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, 1999
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
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(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
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 449-1000
Not applicable
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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, 1999 (Unaudited) and December 31, 1998
Statements of Operations for the Three and Nine Months Ended September 30, 1999
and 1998 (Unaudited)
Statements of Cash Flows for the Nine Months Ended September 30, 1999 and 1998
(Unaudited)
Statement of Changes in Partners' Capital for the Nine Months Ended September
30, 1999 (Unaudited)
Notes to Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Item 3. Quantitative and Qualitative Disclosures about Market Risk.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
Item 2. Changes in Securities and Use of Proceeds.
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,
1999 December 31,
(Unaudited) 1998
ASSETS
Cash and cash equivalents $ 101,488 $ 105,543
Investments:
<S> <C> <C>
U.S. Government securities, at amortized cost 499,184 595,856
Publicly traded securities, at market value (cost $1,125,000
as of September 30, 1999 and December 31, 1998) 111,607 458,830
Subordinated promissory note 110,000 110,000
Accounts receivable 29,641 30,017
-------------- ---------------
TOTAL ASSETS $ 851,920 $ 1,300,246
============== ===============
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Cash distribution payable $ 460,627 $ -
Accounts payable and accrued liabilities 20,996 9,361
Due to Management Company 50,000 50,000
-------------- ---------------
Total liabilities 531,623 59,361
-------------- ---------------
Partners' Capital:
General Partner 133,369 190,706
Limited Partners (69,094 Units) 1,200,321 1,716,349
Accumulated unallocated other comprehensive loss
- unrealized depreciation of investments (1,013,393) (666,170)
-------------- ---------------
Total partners' capital 320,297 1,240,885
-------------- ---------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 851,920 $ 1,300,246
============== ===============
</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,
1999 1998 1999 1998
--------------- ------------ -------------- -------------
INCOME
<S> <C> <C> <C> <C>
Royalty and licensing income $ 29,641 $ 32,555 $ 95,393 $ 97,252
Other interest income 5,991 8,361 19,223 25,752
------------- --------------- ------------- ----------------
Total operating income 35,632 40,916 114,616 123,004
------------- --------------- ------------- ----------------
EXPENSES
Management fee 50,000 50,000 150,000 150,000
Professional fees 2,022 1,832 46,465 56,274
Mailing and printing 9,311 12,704 31,455 40,005
Miscellaneous 179 157 1,079 1,057
------------- --------------- ------------- ----------------
Total operating expenses 61,512 64,693 228,999 247,336
------------- --------------- ------------- ----------------
NET OPERATING LOSS (25,880) (23,777) (114,383) (124,332)
------------- --------------- ------------- ----------------
Net realized gain from investments - - 1,645 -
------------- --------------- ------------- ----------------
NET LOSS (25,880) (23,777) (112,738) (124,332)
------------- --------------- ------------- ----------------
OTHER COMPREHENSIVE LOSS
Change in unrealized depreciation of investments (62,004) (446,429) (347,223) (198,413)
------------- --------------- ------------- ----------------
COMPREHENSIVE LOSS $ (87,884) $ (470,206) $ (459,961) $ (322,745)
============= =============== ============= ================
Net loss per unit of limited partnership interest $ (.34) $ (.31) $ (1.47) $ (1.62)
========= ========= ========== ==========
</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>
1999 1998
-------------- ---------------
CASH FLOWS USED FOR OPERATING ACTIVITIES
<S> <C> <C>
Interest and other income received $ 118,336 $ 131,566
Other operating expenses paid (217,364) (245,467)
-------------- ---------------
Cash used for operating activities (99,028) (113,901)
-------------- ---------------
CASH FLOWS PROVIDED FROM (USED FOR) INVESTING
ACTIVITIES
Net return (purchase of) U.S. Government Securities 94,973 (98,413)
-------------- ---------------
Cash provided from (used for) investing activities 94,973 (98,413)
-------------- ---------------
Decrease in cash and cash equivalents (4,055) (212,314)
Cash and cash equivalents at beginning of period 105,543 343,250
-------------- ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 101,488 $ 130,936
============== ===============
Reconciliation of net operating loss to cash used for operating activities:
Net operating loss $ (114,383) $ (124,332)
-------------- ---------------
Adjustments to reconcile net loss to cash used for operating activities:
Net realized gain 1,645 -
Decrease in receivables and other assets 376 6,528
Increase in accounts payable and accrued liabilities 11,635 1,869
Decrease in accrued interest on U.S. Government Securities 1,699 2,034
-------------- ---------------
Total adjustments 15,355 10,431
-------------- ---------------
Cash used for operating activities $ (99,028) $ (113,901)
============== ===============
</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, 1999
<TABLE>
Accumulated
Unallocated
Other
General Limited Comprehensive
Partner Partners Loss Total
<S> <C> <C> <C> <C>
Balance at beginning of period $ 190,706 $ 1,716,349 $ (666,170) $ 1,240,885
Cash distribution accrued
- paid October 21, 1999 (46,063) (414,564) - (460,627)
Allocation of net loss (11,274) (101,464) - (112,738)
Change in other comprehensive loss -
unrealized depreciation of investments - - (347,223) (347,223)
------------ -------------- ---------------- --------------
Balance at end of period $ 133,369 $ 1,200,321 $ (1,013,393) $ 320,297
============ ============== ================ ==============
</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 ventures for the development of new technology through contracts,
joint ventures and participation in other partnerships.
Although the Partnership Agreement provides that the Partnership will terminate
no later than January 31, 2005, the General Partner is working toward the
termination of the Partnership as soon as practical, consistent with the goal of
maximizing returns.
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 ("SFAS") 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. The
related unrealized appreciation or depreciation of such securities is included
in other comprehensive income (loss) and reflected as a separate component of
partners' capital. 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.
Comprehensive Income (Loss) - In accordance with SFAS No. 130, "Reporting
Comprehensive Income", the statements of operations include an amount for other
comprehensive income (loss). Other comprehensive income (loss) consists of
revenues, expenses, gains and losses that have affected partners' capital but
which are excluded from net income (loss). Other comprehensive income (loss) in
the accompanying statements of operations resulted from a net unrealized gain
(loss) on investments. Accumulated other comprehensive income (loss) in the
accompanying balance sheets reflects the cumulative net unrealized appreciation
(depreciation) of investments in equity securities.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (Unaudited), continued
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 as of 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.
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 (90/10 ratio) 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 (80/20 ratio). 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. Related Party Transactions
The Management Company performs, or arranges for others to perform, the
management and administrative services necessary for the operation of the
Partnership. The Management Company received a management fee at an annual rate
of 2% of the aggregate capital contributions to the Partnership for its first
four years of operations and 1% of the aggregate capital contributions
thereafter, through December 31, 1995. Commencing with the management fee 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. The management fee is payable quarterly in arrears.
5. Investments in Equity Securities
As of September 30, 1999, the Partnership held 396,825 common shares of Photon
Technology International, Inc., a public company, with a cost of $1,125,000.
Such securities had a market value of $111,607 as of September 30, 1999.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (Unaudited), continued
6. Interim Financial Statements
In the opinion of ML R&D Co., L.P., the General Partner of the Partnership, the
unaudited financial statements as of September 30, 1999, and for the three and
nine month periods then ended, reflect all adjustments necessary for the fair
presentation of the results of the interim period.
7. Subsequent Event - Cash Distribution
On October 21, 1999, the Partnership made a cash distribution to partners
totaling $460,627. Limited partners of record on October 1, 1999 received
$414,564, or $6.00 per $1,000 Unit, and the General Partner received $46,063.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Liquidity and Capital Resources
As of September 30, 1999, the Partnership had $499,184 invested in U.S.
Government securities with maturities of less than one year, and $101,488 in an
interest bearing cash account. Interest earned from the Partnership's U.S.
Government securities and interest bearing cash account totaled $5,991 and
$19,223 for the three and nine months ended September 30, 1999, respectively.
Interest earned in future periods is subject to fluctuations in short-term
interest rates and amounts available for investment.
It is anticipated that funds needed to cover future operating expenses will be
obtained from the Partnership's existing cash reserves, future royalty and
interest income, and proceeds from the sale of the Partnership's remaining
assets.
On October 21, 1999, the Partnership made a cash distribution to partners
totaling $460,627. Limited partners of record on October 1, 1999 received
$414,564, or $6.00 per $1,000 Unit, and the General Partner received $46,063.
Although the Partnership Agreement provides that the Partnership will terminate
no later than January 31, 2005, the General Partner is working toward the
termination of the Partnership as soon as practical, consistent with the goal of
maximizing returns to partners. In addition to the cash and cash equivalents and
U.S. Government Securities held as of September 30, 1999, the Partnership also
holds 396,825 common shares of Photon Technology International Inc. and a
promissory note due from Photon Technology with a face value of $110,000. The
Partnership is also party to active royalty agreements in connection with its
individual research and development ventures (the "R&D Ventures") with Gen
Probe, Inc. and Bolt Beranek and Newman, Inc. The timing of the liquidation of
these remaining assets is contingent upon, among other things, market conditions
and securities laws restrictions.
Photon Technology is actively pursuing financing for its international
operations. If this endeavor is successful, it would allow for a potential exit
for the Partnership from its equity and debt positions in Photon Technology.
However, there can be no assurance that Photon Technology will be successful in
securing such financing, nor can there be any assurance as to the success or
timing of the Partnership's liquidation of its position in the company.
As provided in the Partnership's prospectus delivered to Limited Partners in
connection with their initial investment in the Partnership, and as disclosed in
subsequent Partnership 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). 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, 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. As a result, the
Partnership incurred a management fee of $150,000 for the nine months ended
September 30, 1999 and 1998.
<PAGE>
Results of Operations
For the three and nine months ended September 30, 1999, the Partnership had a
net loss of $25,880 and $112,738, respectively, as compared to a net loss of
$23,777 and $124,332 for the three and nine months ended September 30, 1998,
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, 1999 and
1998, the Partnership had a net operating loss of $25,880 and $23,777,
respectively. The $2,103 unfavorable change in net operating loss for the 1999
period compared to the 1998 period was the result of a $5,284 decrease in total
income partially offset by a $3,181 decrease in operating expenses. The
reduction in total income for the 1999 period consisted of a slight decline in
royalty and licensing income and other interest income. Additionally, the slight
decline in operating expenses for the 1999 period compared to the 1998 period
primarily was attributable to a decrease in mailing and printing expenses during
the 1999 period.
For the nine months ended September 30, 1999 and 1998, the Partnership had a net
operating loss of $114,383 and $124,332, respectively. The $9,949 favorable
change in net operating loss for the 1999 period compared to the 1998 period
primarily resulted from an $18,337 decrease in operating expenses offset by
$8,388 decrease in total income. The decline in operating expenses primarily was
attributable to a $9,809 decrease in professional fees, reflecting the reduced
accounting and legal costs resulting from the Partnership's declining operating
activity as it proceeds with its liquidation. Additionally, an $8,550 decrease
in mailing and printing expenses resulted from reduced mailings to partners and
a general decrease in mailing and printing charges during the 1999 period. The
decline in total income for the 1999 period as compared to the 1998 period
primarily was attributable to a $6,529 decrease in other interest income,
primarily resulting from a reduced amount of funds invested in U.S. Government
securities during the 1999 period.
Realized Gains and Losses - The Partnership realizes gains and losses from the
sale of its joint venture interests or proprietary technology in R&D Ventures
and from the sale of its equity securities.
The Partnership had no realized gains or losses for the three months ended
September 30, 1999. For the nine months ended September 30, 1999, the
Partnership had a net realized gain of $1,645 resulting from the receipt of a
final liquidating distribution from MLMS Cancer Research Inc.
The Partnership had no realized gains or losses for the three or nine months
ended September 30, 1998.
Other Comprehensive Income (Loss) - The Partnership's other comprehensive income
(loss) consists of changes to unrealized appreciation (depreciation) of its
investments in equity securities. For the three and nine months ended September
30, 1999, the Partnership's other comprehensive loss was $62,004 and $446,429,
respectively. For the three and nine months ended September 30, 1998, the
Partnership's other comprehensive loss was $347,223 and $198,413, respectively.
Such amounts represent the change in unrealized depreciation of the
Partnership's investment in Photon Technology International, Inc. for the
respective periods.
Year 2000 Issue - The Year 2000 ("Y2K") concern arose because many existing
computer programs use only the last two digits to refer to a year. Therefore,
these computer programs may not properly recognize a year that begins with "20"
instead of "19". If not corrected, many computer applications could fail or
create erroneous results. The impact of the Y2K concern on the Partnership's
operations is currently being assessed.
The Management Company is responsible to provide or arrange for the provision of
administrative services necessary to support the Partnership's operations. The
Management Company has arranged for Palmeri Fund Administrators, Inc. (the
"Administrator") to provide certain administrative and accounting services for
the Partnership, including maintenance of the books and records of the
Partnership, maintenance of the limited partner database, issuance of financial
reports and tax information to limited partners and processing distribution
payments to limited partners. Fees charged by the Administrator are paid
directly by the Management Company.
The Administrator has assessed its computer hardware and software systems,
specifically as they relate to the operations of the Partnership. As part of
this investigation of potential Y2K concerns, the Administrator contracted with
an outside computer service provider to examine all of the Administrator's
computer hardware and software applications. This review and evaluation has been
completed and certain Y2K concerns were identified. The Administrator has
completed the purchase and installation of the necessary software upgrades and
patches and new computer hardware required for its computer systems to be Y2K
compliant. The Administrator expects to complete the testing of its systems
in November 1999.
Additionally, the Administrator has contacted the outside service providers used
to assist the Administrator or the Management Company with the administration of
the Partnership's operations to ascertain whether these entities are addressing
the Y2K issue within their own operations. We have not been informed of any Y2K
problems from these outside providers. There can be no assurances that the
Administrator's systems or that systems of other companies providing services to
the Partnership will be corrected in a timely manner.
Since the Partnership does not own any equipment and all of its administrative
needs are provided by the Management Company, any costs relating to the
investigation and correction of potential Y2K problems affecting the
Partnership's operations will be incurred by the Administrator, the Management
Company or the outside service providers. Therefore, the Management Company and
the General Partner do not expect the Partnership to incur any costs relating to
the investigation or correction of Y2K concerns.
Finally the Y2K issue is a global concern that may affect all business entities,
including the Partnership's investment in Photon Technology International, Inc.
The General Partner is continuing to assess the impact of Y2K concerns affecting
this investment. However, the extent to which any potential Y2K problems could
affect the market value of this company is unknown.
<PAGE>
Item 3. Quantitative and Qualitative Disclosures about Market Risk.
The Partnership is subject to market risk arising from changes in the value of
its equity investments, interest-bearing cash equivalents and investments in
U.S. Government securities, which may result from fluctuations in interest rates
and equity prices. The Partnership has calculated its market risk related to its
holdings of these investments based on changes in interest rates and equity
prices utilizing a sensitivity analysis. The sensitivity analysis estimates the
hypothetical change in fair values, cash flows and earnings based on an assumed
10% change (increase or decrease) in interest rates and equity prices. To
perform the sensitivity analysis, the assumed 10% change is applied to market
rates and prices on investments held by the Partnership as of the end of the
accounting period.
The Partnership's 396,825 common shares of Photon Technology International, Inc.
was the only equity investment held as of September 30, 1999. The per share
market price of this security was $.28125 as of September 30, 1999 and the fair
value of the Partnership's holdings was $111,607. An assumed 10% decline from
the September 30, 1999 market price of this security would result in a reduction
to the fair value of the Partnership's holdings in Photon Technology and a
corresponding unrealized loss of $11,161.
Market risk associated with the Partnership's interest-bearing cash equivalents
and investments in U.S. Government securities is considered to be immaterial.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Partnership is not a party to any legal proceedings.
Item 2. Changes in Securities and Use of Proceeds.
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.(a)
(B) (i) Amendment dated August 20, 1985 to the
Amended and Restated Certificate and
Agreement of Limited Partnership of the
Partnership.(b)
(B) (ii) Amendment dated August 28, 1985 to the
Amended and Restated Certificate and
Agreement of Limited Partnership of the
Partnership.(c)
(10) (a) Management Agreement dated as of May 23,
1991 among the Partnership, Management
Company and the Managing General Partner.(d)
(10) (b) Sub-Management Agreement dated as of May
23, 1991 among the Partnership, Management
Company, the Managing General Partner and
the Sub-Manager.(d)
(10) (c) Amendment dated March 27, 1996 to the
Management Agreement among the Partnership,
Management Company and the Managing General
Partner.(e)
(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.(e)
(27) Financial Data Schedule.
(b) The Registrant filed with the Commission a current
report on Form 8-K dated September 22, 1999. This
current report contained details with respect to the
Partnership's cash distribution paid to Partners on October
21, 1999.
- ------------------------------
(a) 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.
(b) 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.
(c) 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.
(d) 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.
(e) 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 14, 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/ David G. Cohen
David G. Cohen
Vice President
By: /s/ James V. Bruno
James V. Bruno
Vice President and Treasurer
(Principal Financial and Accounting Officer)
Date: November 15, 1999
<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, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> SEP-30-1999
<CASH> 101,488
<SECURITIES> 720,791
<RECEIVABLES> 29,641
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 851,920
<CURRENT-LIABILITIES> 531,623
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 320,297
<TOTAL-LIABILITY-AND-EQUITY> 851,920
<SALES> 0
<TOTAL-REVENUES> 116,261
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 228,999
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (112,738)
<EPS-BASIC> (1.47)
<EPS-DILUTED> (1.47)
</TABLE>
