Deltagen, Inc. (Pink Sheets:DGEN), a leading provider of drug
discovery tools to the biopharmaceutical industry, today reported
unaudited consolidated financial results for the three months ended
June 30, 2010.
Revenues: The Company’s consolidated revenues for the
three months ended June 30, 2010 totaled $0.568 million. The
revenues in the second quarter were attributable primarily to
license fees associated with the provision of knockout mice and
related phenotypic data pursuant to orders placed by customers
under the Company’s DeltaOneTM program.
Interest Income: The Company had interest income of
$0.004 million for the three months ended June 30, 2010.
Expenses: Total consolidated expenses for the three
months ended June 30, 2010 were $0.774 million. The expenses in the
second quarter were attributable primarily to labor costs and other
general and administrative expenses, including $0.160 million in
royalty and commission expenses. The total expenses included
expenses of $0.168 million and $0.098 million relating to the
operation of the Company’s wholly-owned subsidiaries, Benten
BioServices, Inc. (“Benten”) and XenoPharm, Inc. respectively.
Net Losses: Consolidated net losses before provision for
income taxes for the three months ended June 30, 2010 were $0.203
million.
Cash, Cash Equivalents and Accounts Receivable: As of
June 30, 2010, the Company had $4.816 million in consolidated cash
and cash equivalents and $0.345 million in accounts receivable.
Benten Lease: During the second quarter, Benten entered
into a lease for a facility in Malvern, Pennsylvania covering
approximately 35,000 square feet. Base rent will be $75,000 per
month for the first year, increasing upward annually by two percent
(2%). Payments of base rent under the lease will commence seven
months following Benten’s taking possession of the facility. In
addition to the base rent, Benten will pay its pro-rata share (34%)
of the building operating expenses (estimated to initially be
$13,000 per month). The lease runs until June 2021. The landlord
will be providing to Benten tenant improvements of $2,117,000.
Benten at its option may increase the amount of tenant improvements
provided by the landlord (up to a total of $3,800,000 of tenant
improvements), in which event Benten will pay additional rent to
the landlord to amortize such additional costs. Deltagen entered
into a lease guaranty in favor of the landlord to guarantee
payments under the lease during the first four years rent is
payable. This liability of Deltagen under the guaranty is capped at
$3,800,000.
Subsequent Events:
Board of Directors: On July 22, 2010, David J. McLachlan
joined the Company’s board of directors. Mr. McLachlan is Chairman
of the Board of Skyworks Solutions, Inc., a manufacturer of analog,
mixed signal and digital semiconductors for mobile communications.
He also serves on the Boards of Directors of Dyax Corporation, a
biotechnology company, as Chair of the Audit Committee and HearUSA,
Ltd., a hearing care services company, as Lead Independent
Director. He was the Executive Vice President and Chief Financial
Officer of Genzyme Corporation from 1989 to 1999, and a senior
adviser to Genzyme's Chairman and Chief Executive Officer until
2004. Prior to joining Genzyme, he served as Vice President and
Chief Financial Officer of Adams-Russell Company, an electronic
component supplier and cable television franchise owner. Mr.
McLachlan is a graduate of Harvard Business School and Harvard
College.
The unaudited consolidated financial statements for the second
quarter of 2010, accompanying notes, and Management’s Discussion
and Analysis of Financial Conditions and Results of Operations for
such period will be posted on Deltagen’s website
(www.deltagen.com).
About Deltagen
Deltagen, Inc. is a leading provider of drug discovery tools to
the biopharmaceutical industry. Deltagen offers access to its
extensive inventory of knockout mouse lines and related phenotypic
data, which enhance the efficiency of target validation and drug
discovery. In addition, Deltagen offers target validation data in
the areas of immunology and metabolic diseases. Deltagen's products
and programs have been validated by customers and partners such as
Eli Lilly & Co., GlaxoSmithKline, Merck & Co., Inc. and
Pfizer Inc. For more information on Deltagen, visit the Company's
website at www.deltagen.com.
Safe Harbor Statement
This press release contains “forward-looking statements,”
including statements about Deltagen’s future revenues, cash flows
and operating results, third-party royalty obligations and
third-party licenses and intellectual property, Benten’s business
plans, as well as other matters that are not historical facts or
information. These forward-looking statements are based on
management’s current assumptions and expectations and involve
risks, uncertainties and other important factors, specifically
including those relating to Deltagen’s ability to achieve its
operational objectives and revenue projections, that may cause
Deltagen’s actual results to be materially different from any
future results expressed or implied by such forward-looking
statements. There are no assurances that the Company will declare
any future dividends. Information identifying such important risk
factors is contained in “Management’s Discussion and Analysis of
Financial Conditions and Results of Operations”, which can be found
at Deltagen’s website at www.deltagen.com. Deltagen undertakes no
obligation to update or revise any such forward-looking statements,
whether as a result of new information, future events or
otherwise.
DELTAGEN, INC.
CONSOLIDATED BALANCE
SHEET
(UNAUDITED)
Consolidated Balance Sheet As of 06/30/10
Unaudited
(In Thousands) 6/30/10
Consolidated Assets Current assets: Cash and
cash equivalents 4,816 Accounts receivable, net 345 Prepaids,
Deposits and Tax Assets 553 Total current assets 5,714
Property and equipment, net 56
Goodwill
224
Non-current portion of deferred
tax assets
1,586 Total assets 7,580
Liabilities
and Stockholders' Equity Current liabilities: Accounts payable
245 Accrued expenses 119 Total liabilities 364
Stockholders' equity: Common stock 39 Treasury Stock (867 )
Additional paid-in capital 230,617 Retained Earnings (222,975 )
Foreign currency translation adjustment 402 Total
stockholders' equity 7,216 Total liabilities and
stockholders' equity 7,580
DELTAGEN, INC.
CONSOLIDATED INCOME
STATEMENTS
(UNAUDITED)
Consolidated Income Statement
andStatement of Retained Earnings
For Quarter Ended 06/30/10 Unaudited
(Dollars In
Thousands) 6/30/10
Consolidated Revenue 568
Royalty and Commission Expenses 160 Operating Expenses 614
Income From Operations (207 ) Interest Income 4
Income before provision for income taxes (203 )
Provision for income taxes Current income tax expense -
Deferred income tax expense - Adjustment for valuation allowance -
Total income tax expense/(income) 0 Net Income (Loss)
(203 ) Retained earnings at beginning of period (222,773 )
Retained earnings at end of period (222,975 )
DELTAGEN, INC.
CONSOLIDATED CASH FLOWS
(UNAUDITED)
Consolidated Cash Flows
For Quarter Ended
06/30/10
Unaudited 6/30/10
(Dollars In Thousands)
Consolidated
Cash flows from operating activities: Net Income (Loss) (203
)
Adjustments to reconcile net
income to net cash provided by operating activities:
Depreciation 3 Stock-based compensation expense 1 Loss on disposal
of fixed assets -
(Increase)/Decrease in operating
assets
Accounts receivable (29 ) Prepaids, deposits and tax assets (513 )
Purchase of assets - Deferred tax assets -
Increase/(Decrease) in operating liabilities Accounts payable 116
Accrued expenses (16 ) Change in goodwill - Dividends
Paid - Net Increase/(Decrease) in cash (640 )
Effect of foreign exchange rate change on cash and cash equivalents
- Cash and cash equivalents, at beginning of period 5,455
Cash and cash equivalents, at end of period
4,816
Deltaagen (CE) (USOTC:DGEN)
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