<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 1 TO CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
January 15, 1998
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(Date of Report; Date of Earliest Event Reported)
BioSepra Inc.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-23678 04-3216867
- ------------------------ -------------------
(Commission File Number) (I.R.S. Employer
Identification No.)
111 Locke Drive, Marlborough, Massachusetts 01752
- -------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(508) 357-7500
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(Registrant's Telephone Number, Including Area Code)
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INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS
Attached is an unaudited and pro forma consolidated condensed balance sheet
of BioSepra Inc. (the "Registrant") as of November 30, 1997. The attached
consolidated condensed balance sheet as of November 30, 1997 gives effect to the
recognition by the Registrant of $3,000,000 of contract revenue which has been
treated as a liability of the Registrant through November 30, 1997. The
Registrant recognized the $3,000,000 of contract revenue in December 1997. The
revenue was the result of payments received by the Registrant from Beckman
Instruments, Inc. ("Beckman") pursuant to a Joint Distribution and Development
Agreement dated as of March 14, 1995 (the "Beckman Agreement"). Under the terms
of the Beckman Agreement, the Registrant would be required to refund the
payments under certain circumstances. In December 1997, the Beckman Agreement
was amended such that the amounts received from Beckman in 1995 are no longer
refundable.
The attached financial information has been prepared by the Registrant at
the request of Nasdaq to demonstrate compliance with the Nasdaq National Market
maintenance requirements. This financial information should be read in
conjunction with the Registrant's Consolidated Financial Statements for the year
ended December 31, 1996 and related notes filed by the Registrant with the
Securities and Exchange Commission.
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
(i) Financial Data Schedule.
(ii) Consolidated Condensed Balance Sheet and Pro Forma Balance Sheet
at November 30, 1997 (unaudited).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Amendment No. 1 to be signed on its behalf by
the undersigned thereunto duly authorized.
Date: January 20, 1998 BIOSEPRA INC.
By: /s/ Jean-Marie Vogel
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Jean-Marie Vogel
President and
Chief Executive Officer
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EXHIBIT
27.1 Financial Data Schedule
99.1 Consolidated Condensed Balance Sheet and Pro Forma Balance Sheet at
November 30, 1997 (unaudited)
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EXHIBIT 99.1
<TABLE>
BioSepra Inc.
UNAUDITED AND PRO FORMA CONSOLIDATED CONDENSED BALANCE SHEETS
for the period ended
(In thousands)
<CAPTION>
Pro forma
November 30, Pro forma November 30,
1997 Adjustments 1997
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 2,543 $ 2,543
Marketable securities -- --
Restricted cash 147 147
Accounts receivable 1,839 1,839
Inventories 3,631 3,631
Prepaid and other current assets 120 120
-------- --------
Total current assets 8,280 8,280
Property and equipment, net 1,813 1,813
Goodwill, net 8,669 8,669
Other assets 593 593
-------- --------
Total assets $ 19,355 $ 0 $ 19,355
======== ======= ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable, current portion of long-term debt
and capital lease obligations $ 704 $ 704
Accounts payable 982 982
Related party payable 337 337
Accrued expense 1,636 1,636
Deferred contract revenue 3,100 $(3,000)(1) 100
-------- ------- --------
Total current liabilities 6,759 (3,000) 3,759
Long-term debt and capital lease obligations, net
of current portion 716 716
-------- --------
Total liabilities 7,475 (3,000) 4,475
Stockholders' equity:
Common stock 84 84
Additional paid-in capital 40,510 40,510
Unearned compensation (174) (174)
Accumulated deficit (28,262) 3,000(1) (25,262)
Cumulative translation adjustment (278) (278)
-------- --------
Total stockholders' equity 11,880 3,000 14,880
-------- ------- --------
Total liabilities and stockholders' equity $ 19,355 $ 0 $ 19,355
======== ======= ========
</TABLE>
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(1) Pro forma gives effect to the recognition by the Registrant of $3,000,000
of deferred contract revenue which has been treated as a liability of the
Registrant through November 30, 1997. The Registrant recognized the $3,000,000
of deferred contract revenue in December 1997.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> NOV-30-1997
<EXCHANGE-RATE> 1
<CASH> 2,543,000
<SECURITIES> 0
<RECEIVABLES> 2,318,000
<ALLOWANCES> 479,000
<INVENTORY> 3,631,000
<CURRENT-ASSETS> 8,280,000
<PP&E> 4,725,000
<DEPRECIATION> 2,912,000
<TOTAL-ASSETS> 19,355,000
<CURRENT-LIABILITIES> 3,759,000
<BONDS> 716,000
0
0
<COMMON> 84,000
<OTHER-SE> 14,796,000
<TOTAL-LIABILITY-AND-EQUITY> 19,355,000
<SALES> 8,105,000
<TOTAL-REVENUES> 11,889,000
<CGS> 4,586,000
<TOTAL-COSTS> 4,586,000
<OTHER-EXPENSES> 6,825,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 66,000
<INCOME-PRETAX> 656,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 656,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 656,000
<EPS-PRIMARY> .08
<EPS-DILUTED> .08
</TABLE>