<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the Quarterly period ended June 30, 2000
OR
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Commission File Number 001-13835
OPHIDIAN PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its Charter)
DELAWARE 39-1661164
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
5445 East Cheryl Parkway, Madison, WI 53711
----------------------------------------------------
(Address of Principal Executive Offices and Zip Code)
(608) 271-0878
----------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
Indicate by check mark whether the registrant: (1) 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
--------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
OUTSTANDING
CLASS AUGUST 2, 2000
----- --------------
Common Stock, $0.0025 par 1,158,017
value
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OPHIDIAN PHARMACEUTICALS, INC.
QUARTERLY REPORT ON FORM 10-Q
QUARTER ENDED JUNE 30, 2000
TABLE OF CONTENTS
PAGE NO.
PART I FINANCIAL INFORMATION --------
Item 1 Financial Statements
Condensed Balance Sheets - June 30, 2000 and
September 30, 1999. 3
Condensed Statements of Operations -
Three-months ended June 30, 2000 and 1999,
Nine months ended June 30, 2000 and 1999 and
the Period from inception (November 11, 1989)
to June 30, 2000. 4
Condensed Statements of Cash Flows -
Nine months ended June 30, 2000 and 1999 and
the Period from inception (November 11, 1989)
to June 30, 2000. 5
Notes to Condensed Financial Statements. 6
Item 2 Management's Discussion and Analysis of Financial Condition
and Results of Operations 7
PART II OTHER INFORMATION 9
EXHIBITS 11
SIGNATURES 12
2
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OPHIDIAN PHARMACEUTICALS, INC.
(A DEVELOPMENT STAGE CORPORATION)
BALANCE SHEETS
<TABLE>
<CAPTION>
SEPTEMBER 30, JUNE 30,
1999 2000
---- ----
ASSETS (Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents.................................... $3,416,490 $ 990,179
Accounts receivable.......................................... 4,112 5,666
Prepaid expenses and other................................... 68,803 2,628
----------- -----------
Total current assets....................................... 3,489,405 998,473
Other assets................................................... 624,543 -
Equipment and leasehold improvements
Furniture and fixtures....................................... 115,225 122,221
Manufacturing equipment...................................... 1,086,070 2,362,861
Laboratory equipment......................................... 663,047 677,696
Office equipment............................................. 50,071 59,219
Leasehold improvements....................................... 65,095 91,917
Construction in progress..................................... 70,607 2,056,376
----------- ---------
2,050,115 5,370,290
Accumulated depreciation..................................... (860,732) (1,115,929)
----------- ------------
Net equipment and leasehold improvements....................... 1,189,383 4,254,361
Patent costs, net of accumulated amortization of
$67,977 and $87,121, September 30, 1999, and
June 30, 2000, respectively.................................. 1,518,795 1,535,983
----------- -----------
Total assets............................................... $6,822,126 $6,788,817
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable............................................. $ 175,871 $ 306,554
Accrued expenses and other liabilities....................... 93,063 197,847
Current portion of capital lease obligations................. 2,561 2,431
----------- -----------
Total current liabilities.................................. 271,495 506,832
Capital lease obligations, less current portion................ 9,687 8,069
Senior notes - 1,628,494
Deferred revenue - noncurrent.................................. 354,310 354,310
Commitments and contingencies
Shareholders' equity:
Common stock, $.0025 par value, 2,800,000 shares
authorized, 1,155,047 and 1,158,017 issued and
outstanding at September 30, 1999, and June 30, 2000, 2,888 2,895
respectively
Additional paid-in capital................................... 22,496,324 22,507,322
Deficit accumulated during the development stage............. (16,312,578) (18,219,105)
----------- --------------
Total shareholders' equity..................................... 6,186,634 4,291,112
----------- ---------
Total liabilities and shareholders' equity..................... $6,822,126 $ 6,788,817
=========== ===========
</TABLE>
See accompanying notes to condensed financial statements.
3
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OPHIDIAN PHARMACEUTICALS, INC.
(A DEVELOPMENT STAGE CORPORATION)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED, NINE MONTHS ENDED,
JUNE 30, JUNE 30, NOTE A
1999 2000 1999 2000
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Revenues:
Sale of patents............. $ - $ - $ - $ 1,300,000 $ 1,300,000
Other....................... 8,760 14,224 15,365 14,224 4,636,896
----------- --------- ----------- ----------- -----------
Total..................... 8,760 14,224 15,365 1,314,224 5,936,896
Operating expenses:
Cost of patents sold........ - - - 83,481 83,481
Research & development...... 985,858 192,541 2,667,469 1,875,074 15,816,721
General & administrative.... 483,511 635,509 1,349,860 1,352,147 9,719,842
------- ------- --------- --------- ---------
Total operating expenses.. 1,469,369 828,050 4,017,329 3,310,702 25,620,044
----------- --------- ----------- ----------- -----------
Operating loss................. (1,460,609) (813,826) (4,001,964) (1,996,478) (19,683,148)
Non-operating income, net...... 48,249 42,425 193,069 89,951 1,464,043
----------- --------- ----------- ----------- -----------
Net loss....................... $(1,412,360) $(771,401) $(3,808,895) $(1,906,527) $(18,219,105)
============ ========= ============ ============ ============
Net loss per share............. $ (1.23) $ (0.67) $ (3.30) $ (1.65)
</TABLE>
Note A: Period from inception (November 11, 1989) to June 30, 2000.
Share numbers are adjusted for 1999 to reflect a 1 for 8 reverse stock split
which occurred on September 20, 1999. See accompanying notes to condensed
financial statements.
4
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OPHIDIAN PHARMACEUTICALS, INC.
(A DEVELOPMENT STAGE CORPORATION)
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
NINE MONTHS ENDED JUNE 30, NOTE A
OPERATING ACTIVITIES 1999 2000 ------
---- ----
<S> <C> <C> <C>
Net loss........................................ $ (3,808,895) $ (1,906,527) $ (18,219,105)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization................. 249,092 386,316 1,366,280
Loss on sale of investments................... - - 87,394
Common stock issued for consult services...... - 11,005 113,481
Provision for compensation - consulting
stock options............................ - - 85,000
Assignment of intellectual property
used in research and development......... - - 200,000
Changes in operating assets and liabilities:..
Accounts receivable........................... 76,454 (1,554) (5,666)
Prepaid expenses and other assets............. 42,302 66,175 (214,908)
Accounts payable.............................. 34,235 130,683 306,554
Accrued expenses and other liabilities........ (27,121) 104,784 197,847
Deferred revenue.............................. 7,423 - 354,310
----------- ----------- -----------
Net cash used in operating activities........... (3,426,510) (1,209,118) (15,728,813)
INVESTING ACTIVITIES
Purchase of available-for-sale securities.... - - (4,517,181)
Proceeds from available-for-sale securities - - 4,416,283
Purchase of equipment and leasehold...........
improvements, net........................ (321,493) (3,095,632) (4,384,289)
Expenditures for patents and other assets..... (85,286) (119,813) (1,717,707)
------------ ------------ -----------
Net cash used in investing activities........... (406,779) (3,215,445) (6,202,894)
FINANCING ACTIVITIES
Proceeds from issuance of debt................ - 2,000,000 2,000,000
Proceeds from issuance of stock............... - - 21,711,736
Principal pymts. of capital lease
obligations............................... (5,100) (1,748) (86,192)
Advances from shareholder..................... - - 330,000
Payments to shareholder....................... - - (330,000)
Other......................................... - - (703,658)
----------- ------------ -----------
Net cash provided by (used in)
financing activities...................... (5,100) 1,998,252 22,921,886
----------- ------------ -----------
Net increase (decrease) in
cash and cash equivalents................. (3,838,389) (2,426,311) 990,179
Cash and cash equivalents
at beginning of period.................... 8,688,162 3,416,490 -
----------- ----------- -----------
Cash and cash equivalents
at end of period.......................... $ 4,849,773 $ 990,179 $ 990,179
============ ========== ===========
Supplemental disclosure of cash flows info.
Cash paid for interest..................... $ 1,852 $ 19,336
Supplemental disclosure of non-cash transact.
Interest capitalized in equipment and
leasehold improvements $ - $ 142,603
</TABLE>
Note A: Period from inception (November 11, 1989) to June 30, 2000. See
accompanying notes to condensed financial statements.
5
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OPHIDIAN PHARMACEUTICALS, INC.
(A DEVELOPMENT STAGE CORPORATION)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial information and
in accordance with the instructions to Form 10-Q and Article 10 of Regulation
S-X. Accordingly, they do not include all of the information and notes required
by generally accepted accounting principles for complete financial statements
and should be read in conjunction with the Ophidian Pharmaceuticals, Inc.'s
("Company's") annual report filed on Form 10-K, containing audited financial
statements for the fiscal year ended September 30, 1999. In the opinion of
management, all adjustments (consisting only of adjustments of a normal and
recurring nature) considered necessary for a fair presentation of the results of
operations have been included. Operating results for any interim periods are not
necessarily indicative of the results that might be expected for the full year.
NOTE 2. SALE OF INTELLECTUAL PROPERTY
On March 28, 2000 the Company disclosed the sale of five patents and patent
applications for $1.3 million. The patents sold are unrelated to the Company's
core research and development programs.
NOTE 3. SIGNIFICANT EVENTS IN THE QUARTER
On May 19, 2000 the Company announced that its board of directors was evaluating
options and taking actions to conserve the Company's cash resources. The board
was concerned that new development capital could not be raised in sufficient
time to support operations. The Company also announced that it was considering
options to reduce expenses by curtailing or discontinuing various activities,
including product development, clinical trials and prototype manufacturing.
On May 26, 2000 the Company announced that its board of directors had directed
management to suspend laboratory, product development and related operations of
the Company. This action was taken to allow the Company to focus its resources
on the marketing and business development of its intellectual property and
manufacturing assets and was prompted by the Company's continued cash shortage.
The Company's workforce was reduced initially by 18 full time employees.
Included in the reduction in force were Dr. Joseph Firca, Vice President of
Research and Development and Mr. Donald Nevins, Vice President and Chief
Financial Officer.
The Company's operations since the reduction in force have focused on finding a
merger partner, development partner or one or more purchasers of its assets. The
Company has engaged numerous parties in discussions regarding such transactions.
6
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion of the financial condition and results of operations of
the Company should be read in conjunction with the financial statements and the
related notes thereto included in this document. This document contains certain
forward-looking statements that involve risks and uncertainties. These
forward-looking statements are made in reliance upon the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. The Company cautions
readers that the Company's actual results may differ significantly from the
results anticipated in these forward-looking statements as a result of various
factors. Such factors include, but are not limited to, those in the section
titled "Risk Factors" (pages 7-18) of the Company's Prospectus, which is part of
the Company's Registration Statement, filed on Form S-1, as amended, effective
May 7, 1998, and summarized in its Annual Report for Fiscal 1999, filed on Form
10-K, effective December 29, 1999. The Company undertakes no obligation to
revise such forward-looking statements to reflect events or circumstances
occurring after the date hereof.
OVERVIEW
Ophidian is a development stage corporation focused on the research, development
and commercialization of therapeutic products for human and animal use. The
Company's business has been directed to numerous areas of disease but has
focused principally on products for infectious disease prevention and treatment.
The Company has not received any revenues from the sale of Food and Drug
Administration ("FDA") licensed products to date and does not expect to receive
any such revenues during the next two fiscal years. Except for the fiscal year
ended September 30, 1993, the Company has been unprofitable every year since
inception.
On May 19, 2000 the Company announced that its Board of Directors was evaluating
options and taking actions to conserve cash resources. On May 26, 2000 the
Company announced that it was suspending all laboratory, product development and
related operations. This action was taken to allow the Company to focus
resources on marketing and business development of its intellectual property and
manufacturing assets. In connection with the curtailment of operations, the
Company reduced its workforce by immediately eliminating 18 full time positions.
As a result of additional reductions in force, the Company now has two full time
employees. The Company's remaining employees are focused on finding a merger
partner, development partner or one or more purchasers of its assets. The
Company expects to incur additional operating losses in support of these
activities. At June 30, 2000, the Company had an accumulated deficit of
$18,219,105 and for the three months ended June 30, 2000, incurred a net loss of
$771,401.
RESULTS OF OPERATIONS
THREE MONTHS ENDED JUNE 30, 2000, COMPARED TO THREE MONTHS ENDED JUNE 30, 1999
Revenues. Revenues were $14,224 for the three months ended June 30, 2000, as
compared to $8,760 for the three months ended June 30, 1999 an increase of
$5,464 due to the payments from various non-recurring contractual arrangements.
Research and Development Expense. Research and development expenses decreased
$793,317 to $192,541 for the three months ended June 30, 2000, as compared to
$985,858 for the three months ended June 30, 1999. The decrease in expenses in
the three months ended June 30, 2000, resulted primarily from a reduction in
personnel expenses, research and development associated costs, and costs
associated with the clinical development of the Clostridium difficile-Associated
Disease ("CDAD") therapeutic antitoxin known as OPHD001.
General and Administrative Expenses. General and administrative expenses
increased $151,998 to $635,509 for the three months ended June 30, 2000, as
compared to $483,511 for the three months ended June 30, 1999. The increase in
expenses in the three months ended June 30, 2000, resulted primarily from the
write down of certain prepaid expenses relating to research and development,
increased franchise and use taxes, and costs associated with the reduction in
force and legal fees.
7
<PAGE> 8
Interest Income and Expenses. Net interest income decreased $5,824 to $42,425
for the three months ended June 30, 2000, as compared to $48,249 for the three
months ended June 30, 1999. The decrease in interest income in the three months
ended June 30, 2000, resulted from lower average cash balances offset in part by
higher average interest rates. Interest of $50,000 for the three months ended
June 30, 2000 on the senior notes (and a the total of $142,603 for the year to
date) was capitalized because the borrowed funds were used to finance
construction of the Company's pilot manufacturing facility.
Net Loss. The Company incurred a net loss of $771,401 for the three months ended
June 30, 2000, as compared to a loss of $1,412,360 for the three months ended
June 30, 1999. The reduction in operating losses for the three months ended June
30, 2000, resulted primarily from the reduction in force and suspension of
research and development, clinical trial and related production operations.
Net Operating Loss. The Company generated net operating loss carry-forwards for
federal and state income tax purposes for the three months ended June 30, 2000.
The Company has recorded a full valuation allowance against any deferred tax
assets established for the carry-forwards.
NINE MONTHS ENDED JUNE 30, 2000, COMPARED TO NINE MONTHS ENDED JUNE 30, 1999
Revenues. Revenues increased $1,298,859 to $1,314,224 for the nine months ended
June 30, 2000, as compared to $15,365 for the nine months ended June 30, 1999.
Revenues in the nine months ended June, 2000, were greater due to the proceeds
from the sale of various patent properties in March, 2000.
Costs of Patents Sold. This cost represents the capitalized costs of the patents
sold in March, 2000 and consist of the legal and associated patent prosecution
costs. Upon the sale of the patents, these capitalized costs were recorded as an
expense. All research and development costs associated with patents are expensed
as incurred.
Research and Development Expenses. Research and development expenses decreased
$792,395 to $1,875,074 for the nine months ended June 30, 2000, as compared to
$2,667,469 for the nine months ended June 30, 1999. The decrease in expenses in
the nine months ended June 30, 2000 was due primarily from a reduction in
personnel expenses, research and development associated costs, and costs
associated with the clinical development of the Clostridium difficile-Associated
Disease ("CDAD") therapeutic antitoxin known as OPHD001. This reduction in force
and associated program curtailment began in May, 2000 and continued through the
end of the third fiscal quarter ending June 30, 2000.
General and Administrative Expenses. General and administrative expenses
increased $2,287 to $1,352,147 for the nine months ended June 30, 2000, as
compared to $1,349,860 for the nine months ended June 30, 1999. The change in
expenses in the nine months ended June 30, 2000 resulted primarily from
decreased general operating expenses offset by increased tax, legal and write
downs associated with the curtailment of operations.
Interest Income and Expenses. Net interest income decreased $103,118 to $89,951
for the nine months ended June 30, 2000, as compared to $193,069 for the nine
months ended June 30, 1999. The decrease in interest income in the nine months
ended June 30, 2000, resulted from lower average cash balances offset in part by
higher average interest rates during the nine months ended June 30, 2000.
Net Operating Loss. The company generated net operating loss carry-forwards for
federal and state income tax purposes for the six months ended June 30, 2000.
The Company has recorded a valuation allowance to reserve for net deferred tax
assets.
LIQUIDITY AND CAPITAL RESOURCES
The Company has financed its operations since inception primarily through equity
and debt financing and revenues consisting of payments received under
collaborative agreements, federal research grants and patent sales. As of June
30, 2000, the Company had received $22,510,217 in net cash proceeds from the
sale of equity. The Company's principal equity financings have occurred through
its Initial Public Offering ("IPO"), and stock sold in private placements and to
Eli Lilly & Co. In October 1999, the Company received the principal amount under
the Senior Notes dated June 7, 1999 and associated warrants which provided
$2,000,000 in aggregate.
8
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Net cash used in operating activities was $1,209,118 for the nine months ended
June 30, 2000, as compared with net cash used in operating activities of
$3,426,510 for the nine months ended June 30, 1999. The decrease in cash used in
operating activities is primarily attributable to the net proceeds from the sale
of 5 patents and patent applications in March 2000, capitalization of expenses
related to the design, engineering and construction of the new plant and
increases in accounts payable and accrued expenses and decreased general and
administrative expenses and research and development expenses. Net cash used in
investing activities was $3,215,445 for the nine months ended June 30, 2000, as
compared to $406,779 for the equivalent period one year earlier. The increase is
principally attributable to construction of the Company's pilot manufacturing
facility. Net cash provided in financing activities was $1,998,252 for the nine
months ended June 30, 2000, as compared with cash used by financing activities
of $5,100 for the equivalent period one year earlier. The change is primarily
attributable to the issuance of debt and associated warrants in connection with
the Senior Notes.
The Company suspended all research and development and related operations in
May, 2000, and since that time has used, and continues to use, its remaining
cash resources to support the marketing of its intellectual property and
manufacturing assets, and its efforts to find a merger or development partner.
During this period, the Company continues to incur certain operating and lease
expenses which will consume available cash resources over time. If the Company
cannot secure suitable buyers or a merger or development partner before
exhausting its remaining cash resources, then the Company may seek the
protection of state insolvency or federal bankruptcy law for the orderly
liquidation of its assets, or the same may be imposed upon the Company by its
creditors.
NET OPERATING LOSSES
The Company has not generated taxable income to date. At June 30, 2000, the net
operating losses available to offset future taxable income for federal income
tax purposes were approximately $18,000,000. These carry-forwards expire
beginning in 2007 if not utilized. At June 30, 2000, the Company has research
and other federal tax credit carry-forwards of approximately $935,000 and
Wisconsin carry-forwards of approximately $350,000. The Company has recorded a
full valuation allowance against any deferred tax assets established for the
carry-forwards.
Utilization of the net operating losses and credits may be subject to annual
limitations due to the ownership change limitations provided by the Internal
Revenue Code and similar state provisions. The annual limitations may result in
the expiration of net operating losses and credits before utilization.
PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings - None
ITEM 2. Changes in Securities and Use of Proceeds
(a) None
(b) None
(c) None
(d) None
ITEM 3. Defaults upon Senior Securities - None
ITEM 4. Submission of Matters to a vote of Security Holders - None
ITEM 5. Other Information
9
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On May 17, 2000, Mr. Rex J. Bates resigned from the board of directors
of the Company. Mr. Bates tendered his resignation, voluntarily and
without disputing any actions of the board of directors, to avoid any
possible conflicts of interest in light of the Company's financial
position and his status as significant creditor of the Company. Mr.
Bates served on the Company's board of directors since 1992.
Effective at the close of business on August 14, 2000, Dr. Douglas C.
Stafford, a director and the Company's President and Chief Executive
Officer, will resign his director and officer positions with the
Company. Dr. Stafford tendered his resignation voluntarily and without
disputing any actions of the board of directors. Dr. Stafford has been
an officer of the Company since 1990 and a director since 1997.
ITEM 6. Exhibits and Reports on Form 8-K
(a) Exhibits (see exhibit list)
(3) Reports on Form 8-K - Dates of Reports: May 16, 2000,
May 19, 2000 and May 26, 2000
10
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ITEM 6(a). EXHIBIT LIST
Number Description
--------------------------------------------------------------------------------
3.1 Certificate of Incorporation of the Registrant, filed as
Exhibit C to the Company's Proxy Statement filed on February
23, 1999 (the "Proxy Statement"), and hereby incorporated by
reference.
3.2 Bylaws of the Registrant, filed as Exhibit D to the Proxy
Statement, and hereby incorporated by reference.
3.3 Certificate of Amendment of Certificate of Incorporation of the
Registrant, filed as Exhibit A to the Company's Proxy Statement
filed on June 29, 1999, and hereby incorporated by reference.
4.1 Specimen Common Stock Certificate, filed as Exhibit 4.1 to
the Registration Statement, and hereby incorporated by
reference.
4.2 Specimen Warrant Certificate, filed as Exhibit 4.2 to the
Registration Statement, and hereby incorporated by
reference.
4.3 Form of Representatives' Warrant Agreement, including Specimen
Representatives' Warrant, filed as Exhibit 4.3, to the
Registration Statement, and hereby incorporated by reference.
4.4 Form of Warrant Agreement, filed as Exhibit 4.4, to the
Registration Statement and hereby incorporated by reference.
4.5 Specimen Unit Certificate, filed as Exhibit 4.5 to the
Registration Statement, and hereby incorporated by
reference.
4.6 Specimen Warrant Certificate, filed as part of Exhibit 10.2 to
the Company's Form 10-Q for the period ended June 30, 1999, and
hereby incorporated by reference.
10.1 Lease dated February 12, 1994, between the Company and Promega
Corporation, filed as Exhibit 10.1 to the Registration
Statement, and hereby incorporated by reference.
10.2 1998 Incentive Stock Option Plan, filed as Exhibit A to the
Proxy Statement, and hereby incorporated by reference.
10.3 1990 Incentive Stock Option Plan, filed as Exhibit 10.3 to
the Registration Statement, and hereby incorporated by
reference.
10.4 1992 Employee Stock Option Plan, filed as Exhibit 10.4 to
the Registration Statement, and hereby incorporated by
reference.
10.6 Employment Agreement dated June 1, 1997, between the Company
and Douglas C. Stafford, filed as Exhibit 10.6 to the
Registration Statement, and hereby incorporated by reference.
10.7 Employment Agreement dated June 1, 1997, between the Company
and Joseph Firca, filed as Exhibit 10.7 to the Registration
Statement, and hereby incorporated by reference.
10.8 Employment Agreement dated November 6, 1997, between the
Company and Donald L. Nevins, filed as Exhibit 10.9 to the
Registration Statement, and hereby incorporated by reference.
10.9 Employment Agreements dated December 1, 1998, between the
Company and F. Michael Hoffmann, filed as Exhibit 10.10 to the
Company's Form 10-K for the period ended September 30, 1998,
and hereby incorporated by reference.
10.10 Lease for 2617 Progress Road, Madison, WI, dated June 9, 1999,
between the Company and Progress Holdings, LLC, filed as
Exhibit 10.11 to the Company's Form 10-Q for the period ended
June 30, 1999, and hereby incorporated by reference.
10.11 Form of Promissory Note and Loan Agreement, dated June 7, 1999,
among the Company, Rex J. Bates and Davis U. Merwin, filed as
Exhibit 10.12 to the Company's Form 10-Q for the period ended
June 30, 1999, and hereby incorporated by reference.
27.0 Financial Data Schedule.
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SIGNATURES
Pursuant to the requirement 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.
Ophidian Pharmaceuticals, Inc.
(Registrant)
August 14, 2000 By: /s/ Douglas C. Stafford
-----------------------
Douglas C. Stafford
President and Chief Executive Officer
August 14, 2000 By: /s/ Susan Maynard
-----------------
Susan Maynard
Secretary
12
