SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the Quarterly Period Ended June 30, 1996
Or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to
Commission file number 2-91941
ML TECHNOLOGY VENTURES, L.P.
===============================================================================
(Exact name of registrant as specified in its charter)
Delaware 13-3213176
===============================================================================
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
World Financial Center, North Tower
New York, New York 10281-1326
===============================================================================
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 449-1000
Not applicable
===============================================================================
Former name, former address and former fiscal year, if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Balance Sheets as of June 30, 1996 (Unaudited) and December 31, 1995
Statements of Operations for the Three and Six Months Ended June 30, 1996 and
1995 (Unaudited)
Statements of Cash Flows for the Six Months Ended June 30, 1996 and 1995
(Unaudited)
Statement of Changes in Partners' Capital for the Six Months Ended June 30, 1996
(Unaudited)
Notes to Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
Item 2. Changes in Securities.
Item 3. Defaults upon Senior Securities.
Item 4. Submission of Matters to a Vote of Security Holders.
Item 5. Other Information.
Item 6. Exhibits and Reports on Form 8-K.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
ML TECHNOLOGY VENTURES, L.P.
BALANCE SHEETS
<TABLE>
June 30, 1996 December 31,
(Unaudited) 1995
ASSETS
Cash and cash equivalents $ 255,673 $ 243,366
<S> <C> <C>
Investments - Notes 2 and 6
U.S. Government securities, at amortized cost 3,495,246 4,594,416
Publicly traded securities (cost $1,125,000 at June 30, 1996
and $1,770,581 at December 31, 1995) 1,265,476 1,409,795
Other equity investments, at cost 73,043 73,043
Subordinated Promissory Note - Note 8 130,000 250,000
Accounts receivable (less unamortized discount of $133,270
at December 31, 1995) - Note 7 - 2,304,772
Other receivables 42,004 99,020
-------------- ---------------
TOTAL ASSETS $ 5,261,442 $ 8,974,412
============== ===============
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable $ 82,381 $ 37,464
Due to Management Company - Note 5 50,000 174,656
Deferred gain on sale of technology - Note 7 - 535,289
-------------- ---------------
Total liabilities 132,381 747,409
-------------- ---------------
Partners' Capital:
General Partner 54,873 94,464
Limited Partners (69,094 Units) 4,933,712 8,493,325
Unallocated net unrealized appreciation (depreciation) of
investments - Note 2 140,476 (360,786)
-------------- ---------------
Total partners' capital 5,129,061 8,227,003
-------------- ---------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 5,261,442 $ 8,974,412
============== ===============
</TABLE>
See notes to financial statements.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
----------- ------------ ------------ --------
INCOME
<S> <C> <C> <C> <C>
Royalty and licensing income $ 37,567 $ 332,000 $ 73,571 $ 698,978
Interest on accounts receivable - 86,782 49,716 172,610
Other interest income 45,182 33,586 67,377 59,262
----------- ------------ ------------ -------------
Total income 82,749 452,368 190,664 930,850
----------- ------------ ------------ -------------
EXPENSES
Management fee - Note 5 50,000 174,656 100,000 349,312
Professional fees 5,654 6,332 114,003 81,195
Mailing and printing 12,714 9,838 27,528 24,270
Miscellaneous - 810 1,050 1,181
----------- ------------ ------------ -------------
Total expenses 68,368 191,636 242,581 455,958
----------- ------------ ------------ -------------
NET OPERATING INCOME (LOSS) 14,381 260,732 (51,917) 474,892
----------- ------------ ------------ -------------
Net realized gain from research and development
ventures - Note 7 - - 618,843 -
Net realized loss from investments - Note 6 - - (323,693) (221,681)
----------- ------------ ------------ -------------
NET REALIZED GAIN (LOSS) - - 295,150 (221,681)
----------- ------------ ------------ -------------
NET INCOME (allocable to Partners) - Note 3 $ 14,381 $ 260,732 $ 243,233 $ 253,211
=========== ============ ============ =============
Net income per unit of limited partnership interest $ .21 $ 3.73 $ 3.48 $ 3.62
===== ======= ======= =======
</TABLE>
See notes to financial statements.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Six Months Ended June 30,
<TABLE>
1996 1995
-------------- ---------
CASH FLOWS PROVIDED FROM (USED FOR) OPERATING
ACTIVITIES
<S> <C> <C>
Interest and other income received $ 194,777 $ 772,515
Other operating expenses paid (321,477) (461,949)
-------------- ---------------
Cash provided from (used for) operating activities (126,700) 310,566
-------------- ---------------
CASH FLOWS PROVIDED FROM (USED FOR) INVESTING
ACTIVITIES
Net return (purchase) of investments in U.S. Treasury Bills 1,090,252 (761,452)
Proceeds from the sale or termination of research and
development ventures 2,350,284 -
Proceeds from the repayment of subordinated note 120,000 -
Proceeds from the sale of investments in equity securities 420,908 372,794
-------------- ---------------
Cash provided from (used for) investing activities 3,981,444 (388,658)
-------------- ---------------
CASH FLOWS USED FOR FINANCING ACTIVITIES
Cash distributions:
General Partner (42,267) -
Limited Partners (3,800,170) -
-------------- ---------------
Cash used for financing activities (3,842,437) -
-------------- ---------------
Increase (decrease) in cash and cash equivalents 12,307 (78,092)
Cash and cash equivalents at beginning of period 243,366 359,001
-------------- ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 255,673 $ 280,909
============== ===============
Reconciliation of net income to cash provided from (used for) operating
activities:
Net income $ 243,233 $ 253,211
-------------- ---------------
Adjustments to reconcile net income to cash provided from
(used for) operating activities:
Net realized (gain) loss (295,150) 221,681
(Increase) decrease in receivables 4,956 (160,168)
Decrease in payables (79,739) (4,158)
-------------- ---------------
Total adjustments (369,933) 57,355
-------------- ---------------
Cash provided from (used for) operating activities $ (126,700) $ 310,566
============== ===============
</TABLE>
See notes to financial statements.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)
For the Six Months Ended June 30, 1996
<TABLE>
Unallocated
Net Unrealized
Appreciation
General Limited (Depreciation)
Partner Partners of Investments Total
<S> <C> <C> <C> <C>
Balance at beginning of period $ 94,464 $ 8,493,325 $ (360,786) $ 8,227,003
Cash distribution paid
January 19, 1996 - Note 9 (42,267) (3,800,170) - (3,842,437)
Allocation of net income - Note 3 2,676 240,557 - 243,233
Change in net unrealized appreciation
(depreciation) of investments - - 501,262 501,262
----------- --------------- -------------- ----------------
Balance at end of period $ 54,873 $ 4,933,712 $ 140,476 $ 5,129,061
=========== =============== ============== ================
</TABLE>
See notes to financial statements.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. Organization and Purpose
ML Technology Ventures, L.P. (the "Partnership") is a Delaware limited
partnership formed in April 1984. ML R&D Co., L.P., the general partner of the
Partnership (the "General Partner"), is also a Delaware limited partnership
formed in April 1984, the general partner of which is Merrill Lynch R&D
Management Inc. (the "Management Company"), an indirect subsidiary of Merrill
Lynch & Co., Inc. DLJ Capital Management Corporation (the "Sub-Manager"), an
indirect subsidiary of Donaldson, Lufkin & Jenrette, Inc., is the sub-manager of
the Partnership, pursuant to a sub-management agreement among the Partnership,
the Management Company, the General Partner and the Sub-Manager.
The objective of the Partnership has been to achieve cash flow from the
commercialization of a broad range of technologies developed and owned by, or on
behalf of, the Partnership. The Partnership has been engaged in research and
development activities for the development of new technology through contracts,
joint ventures and investments in other partnerships. The Partnership, which is
in the process of liquidation, will terminate no later than January 31, 2005.
2. Significant Accounting Policies
Research and Development Costs - In prior periods, the Partnership incurred
costs in connection with its research and development ventures, including patent
application costs, which were expensed in the period incurred. Research and
development expenses were shown net of value received for the granting of
options to purchase technology being developed. Valuation of Investments - In
accordance with Statement of Financial Accounting Standards No. 115, investments
in available-for-sale securities (publicly traded securities) are accounted for
at market value based on the closing public market price on the last day of the
accounting period. Non-publicly traded securities are accounted for at cost. The
cost of an investment is written down to its fair value when the investment is
determined to be other than temporarily impaired. Use of Estimates - The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. Investment Transactions -
Investment transactions are recorded on the accrual method. Realized gains and
losses on investments sold are computed on a specific identification basis.
Income Taxes - No provision for income taxes has been made since all income and
losses are allocable to the Partners for inclusion in their respective tax
returns. Statements of Cash Flows - The Partnership considers cash held in its
interest-bearing cash account to be cash equivalents. Reclassifications -
Certain reclassifications were made to the prior period financial statements in
order to conform to the current period presentation.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
3. Allocation of Partnership Profits and Losses
The Partnership Agreement provides that profits shall be allocated to all
Partners in proportion to their capital contributions until there have been
distributions to the Limited Partners equal to their capital contributions,
after which time 90% will be allocated to the Limited Partners and 10% to the
General Partner until there has been distributed to the Limited Partners an
aggregate amount, since the inception of the Partnership, equal to twice their
capital contributions and thereafter 80% will be allocated to the Limited
Partners and 20% to the General Partner. Losses shall be allocated to all
Partners in proportion to their capital contributions, provided, however, that
to the extent profits have been credited in the 90-10 or 80-20 ratio, losses
shall be charged in such ratios in reverse order in which profits were credited.
4. Commitment
The Partnership has an outstanding commitment of $388,957 payable on demand,
when and if called for by MLMS Cancer Research, Inc. The Partnership has a 36.5%
ownership interest in MLMS Cancer Research which is the general partner of ML/MS
Associates, L.P., formerly a research and development joint venture with IDEC
Pharmaceuticals Corporation. The Partnership also owns a 36.2% limited
partnership interest in ML/MS Associates.
5. Related Party Transactions
The Management Company is responsible for the management and administrative
services necessary for the operation of the Partnership. Effective with the
management fee payment due for the quarter ended March 31, 1996, the General
Partner and the Management Company agreed to reduce the management fee payable
by the Partnership to $200,000 per annum from the previous fee payable of 1% of
the aggregate capital contributions to the Partnership, or $698,624 per annum.
6. Investments in Equity Securities as of June 30, 1996
In accordance with the Statement of Financial Accounting Standards No. 115 ("FAS
115"), "Accounting for Certain Investments in Debt and Equity Securities",
unrealized gain or loss from securities available for sale (publicly traded
securities) is reflected as a separate component of partners' capital.
Additionally, debt and equity securities which do not have readily determinable
market values are not marked to market and the market values of these securities
are not reflected in the balance sheet.
Investment in Publicly Traded Securities at June 30, 1996:
<TABLE>
Common Unrealized Market
Shares Cost Gain Value
<S> <C> <C> <C> <C>
Photon Technology International, Inc. 1,190,476 $ 1,125,000 $ 140,476 $ 1,265,476
============== ============ ===============
</TABLE>
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
During the quarter ended March 31, 1996, the Partnership sold its remaining
common shares of Ecogen Inc. for $322,000, realizing a loss of $324,000.
During March 1995, in a non-cash transaction, the Partnership exchanged its
warrant to purchase 275,000 shares of Interleaf, Inc. common stock at $3.50 per
share for 72,368 shares of Interleaf common stock. Such shares were sold during
March 1995 in the public market for $373,000, resulting in a realized loss of
$222,000.
The Partnership owns a 36.2% limited partnership interest in ML/MS Associates,
L.P. and holds 420,000 common shares representing a 36.5% ownership interest in
MLMS Cancer Research, Inc. ("CRI"), the general partner of ML/MS Associates. CRI
has a 1% ownership interest in ML/MS Associates. On March 16, 1995, the research
and development joint venture between IDEC Pharmaceuticals Corporation and ML/MS
Associates was terminated. In connection with the termination and cancellation
of all future rights to receive royalties from the sale of commercialized
products, ML/MS Associates received 1,000,000 shares of unregistered IDEC common
stock and 69,375 shares of 10% dividend accumulating preferred stock of IDEC.
The preferred stock will convert into common stock on March 15, 1997 at a
conversion rate equal to $120 per share of preferred stock and at a conversion
price which is equal to the greater of $3.75 or the average closing price of
IDEC common stock from February 1, 1997 to March 1, 1997. At March 16, 1995 and
June 28, 1996 (the last trading day of the fiscal quarter), the public market
price of IDEC common stock was $4.50 per share and $23.13 per share,
respectively.
7. Accounts Receivable
In June 1988, the Partnership terminated its research and development joint
venture with United AgriSeeds, Inc. Pursuant to the termination agreement,
accounted for as an installment sale, the Partnership received $10 million over
an eight-year period which began in January 1989. In March 1996, the Partnership
received the final installment payment of $2.4 million from United AgriSeeds
which was due in September 1996. The $2.4 million payment resulted in a
$1,731,441 return of capital, $49,716 of interest income and a $618,843 realized
gain. The early receipt of the final installment payment resulted in the
recognition of a $618,843 realized gain compared to the $535,289 deferred gain
recorded at December 31, 1995.
8. Subordinated Promissory Note
In December 1995, Photon Technology International, Inc. agreed to pay the
Partnership $770,761 to satisfy its $500,000 subordinated note obligation and
related accrued interest. The $770,761 is being paid in 24 monthly installments
of $20,000 plus a final balloon payment of $290,761. The Partnership had
written-off $250,000 of the principal amount of such note in 1994. As a result,
the first $250,000 paid under the new
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
arrangement will be recorded as a return of principal on the note. As of June
30, 1996, the Partnership had received 6 installment payments totaling $120,000
from Photon Technology. In June 1996, the Partnership agreed to allow Photon
Technology to defer its monthly payments from June 1996 through September 1996.
The monthly payments are scheduled to resume in October 1996. Such deferred
payments are due and payable in December 1997 along with the final balloon
payment.
9. Cash Distributions
Cash distributions paid to Partners during the periods presented and cumulative
cash distributions paid from inception of the Partnership through June 30, 1996
are listed below:
<TABLE>
General Limited Per $1,000
Distribution Date Partner Partners Unit
<S> <C> <C> <C> <C> <C>
Inception to December 31, 1995 $ 590,969 $ 53,133,286 $ 769
January 19, 1996 42,267 3,800,170 55
------------- ---------------- ------
Cumulative totals at June 30, 1996 $ 633,236 $ 56,933,456 $ 824
============= ================ ======
</TABLE>
In May 1996, the General Partner approved an additional cash distribution to
Partners totaling $3,493,124; $3,454,700, or $50 per Unit, to the Limited
Partners and $38,424 to the General Partner. This distribution was paid on July
23, 1996 to Limited Partners of record on July 1, 1996.
10. Interim Financial Statements
In the opinion of ML R&D Co., L.P., the managing general partner of the
Partnership, the unaudited financial statements as of June 30, 1996, and for the
three and six month periods then ended, reflect all adjustments necessary for
the fair presentation of the results of the interim period.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Liquidity and Capital Resources
From 1985 to 1991, the Partnership funded $59.6 million of research and
development commitments in 16 individual research and development ventures (the
"R&D Ventures"). This amount represents 95% of the original $62.5 million of net
proceeds to the Partnership. The Partnership has no unfunded research and
development commitments and will not enter into new R&D Ventures in the future.
As of June 30, 1996, the Partnership had $3.5 million invested in Permitted
Temporary Investments ("PTIs"), as such term is defined in the Partnership
Agreement, with maturities of less than one year and $256,000 in an interest
bearing cash account. For the three and six months ended June 30, 1996, the
Partnership earned $44,000 and $57,000 of interest from its PTIs, respectively.
Interest earned from PTIs in future periods is subject to fluctuations in
short-term interest rates and amounts available for investment in PTIs. It is
anticipated that funds needed to cover future operating expenses will be
obtained from the Partnership's existing cash reserves, future royalty and
licensing income, interest income from PTIs and proceeds received by the
Partnership from the sale of its remaining assets.
On July 23, 1996, the Partnership made a cash distribution to Partners totaling
$3,493,124; $3,454,700, or $50 per Unit, to Limited Partners of record on July
1, 1996, and $38,424 to the General Partner.
The Partnership is working toward the liquidation of its remaining assets and
subsequent termination in 1998 or earlier, if possible. The timing of such
liquidation of the Partnership's assets and termination of the Partnership is
contingent upon, among other things, market conditions and contractual and
securities laws restrictions and no assurances can be given that the Partnership
will be able to complete all steps necessary to liquidate its assets and
terminate within such time frame.
As was provided in the Partnership's prospectus delivered to Limited Partners in
connection with their investment, and as disclosed in subsequent filings and
reports, the Partnership is obligated to pay, and has paid accordingly, an
annual management fee equal to 2% of aggregate capital contributions during the
four years subsequent to its closing ($1,397,250 annually) and, thereafter, 1%
of aggregate capital contributions ($698,624 annually). The original objectives
of the Partnership anticipated that the bulk of the Partnership's revenues would
be earned between 1988 and 1996. Therefore, in consideration of the
Partnership's originally contemplated objectives, the reduction of assets under
management and the anticipated termination of the Partnership, the General
Partner and the Management Company, while not required to do so, have reduced
the annual management fee payable by the Partnership from $698,624 to $200,000,
commencing with the management fee payment due for the first quarter of 1996.
Results of Operations
For the three and six months ended June 30, 1996, the Partnership had net income
of $14,000 and $243,000, respectively. For the three and six months ended June
30, 1995, the Partnership had net income of $261,000 and $253,000, respectively.
Net income or loss is comprised of 1) net operating income or loss and 2) net
realized gain or loss.
Net Operating Income or Loss - For the three months ended June 30, 1996 and
1995, the Partnership had net operating income of $14,000 and $261,000,
respectively. The decrease in net operating income for the 1996 period compared
to the 1995 period was the result of a $370,000 decrease in total income
partially offset by a $123,000 decline in operating expenses. The decrease in
total income resulted from a decrease in royalty and licensing income relating
to the expiration of the first R&D Venture with Gen-Probe Incorporated
(Gen-Probe R&D Venture 1). During the June 1995 quarter, the Partnership reached
the maximum cumulative royalties to be paid under the royalty agreement relating
to Gen-Probe R&D Venture 1 and, therefore, will not receive future royalties
from Gen-Probe relating to this venture. Also contributing to the decline in
total income was an $87,000 decline in interest earned on accounts receivable
due to the reduced receivable balance due from United AgriSeeds during the 1996
period compared to the same period in 1995. The Partnership received the final
payment due from United AgriSeeds in March 1996. The decrease in operating
expenses primarily was due to a $125,000 decrease in the management fee for the
1996 period due to the reduction of the management fee from $175,000 per quarter
to $50,000 per quarter effective with the payment due for the first quarter of
1996, as discussed above.
For the six months ended June 30, 1996 and 1995, the Partnership had a net
operating loss of $52,000 and net operating income of $475,000, respectively.
The decrease in net operating income for the 1996 period compared to the 1995
period resulted from a $625,000 decrease in royalty and licensing income due to
the expiration of the royalty agreement relating to Gen-Probe R&D Venture, as
discussed above, and a $123,000 reduction in interest earned from the United
AgriSeeds receivable, also discussed above. Partially offsetting the reduced
income in 1996 was a $213,000 reduction in operating expenses, primarily
reflecting a lower management fee for the 1996 period, as discussed above.
Realized Gains and Losses - The Partnership had no realized gains or losses for
the three months ended June 30, 1996. However, the Partnership had a $295,000
net realized gain for the six months ended June 30, 1996. During March 1996, the
Partnership received the final $2.4 million installment payment from United
AgriSeeds, resulting in the recognition of a $619,000 realized gain.
Additionally, during the three months ended March 31, 1996, the Partnership sold
its remaining common shares of Ecogen for $322,000, realizing a loss of
$324,000.
The Partnership had no realized gains or losses for the three months ended June
30, 1995. However, the Partnership had a $222,000 net realized loss for the six
months ended June 30, 1995. During March 1995, in a non-cash transaction, the
Partnership exchanged its warrant to purchase 275,000 shares of Interleaf, Inc.
common stock at $3.50 per share for 72,368 shares of Interleaf common stock.
Such shares were sold in March 1995 in the public market for $373,000, resulting
in a realized loss of $222,000.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Partnership is not a party to any material pending legal proceedings.
Item 2. Changes in Securities.
Not applicable.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 5. Other Information.
None.
<PAGE>
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
(4) (A) Amended and Restated Certificate and
Agreement of Limited Partnership of the
Partnership dated as of April 23, 1984, as
amended through February 22, 1985, included
as Exhibit A to the Prospectus of the
Partnership dated March 11, 1985.*
(B) (i) Amendment dated August 20, 1985 to the
Amended and Restated Certificate and
Agreement of Limited Partnership of the
Partnership.**
(B) (ii) Amendment dated August 28, 1985 to the
Amended and Restated Certificate and
Agreement of Limited Partnership of the
Partnership.***
<TABLE>
<S> <C> <C> <C>
(10) (a) Management Agreement dated as of May 23, 1991 among the Partnership, Management Company and
the Managing General Partner.****
(10) (b) Sub-Management Agreement dated as of May 23, 1991 among the Partnership, Management Company,
the Managing General Partner and the Sub-Manager.****
(10) (c) Amendment dated March 27, 1996 to the Management Agreement among the Partnership, Management
Company and the Managing General Partner.*****
(10) (d) Amendment dated March 27, 1996 to the Sub-Management Agreement among the Partnership,
Management Company, the Managing General Partner and the Sub-Manager.*****
(27) Financial Data Schedule.
</TABLE>
(b) No reports on Form 8-K have been filed since the beginning of
the period covered by this report.
- ------------------------------
* Incorporated by reference to the Partnership's Annual Report on Form
10-K for the fiscal year ended December 31, 1984 filed with the
Securities and Exchange Commission on August 12, 1985.
** Incorporated by reference to the Partnership's Quarterly Report on Form
10-Q for the quarter ended September 30, 1985 filed with the Securities
and Exchange Commission on November 12, 1985.
*** Incorporated by reference to the Partnership's Quarterly Report on Form
10-Q for the quarter ended March 31, 1986 filed with the Securities and
Exchange Commission on May 14, 1986.
**** Incorporated by reference to the Partnership's Annual Report on Form
10-K for the fiscal year ended December 31, 1991 filed with the
Securities and Exchange Commission on March 30, 1992.
***** Incorporated by reference to the Partnership's Quarterly Report on Form
10-Q for the quarter ended March 31, 1996 filed with the Securities and
Exchange Commission on May 15, 1996.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ML TECHNOLOGY VENTURES, L.P.
By: ML R&D Co., L.P.
its General Partner
By: Merrill Lynch R&D Management Inc.
its General Partner
By: /s/ Kevin K. Albert
Kevin K. Albert
President
(Principal Executive Officer)
By: /s/ Diane T. Herte
Diane T. Herte
Vice President and Treasurer
(Principal Financial and Accounting Officer)
Date: August 13, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ML
TECHNOLOGY VENTURES, L.P.'S QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED
JUNE 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-1-1996
<PERIOD-END> JUN-30-1996
<CASH> 255,673
<SECURITIES> 4,963,765
<RECEIVABLES> 42,004
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 5,261,442
<CURRENT-LIABILITIES> 132,381
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 5,129,061
<TOTAL-LIABILITY-AND-EQUITY> 5,261,442
<SALES> 0
<TOTAL-REVENUES> 190,664
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 242,581
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 243,233
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
