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 September 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 September 30, 1996 (Unaudited) and December 31, 1995
Statements of Operations for the Three and Nine Months Ended September 30, 1996
and 1995 (Unaudited)
Statements of Cash Flows for the Nine Months Ended September 30, 1996 and 1995
(Unaudited)
Statement of Changes in Partners' Capital for the Nine Months Ended
September 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>
September 30, 1996 December 31,
(Unaudited) 1995
ASSETS
<S> <C> <C>
Cash and cash equivalents $ 239,980 $ 243,366
Investments - Notes 2 and 6
U.S. Government securities, at amortized cost - 4,594,416
Publicly traded securities (cost $1,125,000 at September 30, 1996
and $1,770,581 at December 31, 1995) 1,140,873 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 $0 at
September 30, 1996 and $133,270 at December 31, 1995) - Note 7 30,125 2,304,772
Receivable from securities sold - 99,020
-------------- ---------------
TOTAL ASSETS $ 1,614,021 $ 8,974,412
============== ===============
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable $ 81,519 $ 37,464
Due to Management Company - Note 5 50,000 174,656
Deferred gain on sale of technology - Note 7 - 535,289
-------------- ---------------
Total liabilities 131,519 747,409
-------------- ---------------
Partners' Capital:
General Partner 16,131 94,464
Limited Partners (69,094 Units) 1,450,498 8,493,325
Unallocated net unrealized appreciation (depreciation) of
investments - Note 2 15,873 (360,786)
-------------- ---------------
Total partners' capital 1,482,502 8,227,003
-------------- ---------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 1,614,021 $ 8,974,412
============== ===============
</TABLE>
See notes to financial statements.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
------------ ------------ ------------ ---------
INCOME
<S> <C> <C> <C> <C>
Royalty and licensing income $ 30,742 $ 31,043 $ 104,313 $ 730,021
Interest on accounts receivable - 87,736 49,716 260,346
Other interest income 10,407 35,222 77,784 94,484
------------ ------------ ------------ ---------------
Total income 41,149 154,001 231,813 1,084,851
------------ ------------ ------------ ---------------
EXPENSES
Management fee - Note 5 50,000 174,656 150,000 523,968
Professional fees 11,691 5,500 125,694 86,695
Mailing and printing 8,060 6,537 35,588 30,807
Miscellaneous 230 - 1,280 1,181
------------ ------------ ------------ ---------------
Total expenses 69,981 186,693 312,562 642,651
------------ ------------ ------------ ---------------
NET OPERATING INCOME (LOSS) (28,832) (32,692) (80,749) 442,200
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 (LOSS) (allocable to Partners)
- Note 3 $ (28,832) $ (32,692) $ 214,401 $ 220,519
============ ============ ============ ===============
Net income (loss) per unit of limited partnership
interest $ (.41) $ (.47) $ 3.07 $ 3.16
======== ======= ======== ========
</TABLE>
See notes to financial statements.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Nine Months Ended September 30,
<TABLE>
1996 1995
-------------- ---------
CASH FLOWS PROVIDED FROM (USED FOR) OPERATING
ACTIVITIES
<S> <C> <C>
Interest and other income received $ 250,940 $ 1,137,369
Other operating expenses paid (387,475) (647,742)
--------------- ---------------
Cash provided from (used for) operating activities (136,535) 489,627
--------------- ---------------
CASH FLOWS PROVIDED FROM (USED FOR) INVESTING
ACTIVITIES
Net return (purchase) of investments in U.S. Government securities 4,577,518 (761,627)
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 stocks and warrants 420,908 372,794
-------------- ---------------
Cash provided from (used for) investing activities 7,468,710 (388,833)
-------------- ---------------
CASH FLOWS USED FOR FINANCING ACTIVITIES
Cash distributions:
General Partner (80,691) -
Limited Partners (7,254,870) -
-------------- ---------------
Cash used for financing activities (7,335,561) -
-------------- ---------------
Increase (decrease) in cash and cash equivalents (3,386) 100,794
Cash and cash equivalents at beginning of period 243,366 359,001
-------------- ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 239,980 $ 459,795
============== ===============
Reconciliation of net income to cash provided from (used for) operating
activities:
Net income $ 214,401 $ 220,519
-------------- ---------------
Adjustments to reconcile net income to cash provided from (used for)
operating activities:
Net realized (gain) loss (295,150) 221,681
Decrease in receivables 24,815 50,685
Decrease in payables (80,601) (3,258)
-------------- ---------------
Total adjustments (350,936) 269,108
-------------- ---------------
Cash provided from (used for) operating activities $ (136,535) $ 489,627
============== ===============
</TABLE>
See notes to financial statements.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)
For the Nine Months Ended September 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)
Cash distribution paid
July 23, 1996 - Note 9 (38,424) (3,454,700) - (3,493,124)
Allocation of net income - Note 3 2,358 212,043 - 214,401
Change in net unrealized appreciation
(depreciation) of investments - - 376,659 376,659
----------- --------------- -------------- ----------------
Balance at end of period $ 16,131 $ 1,450,498 $ 15,873 $ 1,482,502
=========== =============== ============== ================
</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
working toward the liquidation of its remaining assets, 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.
<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 September 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 that 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. At September 30, 1996, the Partnership
held 396,825 common shares of Photon Technology International Inc., a publicly
traded security. (Such shares are adjusted for a three for one reverse stock
split effective in August 1996). At September 30, 1996, such investment had a
cost of $1,125,000 and a market value of $1,140,873.
<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 a
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
September 30, 1996, the closing public market price of IDEC common stock was
$4.50 per share and $24.00 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. In June 1996,
the Partnership agreed to allow Photon Technology to defer its monthly payments
from June 1996 through September 1996. As of September 30, 1996, the Partnership
had received 6 installment payments totaling $120,000 from Photon Technology.
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 September 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
July 23, 1996 38,424 3,454,700 50
------------- ---------------- ------
Cumulative totals at September 30, 1996 $ 671,660 $ 60,388,156 $ 874
============= ================ ======
</TABLE>
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 September 30, 1996, and
for the three and nine month periods then ended, reflect all adjustments
necessary for the fair presentation of the results of the interim periods.
<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 remaining research and
development commitments and will not enter into new R&D Ventures in the future.
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.
As of September 30, 1996, the Partnership had $240,000 in an interest bearing
cash account. There were no investments in Permitted Temporary Investments
("PTI's"), as such term is defined in the Partnership Agreement, as of September
30, 1996. For the three and nine months ended September 30, 1996, the
Partnership earned interest from its cash balances and its PTI's, totaling
$10,000 and $78,000, respectively. Interest earned in future periods is subject
to fluctuations in short-term interest rates and changes in the Partnership's
cash balances and its investments in PTI's.
It is anticipated that funds needed to cover future operating expenses will
primarily be obtained from the Partnership's existing cash reserves, future
royalty and licensing income, and proceeds received by the Partnership from the
sale of its remaining assets.
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 remaining assets and the 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 nine months ended September 30, 1996, the Partnership had a
net loss of $29,000 and net income of $214,000, respectively. For the three and
nine months ended September 30, 1995, the Partnership had a net loss of $33,000
and net income of $221,000, 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 September 30, 1996 and
1995, the Partnership had a net operating loss of $29,000 and $33,000,
respectively. The decrease in net operating loss for the 1996 period compared to
the 1995 period was the result of a $117,000 decrease in operating expenses
partially offset by a $113,000 decline in total income. The decrease in total
income primarily resulted from an $88,000 decline in interest earned on accounts
receivable, reflecting the reduced receivable balance due from United AgriSeeds,
Inc. during the 1996 period compared to the same period in 1995. The Partnership
received the final payment from United AgriSeeds in March 1996. Additionally, a
$25,000 decrease in other interest income contributed to the decline in total
income during the 1996 period. The decline in other interest income for the 1996
period compared to the 1995 period was due to a reduced amount of funds
available for investment in PTI's during the 1996 period. Investments in PTI's
declined during the 1996 period due to distributions paid to Partners in January
1996 and July 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 to $50,000 per quarter effective with the payment due for
the first quarter of 1996, as discussed above.
For the nine months ended September 30, 1996 and 1995, the Partnership had a net
operating loss of $81,000 and net operating income of $442,000, respectively.
The decrease in net operating income for the 1996 period compared to the 1995
period resulted from a $626,000 decrease in royalty and licensing income
primarily due to the expiration of the first R&D Venture with Gen-Probe
Incorporated (Gen-Probe R&D Venture 1), during the June 1995 quarter.
Additionally, a $210,000 decline in interest earned from the United AgriSeeds
receivable balance, as discussed above, contributed to the decline in total
income. Partially offsetting the reduction in total income during the 1996
period was a $330,000 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 September 30, 1996, however, the Partnership had a
$295,000 net realized gain for the nine months ended September 30, 1996. During
March 1996, the Partnership received the final $2.4 million installment payment
due 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, Inc. in the public
market for $322,000, realizing a loss of $324,000.
The Partnership had no realized gains or losses for the three months ended
September 30, 1995, however, the Partnership had a $222,000 net realized loss
for the nine months ended September 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: November 12, 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
SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-1-1996
<PERIOD-END> SEP-30-1996
<CASH> 239,980
<SECURITIES> 1,343,916
<RECEIVABLES> 30,125
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,614,021
<CURRENT-LIABILITIES> 131,519
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,482,502
<TOTAL-LIABILITY-AND-EQUITY> 1,614,021
<SALES> 0
<TOTAL-REVENUES> 231,813
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 312,562
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 214,401
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
