use of Xytronyx's
Kephra reversible color change technology in a summer 1994 promotion. No such
revenues were earned in the current nine month period. Xytronyx also noted that
product development expenses for the current nine month period includes $604,000
in costs incurred related to the U.S. clinical trials of the Periodontal Tissue
Monitor Kit.
Xytronyx, Inc. is engaged in the development and commercialization of products
based on biotechnological research primarily in the areas of medicine, dentistry
and veterinary medicine.
(table follows)
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XYTRONYX, INC. AND SUBSIDIARY (A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
<TABLE>
<CAPTION>
Quarter Ended Nine Months Ended
December 31 December 31
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1995 1994 1995 1994
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<S> <C> <C> <C> <C>
REVENUES
Product sales $ 700 $ 9,021 $ 11,730 $ 612,744
License fees and royalties - - - 330,000
Contract research - - 45,000 99,151
Marketing rights 175,000 - 205,000 -
Interest and other 26,055 42,444 80,933 110,542
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Total revenues 201,755 51,465 342,663 1,152,437
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COSTS AND EXPENSES
Cost of product sales 34,094 45,255 94,508 394,449
Product development 458,976 341,289 1,160,699 1,483,821
General and administrative 269,738 344,668 961,749 1,187,224
Business development
and marketing 80,893 219,339 342,198 548,402
Interest and other 13,628 13,888 24,763 41,812
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Total costs and expenses 857,329 964,439 2,583,917 3,655,708
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Net loss ($655,574) ($912,974) ($2,241,254) ($2,503,271)
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Net loss per share
of common stock ($0.10) ($0.17) ($0.40) ($0.50)
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Weighted average
shares outstanding 6,323,681 5,263,029 5,617,865 5,055,211
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<CAPTION>
Balance Sheet Data as of
December 31, 1995 March 31, 1995
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<S> <C> <C>
Cash, cash equivalents and
short-term investments $2,756,508 $1,820,078
Total assets 3,339,632 2,304,937
Long-term liabilities 24,766 24,353
Stockholders' equity 2,566,092 1,883,809
</TABLE>
