U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
( X ) Quarterly report under Section 13 of 15(d) of the Securities Exchange
Act of 1934.
For the quarterly period ended FEBRUARY 28, 2003 or
-----------------
( ) Transition report under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the transition period
from ______________ to ______________.
Commission file number 0-19866
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PROTIDE PHARMACEUTICALS, INC.
(Exact name of small business issuer
as specified in its charter)
MINNESOTA 36-3384240
- ---------------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
1311 HELMO AVENUE, SAINT PAUL, MINNESOTA 55128
- ---------------------------------------- ----------------------
(Address of principal executive offices) (Zip Code)
Issuers telephone number, including area code: (651) 730-1500
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Act of 1934 during the past 12 months (or
for such shorter periods that the issuer was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
Yes __X__ No _____
State the number of shares outstanding of each the issuer's classes of common
equity, as of the latest practicable date.
THE NUMBER OF SHARES OF COMMON STOCK, PAR VALUE $.01 PER SHARE, OUTSTANDING ON
FEBRUARY 28, 2003 WAS 4,029,134.
Transitional small business format disclosure:
Yes _____ No __X__
1
Table of Contents
PROTIDE PHARMACEUTICALS, INC.
-----------------------------
Report on Form 10-QSB
for fiscal quarter ended
February 28, 20032
PART I-- FINANCIAL INFORMATION Page
----
ITEM 1. Financial Statements
Balance Sheet as of August 31, 2002
and February 28, 2003 3
Statement of Operations -- Three months ended February
28, 2003 and February 28, 2002 and six months ended
February 28, 2003 and February 28, 2002 5
Statement of Changes in Shareholders' Equity
for the year ended August 31, 2002 and the
six months ended February 28, 2003 6
Statement of Cash Flows -- Six months ended
February 28, 2003 and February 28, 2002 7
Notes to Financial Statements 8
ITEM 2. Management's Discussion and Analysis of Financial
Conditions and Results of Operations 9
PART II-- OTHER INFORMATION 14
2
PART I -- FINANCIAL INFORMATION
ITEM 1 -- FINANCIAL STATEMENTS
PROTIDE PHARMACEUTICALS, INC.
BALANCE SHEET
February 28, August 31,
ASSETS 2003 2002
--------- ---------
(Unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 169,491 $ 200,751
Certificates of deposit 80,934 80,934
Trade receivables 49,706 37,191
Accrued interest receivable 1,971 1,057
Inventories 61,869 56,997
Other 2,891 1,787
--------- ---------
Total current assets 366,862 378,717
--------- ---------
EQUIPMENT AND LEASEHOLD IMPROVEMENTS
Laboratory and production equipment 226,937 226,937
Office furniture and equipment 94,822 94,822
Leasehold improvements 138,426 138,426
--------- ---------
460,185 460,185
Less accumulated depreciation (425,565) (412,012)
--------- ---------
34,620 48,173
OTHER ASSETS
Patents, net 43,072 44,828
--------- ---------
TOTAL ASSETS $ 444,554 $ 471,718
========= =========
See Notes to Financial Statements.
3
PROTIDE PHARMACEUTICALS, INC.
BALANCE SHEET
February 28, August 31,
LIABILITIES AND SHAREHOLDERS' EQUITY 2003 2002
----------- -----------
(Unaudited)
CURRENT LIABILITIES
Accounts payable $ 12,269 $ 23,427
Accrued liabilities 33,918 30,056
Bank note payable - current 71,498 71,498
----------- -----------
Total current liabilities 117,685 124,981
----------- -----------
SHAREHOLDERS' EQUITY
Common stock issued and outstanding 40,291 40,291
Additional paid-in capital 5,832,291 5,832,291
----------- -----------
5,872,582 5,872,582
Accumulated deficit (5,545,713) (5,525,845)
----------- -----------
Total shareholders' equity 326,869 346,737
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 444,554 $ 471,718
=========== ===========
See Notes to Financial Statements.
4
PROTIDE PHARMACEUTICALS, INC.
STATEMENT OF OPERATIONS
(Unaudited)
- -------------------------------------------------------------------------------------------------------
Three months ended Six months ended
February 28, February 28,
2003 2002 2003 2002
- -------------------------------------------------------------------------------------------------------
REVENUES
Net sales $ 160,897 $ 118,245 $ 282,057 $ 161,940
Cost of products sold 26,939 52,140 61,987 73,086
- -------------------------------------------------------------------------------------------------------
GROSS MARGIN 133,958 66,105 220,070 88,854
- -------------------------------------------------------------------------------------------------------
OPERATING EXPENSES
Research and development 37,670 38,486 73,121 74,107
Sales and operations 27,849 26,747 56,489 56,116
Administration 51,673 55,230 110,673 110,224
- -------------------------------------------------------------------------------------------------------
Total operating expenses 117,192 120,463 240,283 240,447
OPERATING INCOME (LOSS) 16,766 (54,358) (20,213) (151,593)
OTHER INCOME (EXPENSE)
Interest and investment income 848 1,745 1,807 3,861
Other income 0 3,645 0 3,645
Interest expense (731) (853) (1,462) (1,875)
- -------------------------------------------------------------------------------------------------------
Total other income, net 117 4,537 345 5,631
NET INCOME (LOSS) $ 16,883 ($ 49,821) ($ 19,868) ($ 145,962)
=======================================================================================================
BASIC AND DILUTED LOSS PER
COMMON SHARE $ 0.00 ($ 0.01) ($ 0.00) ($ 0.04)
- -------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 4,029,134 3,733,169 4,029,134 3,733,169
=======================================================================================================
See Notes to Financial Statements.
5
PROTIDE PHARMACEUTICALS, INC.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
Common Stock Additional
-------------- Paid-in Accumulated
Shares Amount Capital Deficit Total
- -------------------------------------------------------------------------------------------------------------------
BALANCE AT AUGUST 31, 2002 4,029,134 $40,291 $5,832,291 ($5,525,845) $346,737
Net loss for the period (19,868) (19,868)
- --------------------------------------------------------------------------------------------------------------------
BALANCE AT FEBRUARY 28, 2003 4,029,134 $40,291 $5,832,291 ($5,545,713) $326,869
6
PROTIDE PHARMACEUTICALS, INC.
STATEMENT OF CASH FLOWS
(Unaudited)
- ----------------------------------------------------------------------------------------------------
Six months ended
February 28,
2003 2002
- ----------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the period ($ 19,868) ($145,962)
Adjustments to reconcile net loss to
Net cash used in operating activities:
Depreciation and amortization 15,309 15,951
Changes in assets and liabilities:
(Increase) decrease in:
Accounts receivable (12,515) (48,163)
Accrued interest receivable (914) (255)
Inventories (4,872) (5,348)
Other (1,104) (2,491)
Increase (decrease) in:
Accounts payable (11,158) (4,838)
Accrued liabilities 3,862 (22,394
- ----------------------------------------------------------------------------------------------------
Net cash used in operating activities (31,260) (213,500)
- ----------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Maturity of bank certificates of deposit, net 0 40,000
Capital expenditures 0 0
- ----------------------------------------------------------------------------------------------------
Net cash from investing activities 0 40,000
- ----------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING:
Proceeds from issuing common stock subscriptions 0 65,044
Principal payments on bank note payable 0 (649)
- ----------------------------------------------------------------------------------------------------
Net cash provided by financing activities 0 64,344
Net decrease in cash
and cash equivalents (31,260) (109,145)
CASH AND CASH EQUIVALENTS:
Beginning of period 200,751 197,200
- ----------------------------------------------------------------------------------------------------
End of period $ 169,491 $ 88,055
====================================================================================================
See Notes to Financial Statements.
7
PROTIDE PHARMACEUTICALS, INC.
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 28, 2003
NOTE A - BASIS OF PRESENTATION
The accompanying financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Form 10-QSB and Item 310 of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting only of normal
recurring adjustments) considered necessary for a fair presentation have been
included.
The organization and business of the Company, accounting policies followed
by the Company and other information is contained in the notes to the Company's
financial statements filed as part of the Company's August 31, 2002 Form 10-KSB.
This quarterly report should be read in connection with such annual report.
NOTE B - CASH AND CASH EQUIVALENTS
For purposes of reporting the statements of cash flows, the Company
considers all highly liquid debt instruments purchased with a maturity of three
months or less to be cash equivalents.
NOTE C - SHORT-TERM INVESTMENTS
As of February 28, 2003, the Company had investments of $80,934 in
certificates of deposit. Certificates of deposit are made only with the highest
rated banks. The Company also utilizes a money market fund, which is restricted
by its charter to Tier 1 instruments, for a portion of its investments. At times
throughout the year, the Company's cash, cash equivalents and certificates of
deposit in financial institutions may exceed FDIC insurance limits. The Company
has not experienced any losses in such accounts.
NOTE D - NOTES PAYABLE BANK
During April 1997 the Company borrowed $100,000 from a local bank with the
proceeds used for financing a portion of the tenants' improvements in the
Company's new facility. In February 2001 the loan was renegotiated with a
different Bank and has been renewed annually. The new loan is secured by a
certificate of deposit at this bank. The interest rate for this loan, currently
4%, is tied to the certificate of deposit rate.
NOTE E - INCOME (LOSS) PER COMMON SHARE
Basic income (loss) per share is computed based upon the weighted average
number of common shares outstanding during the period. Stock options for 307,000
shares were not included in the computation of diluted loss per share for the
six month period as the results were antidilutive. For the three month period
the inclusion of the 307,000 shares in the computation of diluted earnings did
not change the basic income per share.
8
ITEM 2--MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
INTRODUCTION
A. BACKGROUND AND PRODUCTS
In January 2001 Celox Laboratories, Inc. and Protide Pharmaceuticals, Inc.,
merged with the surviving corporation named Protide Pharmaceuticals, Inc.
Protide Pharmaceuticals, Inc. ("Protide" or the "Company") is a
biotechnology company devoted to the discovery, development and
commercialization of technologies and processes in clinical cell therapy and
transfusion medicine, specifically in the areas of cancer, genetic disorders,
cell engineering and transplantation. The focus of Protide is in the area of
gene therapy, cell therapy and contract manufacturing for companies and
educational institutions.
Celox Laboratories, Inc. will continue to market products that are sold for
research purposes. Celox was formed in 1985 as a Company that researches,
develops, manufactures, and markets cell biology products that are used in the
propagation of cells derived from mammals, including humans, and other species.
These specialized cell growth products are used primarily in academic,
pharmaceutical and other commercial laboratories to improve the growth,
productivity and quality of cell-derived medical and other biological products
such as vaccines, monoclonal antibodies, interferons, and human growth factor.
The Company has developed non-serum based products for the growth of human and
other mammalian cells.
The Company markets more than 16 different research products under the
Celox Laboratories brand name. The Company's proprietary products consist of
four different serum-free supplements and two cell freezing solutions. The
Company also manufactures five basal media formulations, a series of buffered
saline solutions, other cell biology reagents, and a variety of custom
formulations.
During the first quarter of fiscal 2001 the Company introduced the new
product STEMSOL(TM). STEMSOL(TM) is a sterile filtered, USP Grade Dimethyl
Sulfoxide (DMSO) used in a cryopreservation solution for, among other things,
bone marrow, peripheral-blood stem cells and cord blood preservations. In
addition, DMSO/Dextran was introduced in the first quarter of fiscal 2001 and is
also used as a cryopreservative for cord blood stem cells. These products are
labeled for research use only, not for human use.
During the third quarter of fiscal 2000, the Company entered into an
agreement to manufacture specialized solutions for the processing of pancreatic
islet cells for transplants. These cells may be used instead of whole organ
transplants. During the first quarter of fiscal 2002 an order was received from
a second transplant center for these specialized solutions. The revenue from
this order was reflected in the second quarter of fiscal 2002. Orders for these
solutions have continued in fiscal 2003.
9
B. VIASTEM(TM)
In March 1995, the Company filed a patent application for ViaStem(TM) in
the U.S. Patent and Trademark Office. The Company received the U.S. Patent in
early December 1996. This patent provides protection of the Company's
ViaStem(TM) technology through March of 2015. A second U.S. Patent was received
in August 1998. This second patent broadened the patented uses of ViaStem(TM) in
bone marrow transplantation and related therapies. The Company has also filed
the documents needed for an International Patent Application as required by the
Patent Cooperation Treaty. In October 1998 the Company received notice from the
New Zealand and Australian Patent Office that a patent on ViaStem(TM) had been
granted by each of the respective countries. In March 2000 notice was received
from the Patent Office in Canada that a patent had been issued for ViaStem(TM).
The Company received notice from the Russian Patent Office in May 2000 of the
official issue date for the patent for ViaStem(TM) in Russia. In March 2002 a
patent for ViaStem(TM) was received from the Mexican Patent Office. Protide
received notice from the Japan Patent Office that a patent on ViaStem(TM) had
been granted in Japan. Initial reports from other countries that have reviewed
the international patent application have been positive. Due to the unique
nature of ViaStem(TM), the Company pursued the patent process for this product.
On March 12, 2003 the Company signed an agreement with the University of
Minnesota Physicians Outreach Laboratories (UMPOL), a Minnesota nonprofit
Corporation, to complete the preclinical testing for the Company's ViaStem(TM)
product. This agreement supersedes an agreement which was executed on March 31,
2000, by Protide with Fairview-University Medical Center (FUMC) University of
Minnesota, Minneapolis, MN. FUMC was to provide collecting, processing and
assaying of human peripheral blood stem cells as part of Protide's clinical
investigation of ViaStem(TM). In the second quarter of fiscal 2002, the FUMC
named a new Principal Investigator (PI) at the University of Minnesota to
complete the additional information requested by the FDA after the departure of
the original PI from the University. This new PI will be part of the UMPOL
preclinical test program.
During May 2000 the Company submitted an application to the Food and Drug
Administration (FDA) to initiate human clinical trials for ViaStem(TM). This was
the first submission ever made by the Company to the FDA for testing in human
subjects. In August 2000 the Company announced that it had received notice from
the FDA that the clinical trial on had been placed on clinical hold pending
further information. The Company intends to submit the additional requested
information to the FDA in the near future.
C. DISTRIBUTION/MARKETING
The Company continues to sell its products on a direct basis to customers
around the world. In addition the Company has formed the following distribution
avenues:
The Company has a nonexclusive worldwide distribution agreement with ICN
Pharmaceuticals, Inc. (NYSE:ICN), Costa Mesa, CA. Under the agreement, ICN is
marketing Celox' TCM(TM), TCH(TM), TM-235(TM) serum replacement products as well
as Cellvation(TM). The Company has also entered into an agreement with ICN to
custom manufacture certain of the Company's basal media and balanced salt
solutions to ICN for worldwide distribution. ICN manufactures and markets a
broad range of prescription and over-the-counter pharmaceuticals, medical
diagnostic products and biotechnology research products in North and Latin
America, Eastern and Western Europe and the Pacific Rim countries.
In 1997, the Company began providing its proprietary products to Sigma
Chemical Company (NASDAQ:SIAL), St. Louis, MO. under a private label
distribution agreement for worldwide distribution.
In 1997, the Company entered into a nonexclusive distribution agreement
with TaKaRa Shuzo Co., Ltd., Biomedical Group, Kyoto, Japan. Under the
agreement, TaKaRa will initially market Celox' proprietary product
Cellvation(TM). TaKaRa's Biomedical Group leads the industry in several areas
owing to the
10
international scope of its research operations which span from the People's
Republic of China to North America and Europe. TaKaRa will market Cellvation(TM)
in Japan, Taiwan, Korea and China.
In addition, the Company's Celox product line is distributed in Japan
through Funakoshi Co., LTD, a well-established Japanese distributor.
The Company also has distribution of its STEMSOL(TM) and DMSO/Dextran
products in Europe and the Pacific Rim through various non-exclusive agreements
with local distributors.
RESULTS OF OPERATIONS
During the quarter ended February 28, 2003, the Company had net sales of
$160,897 which was an increase of $42,652 or 36% from $118,245 reported in the
same quarter for the prior fiscal year. For the six months ended February 28,
2003 net sales totaled $282,057 versus $161,940 in the same period in the
previous fiscal year. This is an increase of $120,117 or 74% from the previous
year. The increase between years for both of the reporting periods results
primarily from increased sales of new products, the amount and timing of custom
orders, and orders received from distributors.
The Company had net income of $16,883 for the quarter ended February 28,
2003 compared to a net loss of ($49,821) for the same period in the previous
fiscal year. For the six months ended February 28, 2003 the company had a net
loss of ($19,868) compared to a net loss of ($145,962) for the comparable period
in the previous fiscal year. The net income in the three month reporting period
compared to a loss in the previous fiscal year results from a substantial
increase in sales coupled with a decrease in cost of sales and lower operating
expenses. For the sixth month reporting period, the decreased loss results from
substantially increased sales, lower cost of sales and a small decrease in
operating expenses. On a per share basis, the income of $16,883 resulted in
$0.00 for the quarter ended February 28, 2003 compared to a loss of ($0.01) in
the three months ended February 28, 2002. For the sixth month reporting period,
the loss of ($29,868) equaled ($0.00) on a per share basis compared to a loss of
($0.04) in the sixth months ended February 28, 2002.
The cost of products sold was $26,939 or 17% of net sales for the three
months ended February 28, 2003, as compared to $52,140 or 44% of net sales for
the three months ended February 28, 2002. The decreased percentage for the
current quarter results from substantially higher sales which causes fixed
manufacturing costs to account for a much smaller percentage of sales, as well
as the mix of products sold to higher margin products as compared to the
previous fiscal year. For the six month period ending February 28, 2003 the cost
of products sold was $61,987 or 22% of net sales compared to $73,086 or 45% of
sales for the six months ended February 28, 2002. The decrease between reporting
periods also results from substantially higher sales and the mix of products
sold.
An operating gain of $16,766 was generated for the quarter ended February
28, 2003 compared to an operating loss of ($54,358) for the same period in the
previous fiscal year. For the six months ended February 28, 2003 an operating
loss of ($20,213) was generated compared to an operating loss of ($151,593) for
the six months ended February 28, 2002. The decrease between years for both of
the respective reporting periods resulted from substantial sales increases along
with flat to decreased operating expenses.
The Company received interest and investment income of $848 during the
quarter ended February 28, 2003 as compared to $1,745 in the prior fiscal year.
Interest and investment income for the six months ended February 28, 2003
totaled $1,807 versus $3,861 in the comparable reporting period in the previous
fiscal year. Investment income is derived primarily from the investment of the
proceeds from recent private placements. The decrease in investment income
during the quarter and the six month reporting period as compared to the
previous year results from significantly lower interest rates available for
investment
11
balances.
Operating expenses decreased $3,371 (3%) to $117,192 from $120,463 for the
quarter ended February 28, 2003 as compared to the comparable reporting period
in the prior fiscal year. The decrease between the respective reporting periods
resulted from lower administrative and research and development expenses offset
by a small increase in sales and operations expenses. For the six months ended
February 28, 2003 operating expenses decreased by $164 to $240,283 from $240,447
for the reporting period as compared to the prior fiscal year.
Research and development costs decreased by $816 (2%) to $37,670 from
$38,486 for the three months ended February 28, 2003 as compared to the three
months ended February 28, 2002. For the six months ended February 28, 2003
research and development costs decreased by $986 (1%) to $73,121 from $74,107
from the same reporting period in the prior fiscal year. The small decrease
between years for both of the respective reporting periods results from lower
expenditures in the areas of salaries and professional fees as compared to the
prior year. The Company expects the costs of research and development to
fluctuate based on the status of preclinical and clinical trials for
ViaStem(TM).
Sales and operations expenses increased by $1,102 (4%) to $27,849 from
$26,747 for the three months ended February 28, 2003 as compared the comparable
reporting period in the previous fiscal year. For the six month reporting period
ended February 28, 2003, sales and operations expenses increased by $373 (1%) to
$56,489 from $56,116. The increase for the three month reporting period as well
as the six month reporting period as compared to the comparable periods in the
prior fiscal year results from increase commissions due to increased sales
offset by reduced expenditures in several other areas in the sales and
operations department. The Company expects that sales and operations expenses
will fluctuate based on sales volume, introduction of new products, new studies,
and as new advertising materials are developed.
Administrative expenses decreased by $3,557 (6%) for the three months ended
February 28, 2003 compared to the comparable period in the previous fiscal year
to $51,673 from $55,230. The decrease for the three month reporting period as
compared to the previous fiscal year is due to lower salaries and benefits
offset by higher health insurance premiums. For the six months ended February
28, 2003 administrative expenses increased by $449 as compared to the previous
fiscal year to $110,673 from $110,224. The small increase is a combination of
lower salaries and benefits offset by increased health insurance premiums as
well as legal and professional fees expended in connection with the introduction
of new products, agreements and matters related to the advancement of
ViaStem(TM).
LIQUIDITY AND CAPITAL RESOURCES
Capital resources on hand at February 28, 2003 include cash and short-term
investments of $169,491 and net working capital of $249,177 This represents a
decrease of $31,260 (16%) in cash and short-term investments and a decrease of
$4,559 (2%) in net working capital as compared to August 31, 2002.
The Company is leasing approximately 9,500 square feet of office,
laboratory and warehouse space in St. Paul, MN under a seven year lease. The
lease term expires on January 31, 2004. The original lease contains provisions
for a renewal option for the Company. There is no guarantee however, that the
terms of a new lease will be equal to or better than the existing lease. The
Company moved into the new facility during March 1997. As partial payment for
tenant improvements in the new facility, the Company borrowed $100,000 from a
local bank. In February 2000 the loan was renegotiated with a different bank.
The new loan is secured by a certificate of deposit at this bank. The interest
rate for this loan, currently 4%, is tied to the certificate of deposit rate.
The loan is for a one year term with a maturity in February 2004. The balance of
the tenant improvements over this amount was paid with Company funds.
12
During the second quarter of fiscal 2001, 50,000 shares were issued as a
result of a private placement participant exercising warrants.
During the fourth quarter of fiscal 2001, the Company sold subscriptions
for 157,659 units of common stock and a warrant at $0.47 per unit in a private
offering.
The Company sold additional subscriptions for 53,200 units of common stock
and a warrant for $0.47 in the first quarter of fiscal 2002 and additional
subscriptions for 85,106 units of common stock and a warrant for $0.47 in the
second quarter of fiscal 2002.
The Company intends to pursue additional financing, subject to prevailing
market conditions. There is no guarantee however, that the Company will be able
to successfully raise an adequate amount of additional funds with terms that are
favorable to the Company. In addition, there can be no assurance that the
Company will be able to obtain the necessary FDA approvals for ViaStem(TM).
The Company anticipates spending approximately $20,000 during fiscal 2003
on capital expenditures. This does not include costs for preclinical and
clinical trials for ViaStem(TM). Through February 2003 the Company has made no
capital expenditures. The Company believes that its capital resources on hand at
February 28, 2003 together with revenues from product sales, will be sufficient
to meet its cash requirements for the fiscal year.
FORWARD LOOKING INFORMATION
Information contained in this Form 10-QSB contains " forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995, which can be identified by the use of forward-looking terminology such
as "may", "will", "expect", "plan", "anticipate", "estimate" or "continue" or
the negative thereof or other variations thereon or comparable terminology.
There are certain important factors that could cause results to differ
materially from those anticipated by some of these forward-looking statements.
Investors are cautioned that all forward-looking statements involve risks and
uncertainty. The factors, among others, that could cause actual results to
differ materially include the Company's ability to obtain FDA approval for its
clinical products, the ability of the Company to raise additional capital and
the ability to execute its business plan.
13
PART II -- OTHER INFORMATION
ITEM I. -- LEGAL PROCEEDINGS
The Company is not presently involved in any material legal proceedings.
ITEM 2. -- CHANGES IN SECURITIES
None
ITEM 3. -- DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. -- SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. -- OTHER INFORMATION
None
ITEM 6. -- (A) EXHIBITS
99.1 906 Certifications
(B) REPORTS ON FORM 8-K
None
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
PROTIDE PHARMACEUTICALS, INC.
Dated: April 4, 2003 By: /S/ Milo R. Polovina
---------------------------------------
Milo R. Polovina, President & CEO
(Principal Financial Officer)
14