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UNAUDITED PROFORMA FINANCIAL DATA
The following unaudited pro forma balance sheet as of January 31, 1997
reflects the historical financial position of Bio-Plexus adjusted to reflect
the pro forma adjustments described in the Notes following this proforma
financial data.
The pro forma data are not necessarily indicative of the results that
would have occurred if the transactions had taken place on the dates assumed or
that may occur in the future.
Exhibit 99.2
BIO-PLEXUS, INC.
PROFORMA CONDENSED BALANCE SHEET
(Unaudited)
Historical Proforma
January 31, Proforma January 31,
1997 Adjustments 1997
---------- ----------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 2,775,000 $ 250,000(b) $ 3,025,000
Accounts receivable 712,000 712,000
Inventories
Raw materials 1,254,000 1,254,000
Work-in-process 278,000 278,000
Finished goods 270,000 270,000
------------ -------------
1,802,000 1,802,000
------------ -------------
Other current assets 285,000 285,000
------------ ---------- -------------
Total current assets 5,574,000 $ 250,000 5,824,000
------------ ---------- -------------
Fixed assets, net 8,443,000 8,443,000
Deferred debt financing expenses 157,000 157,000
Patents, net of amortization 54,000 54,000
Other assets 302,000 302,000
------------ ---------- -------------
$ 14,530,000 $ 250,000 $ 14,780,000
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LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Current portion of long-term debt $ 3,223,000 $ (728,000)(a) $ 2,495,000
Accounts payable and accrued expenses 1,558,000 175,000 (a) 1,733,000
Accrued interest payable 49,000 49,000
Accrued employee costs 307,000 307,000
------------ ---------- -------------
Total current liabilities 5,137,000 (553,000) 4,584,000
------------ ---------- -------------
CII debt, net 137,000 137,000
Other long-term debt, net 7,104,000 (1,179,000)(a) 5,925,000
Other long-term liabilities 1,400,000 1,400,000
Accrued financing expense - CII debt 550,000 (550,000)(c) 0
Redeemable Class A common stock 20,000 20,000
Redeemable common stock warrants 149,000 149,000
Shareholders' equity
Common stock, no par value, 12,000,000 authorized,
7,046,552 and 6,568,938 shares issued and
outstanding 47,186,000 3,192,000 (a,b,c) 50,378,000
Deficit accumulated during the development stage (47,153,000) (660,000) (47,813,000
------------ ---------- ------------
Total shareholders' equity 33,000 2,532,000 2,565,000
------------ ---------- ------------
$ 14,530,000 $ 250,000 $ 14,780,000
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EXHIBIT 99.2
Footnotes to January 31, 1997 ProForma Balance Sheet
BIO-PLEXUS, INC. - Summary of ProForma Adjustments to Net Tangible Assets
between January 31, 1997 and February 27, 1997.
(a) Debt to Equity conversions
through February 26, 1997 $1,731,856
(b) Warrant Exercise by Warrant
holder on February 1, 1997 $250,000
(c) Decrease in accrued financing
expense on February 11, 1997
resulting from conversion of
Royalty contract to equity $550,000
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Total ProForma Adjustments $2,531,856
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