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): December 21, 2001
CardioGenesis Corporation
| California | 000-28288 | 77-0223740 | ||
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 26632 Towne Centre Drive, Suite 320, Foothill Ranch, California | 92610 | |||
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (714) 649-5000
| Item 5. Other Events | ||||||||
| Item 7. Financial Information, Pro Forma Financial Information and Exhibits | ||||||||
| CONSOLIDATED UNAUDITED PRO FORMA BALANCE SHEET | ||||||||
| SIGNATURE | ||||||||
| CARDIOGENESIS CORPORATION EXHIBIT 99.1 | ||||||||
Item 5. Other Events
Pursuant to a Share Purchase Agreement dated December 21, 2001, CardioGenesis Corporation sold 2,222,225 shares of CardioGenesis Corporation’s common stock to the State of Wisconsin Investment Board for $2.0 million on December 26, 2001. The terms of the share purchase agreement between CardioGenesis Corporation and the State of Wisconsin Investment Board granted certain registration rights to the State of Wisconsin Investment Board. A copy of CardioGenesis Corporation’s December 27, 2001 press release announcing the private placement with the State of Wisconsin Investment Board is included as exhibit 99.1 and is incorporated herein by reference.
Item 7. Financial Information, Pro Forma Financial Information and Exhibits
(a) Not applicable
(b) Pro Forma Financial Information:
UNAUDITED PRO FORMA FINANCIAL INFORMATION
The following unaudited pro forma financial information gives effect to CardioGenesis Corporation’s private placement of 2,222,225 shares of CardioGenesis Corporation’s common stock to the State of Wisconsin Investment Board for $2.0 million less estimated costs of $100,000. This pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of future results of operations of CardioGenesis Corporation.
CARDIOGENESIS CORPORATION
CONSOLIDATED UNAUDITED PRO FORMA BALANCE SHEET
(in thousands, except share amounts)
ASSETS
| Pro Forma | ||||||||||||||
| as Adjusted | ||||||||||||||
| November 30, | November 30, | |||||||||||||
| 2001 | Pro Forma | 2001 | ||||||||||||
| (unaudited) | Adjustments(a) | (unaudited) | ||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 726 | $ | 1,900 | $ | 2,626 | ||||||||
| Accounts receivable, net of allowance for doubtful accounts of $585 at November 30, 2001 | 2,494 | 2,494 | ||||||||||||
| Inventories | 3,386 | 3,386 | ||||||||||||
| Prepaids and other assets | 784 | 784 | ||||||||||||
| Total current assets | 7,390 | 1,900 | 9,290 | |||||||||||
| Property and equipment, net | 920 | 920 | ||||||||||||
| Accounts receivable over one year | 240 | 240 | ||||||||||||
| Other assets | 1,732 | 1,732 | ||||||||||||
Total Assets | $ | 10,282 | $ | 1,900 | $ | 12,182 | ||||||||
2
LIABILITIES AND STOCKHOLDERS’ EQUITY
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 1,151 | $ | 1,151 | ||||||||||
| Accrued liabilities | 4,894 | 4,894 | ||||||||||||
| Customer deposits | 186 | 186 | ||||||||||||
| Deferred revenue | 940 | 940 | ||||||||||||
| Note payable | 310 | 310 | ||||||||||||
| Current portion of capital lease obligation | 26 | 26 | ||||||||||||
| Current portion of long-term liabilities | 489 | 489 | ||||||||||||
| Total current liabilities | 7,996 | — | 7,996 | |||||||||||
| Capital lease obligation, less current portion | 45 | 45 | ||||||||||||
| Long-term liabilities, less current portion | — | — | ||||||||||||
Total Liabilities | 8,041 | — | 8,041 | |||||||||||
| Stockholders’ equity: | ||||||||||||||
| Common stock | 165,707 | 1,900 | 167,607 | |||||||||||
| Deferred compensation | (5 | ) | (5 | ) | ||||||||||
| Accumulated other comprehensive loss | (104 | ) | (104 | ) | ||||||||||
| Accumulated deficit | (163,357 | ) | (163,357 | ) | ||||||||||
Total Stockholders’ Equity | 2,241 | 1,900 | 4,141 | |||||||||||
Total Liabilities and Stockholders’ Equity | $ | 10,282 | $ | 1,900 | $ | 12,182 | ||||||||
| (a) | Estimated proceeds from the sale of 2,222,225 shares common stock at $0.90 per share net of $100,000 of estimated attributable expenses. |
(c) Exhibits:
| Pursuant to General Instruction F of Form 8-K, the following documents are incorporated by reference herein and attached as exhibits hereto: |
| Exhibit | Description | |
| 99.1 | CardioGenesis Corporation’s December 27, 2001 press release announcing the private placement with the State of Wisconsin Investment Board |
3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this current report to be signed on its behalf by the undersigned hereunto duly authorized.
| CARDIOGENESIS CORPORATION | |||
| | |||
| Date: December 31, 2001 | By: | /s/ J. STEPHEN WILKINS | |
| J. Stephen Wilkins Vice President and Chief Financial Officer | |||
4
EXHIBIT INDEX
| Exhibit | Description | |
| 99.1 | CardioGenesis Corporation’s December 27, 2001 press release announcing the private placement with the State of Wisconsin Investment Board |
5
