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Previous: PROSPECT STREET HIGH INCOME PORTFOLIO INC, NSAR-A, 1996-07-01 |
Next: BURLINGTON RESOURCES INC, 11-K, 1996-07-01 |
<PAGE> 1
UNITED STATES
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): JULY 1, 1996
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SERAGEN, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-19855 04-2662345
-------- ------- ----------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.
incorporation)
97 SOUTH STREET, HOPKINTON, MASSACHUSETTS 01748
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code; (508) 435-2331
Page 1 of 6 pages
Exhibit Index on page 4
<PAGE> 2
ITEM 5. OTHER EVENTS.
- ------- -------------
The Registrant's pro forma balance sheet as of May 31, 1996 and the
statement of operations for the five month period ended May 31, 1996, filed as
Exhibit 99.1 hereto, demonstrate the Registrant's compliance as of May 31, 1996
on a pro forma basis with the net tangible asset requirement for continued
inclusion on the Nasdaq National Market. The information contained in Exhibit
99.1 is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
- ------- ----------------------------------
(c) Exhibit.
99.1 The Registrant's Pro Forma Balance Sheet as of May 31, 1996 and
Statement of Operations for the five month period ending May 31,
1996.
2
<PAGE> 3
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.
Seragen, Inc.
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(Registrant)
Date: July 1, 1996 /s/ Thomas N. Konatich
----------------------
Thomas N. Konatich
Vice President for Finance
3
<PAGE> 4
<TABLE>
EXHIBIT INDEX
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<CAPTION>
Exhibit Sequential
Number Description Page Number
- ------ ----------- -----------
<S> <C> <C>
99.1 The Registrant's Pro Forma Balance 5
Sheet as of May 31, 1996 and
Statement of Operations for the five
month period ending May 31, 1996
</TABLE>
4
<PAGE> 1
Exhibit 99.1
-5-
SERAGEN,INC.
<TABLE>
BALANCE SHEET AND PRO FORMA BALANCE SHEET
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<CAPTION>
Pro Forma
May 31, 1996 Adjustments May 31, 1996
------------ ----------- ------------
<S> <C> <C> <C>
ASSETS
Current assets:
Cash & cash equivalents $ 4,758 $ 2,300 $ 7,058
Restricted cash 435 435
Contract receivable 688 688
Unbilled contract receivable 828 828
Prepaid expenses and other current assets 269 269
--------- -------- ---------
Total current assets 6,978 2,300 9,278
Property and equipment, net 5,100 5,100
Investment in affiliate 1,430 1,430
Prepaid interest 3,095 (3,095) 0
Other assets 517 (424) 93
--------- -------- ---------
$ 17,120 ($ 1,219) $ 15,901
========= ======== =========
LIABILITIES & STOCKHOLDER'S (DEFICIT) EQUITY
Current liabilities:
Accounts payable 895 895
Current maturities of long-term debt 195 195
Accrued commission payable 300 300
Accrued expenses 2,576 2,576
--------- -------- ---------
Total current liabilities 3,966 3,966
Non-current liabilities:
Long-term debt, less current maturities 21,500 (21,500) 0
Long-term obligation, less unamortized discount 3,727 3,727
Affiliate guarantee 2,076 2,076
--------- -------- ---------
Total non-current liabilities 27,303 (21,500) 5,803
Commitments and contingencies
Stockholders' (deficit) equity:
Common & preferred stock $.01 par value 166 166
Additional paid-in capital 145,577 23,800 169,377
Accumulated deficit (159,825) (3,519) (163,344)
--------- -------- ---------
(14,082) 20,281 6,199
Less treasury stock (67) (67)
--------- -------- ---------
Total stockholders' (deficit) equity (14,149) 20,281 6,132
--------- -------- ---------
Total liabilities and stockholders' (deficit) equity $ 17,120 ($ 1,219) $ 15,901
========= ======== =========
<FN>
Note: The Pro Forma Balance Sheet as of May 31, 1996 reflects a transaction completed on
July 1, 1996. In this transaction, the Company borrowed the remaining loan amounts
under its $23.8 million lines of credit, and restructured its arrangement with the
guarantors of this financing to release the Company from its liability to the banks
involved. The lines of credit have been replaced with preferred stock convertible
into common stock. The investors have also received common stock purchase warrants.
The adjustments include a write-off of the costs of the previous bank financing and
amortization of warrants issued in connection with the bank financing.
</TABLE>
<PAGE> 2
-6-
SERAGEN,INC.
<TABLE>
INCOME STATEMENT AND PRO FORMA INCOME STATEMENT
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<CAPTION>
Pro Forma
For the five for the five
months ended months ended
May 31, 1996 Adjustments May 31,1996
------------ ----------- -----------
<S> <C> <C> <C>
Revenue
Contract revenue and license fees $ 7,371 $ 7,371
Operating expenses;
Cost of contract revenue 2,271 2,271
Research and development 5,960 5,960
General and administrative 4,201 424 4,625
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12,432 424 12,856
------- ------- --------
Loss from operations (5,061) (424) (5,485)
Equity in loss of affiliate 1,170 1,170
Interest income 29 29
Interest expense 1,350 3,095 4,445
------- ------- --------
Net loss ($ 7,552) ($3,519) ($11,071)
======= ======= ========
</TABLE>
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