UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
------------------
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______________ to ____________
Commission file number: 0-26642
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MYRIAD GENETICS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 87-0494517
- ---------------------------- ------------------------------------
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
320 WAKARA WAY, SALT LAKE CITY, UT 84108
- ------------------------------------------- -----------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (801) 584-3600
--------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
As of November 10, 1997, the registrant had 9,273,971 shares
of common stock outstanding.
MYRIAD GENETICS, INC.
INDEX TO FORM 10-Q
Page
----
PART I - Financial Information
Item 1. Financial Statements.
Condensed Consolidated Balance Sheet as of September 30, 1997
and June 30, 1997 3
Condensed Consolidated Statements of Operations for the three
months ended September 30, 1997 and 1996 4
Condensed Consolidated Statements of Cash Flows for the
three months ended September 30, 1997 and 1996 5
Notes to Condensed Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 7
PART II - Other Information
Item 1. Legal Proceedings 11
Item 2. Changes in Securities 11
Item 3. Defaults Upon Senior Securities 12
Item 4. Submission of Matters to a Vote of Security Holders 12
Item 5. Other Information 12
Item 6. Exhibits and Reports on Form 8-K 12
SIGNATURE(S) 13
2
MYRIAD GENETICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Sept. 30, 1997
(Unaudited) June 30, 1997
-------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 20,447,227 $ 15,675,763
Marketable investment securities 30,450,929 31,952,315
Prepaid expenses 157,098 446,260
Trade receivables 186,476 183,166
Non-trade receivables 329,663 294,967
------------ ------------
Total current assets 51,571,393 48,552,471
------------ ------------
Equipment and leasehold improvements:
Equipment 13,682,417 13,124,937
Leasehold improvements 2,242,128 2,075,308
------------ ------------
15,924,545 15,200,245
Less accumulated depreciation and amortization 3,824,875 3,189,724
------------ ------------
Net equipment and leasehold improvements 12,099,670 12,010,521
Long-term marketable investment securities 10,901,051 15,449,360
Other assets 50,979 50,979
------------ ------------
$ 74,623,093 $ 76,063,331
============ ============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 1,731,453 $ 2,559,035
Accrued liabilities 2,441,402 1,154,254
Deferred revenue 5,424,930 5,699,427
Current portion of notes payable 351,906 342,796
------------ ------------
Total current liabilities 9,949,691 9,755,512
------------ ------------
Notes payable, less current portion 37,218 128,844
Stockholders' equity
Common stock, $0.01 par value, 15,000,000 shares authorized;
issued and outstanding 9,266,216 shares on September 30,
1997 and 9,222,552 shares on June 30, 1997 92,662 92,226
Additional paid-in capital 91,730,970 91,605,739
Fair value adjustment on available-for-sale marketable
investment securities 91 5,382
Deferred compensation (1,244,346) (1,376,980)
Accumulated deficit (25,943,193) (24,147,392)
------------ ------------
Net stockholders' equity 64,636,184 66,178,975
------------ ------------
$ 74,623,093 $ 76,063,331
============ ============
See accompanying notes to condensed consolidated financial statements.
3
MYRIAD GENETICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
---------------------------------------------
Sept. 30, 1997 Sept. 30, 1996
(Unaudited) (Unaudited)
------------------- -------------------
Research revenue $ 5,515,042 $ 2,195,781
Genetic testing revenue 409,545 -
----------- ------------
Total revenues 5,924,587 2,195,781
Costs and expenses:
Research and development expenses 6,200,637 4,094,743
Selling, general and administrative expenses 2,137,228 1,759,959
Genetic testing cost of revenue 235,999 -
----------- ------------
Total costs and expenses 8,573,864 5,854,702
----------- ------------
Operating loss (2,649,277) (3,658,921)
Other income (expense):
Interest income 864,803 848,494
Interest expense (11,448) (19,652)
Other 121 -
----------- ------------
853,476 828,842
----------- ------------
Net loss ($1,795,801) ($2,830,079)
----------- ------------
Net loss per share ($0.19) ($0.32)
=========== ============
Weighted average shares outstanding 9,237,843 8,712,829
=========== ============
See accompanying notes to condensed consolidated financial statements.
4
MYRIAD GENETICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
---------------------------------------------
Sept. 30, 1997 Sept. 30, 1996
(Unaudited) (Unaudited)
------------------- -------------------
Cash flows from operating activities:
Net loss ($1,795,801) ($2,830,079)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization 769,116 496,768
Increase in trade receivables (3,310) -
Decrease (increase) in non-trade receivables (34,696) 62,079
Decrease (increase) in prepaid expenses 289,162 (8,027)
Increase in accounts payable and accrued expenses 459,566 461,839
Increase (decrease) in deferred revenue (274,497) 244,219
------------ ------------
Net cash used in operating activities (590,460) (1,573,201)
------------ ------------
Cash flows from investing activities:
Capital expenditures (725,631) (1,615,197)
Net change in marketable investment securities 6,044,404 4,845,526
------------ ------------
Net cash provided by investing activities 5,318,773 3,230,329
------------ ------------
Cash flows from financing activities:
Net payments of notes payable (82,516) (74,186)
Net proceeds from issuance of common stock 125,667 25,958
------------ ------------
Net cash provided by (used in) financing activities 43,151 (48,228)
------------ ------------
Net increase in cash and cash equivalents 4,771,464 1,608,900
Cash and cash equivalents at beginning of period 15,675,763 13,235,680
------------ ------------
Cash and cash equivalents at end of period $ 20,447,227 $ 14,844,580
============ ============
See accompanying notes to condensed consolidated financial statements.
5
MYRIAD GENETICS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(1) Basis of Presentation
---------------------
The accompanying condensed unaudited consolidated financial statements
have been prepared by Myriad Genetics, Inc. (the "Company") in
accordance with generally accepted accounting principles for interim
financial information and pursuant to the applicable rules and
regulations of the Securities and Exchange Commission. The condensed
unaudited consolidated financial statements include the accounts of
the Company and its wholly-owned subsidiaries. All material
intercompany accounts and transactions have been eliminated in
consolidation. In the opinion of management, the accompanying
financial statements contain all adjustments (consisting of normal and
recurring accruals) necessary to present fairly all financial
statements. The financial statements herein should be read in
conjunction with the Company's audited consolidated financial
statements and notes thereto for the fiscal year ended June 30, 1997,
included in the Company's Annual Report on Form 10-K for the year
ended June 30, 1997. Operating results for the three-month period
ended September 30, 1997 may not necessarily be indicative of the
results to be expected for any other interim period or for the full
year.
(2) Subsequent Event
----------------
In October 1997, the Company entered into an arrangement with Swiss
Bank Corporation, London Branch ("SBC") under which the Company
simultaneously purchased and sold call options on its own Common Stock
resulting in a payment of $100,000 to the Company. The capped call
option purchased by the Company ("Contract A") gives the Company the
right, at option expiration, to (i) purchase 400,000 shares of its own
stock at a strike price of $32.25 or (ii) receive a cash settlement in
an amount equal to the difference between the strike price and the
lesser of the market price at the exercise date or the cap price of
$40.50.
The call option sold by the Company ("Contract B") gives SBC the
right, at option expiration, to purchase 400,000 shares of newly
issued Myriad Common Stock, subject to the effectiveness of a
registration statement, at a strike price of $40.50. Alternatively,
the Company may elect to cash settle, or net share settle the option.
It is management's intent to cash settle contract A, and if the market
price exceeds $40.50 at the option expiration date, to settle Contract
B through the issuance of Myriad stock. If both contracts are
exercised, the Company may receive up to $19,500,000, or $48.75 per
share. Both call options will expire in December 1998.
SBC has advised that it has engaged, and may engage, in transactions,
including buying and selling shares of the Company's Common Stock, to
offset its risk relating to the options. Purchases and sales could
affect the market price of the Company's Common Stock.
6
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
Since inception, the Company has devoted substantially all of its resources to
maintaining its research and development programs, establishing and operating a
genetic testing laboratory, and supporting collaborative research agreements.
Revenues received by the Company primarily have been payments pursuant to
collaborative research agreements and sales of genetic tests. The Company has
been unprofitable since its inception and, for the quarter ended September 30,
1997, the Company had a net loss of $1,795,801 and as of September 30, 1997 had
an accumulated deficit of $25,943,193.
In April 1995, the Company commenced a five-year collaborative research and
development arrangement with Novartis Corporation ("Novartis"). This
collaboration provides the Company with an equity investment, research funding
and potential milestone payments totalling up to $60,000,000. The Company is
entitled to receive royalties from sales of therapeutic products sold by
Novartis. The Company recognized $1,323,208 in revenue under this agreement for
the quarter ended September 30, 1997.
In September 1995, the Company commenced a five-year collaborative research and
development arrangement with Bayer Corporation ("Bayer"). This collaboration
provides the Company with an equity investment, research funding and potential
milestone payments totalling up to $71,000,000. The Company is entitled to
receive royalties from sales of therapeutic products sold by Bayer. The Company
recognized $1,441,833 in revenue under this agreement for the quarter ended
September 30, 1997.
In October 1996, the Company announced the introduction of BRACAnalysis(TM), a
comprehensive BRCA1 and BRCA2 gene sequence analysis for susceptibility to
breast and ovarian cancer. The Company, through its wholly owned subsidiary
Myriad Genetic Laboratories, Inc., began accepting testing samples on a
commercial basis on October 30, 1996. Genetic testing revenues of $409,545 were
recognized for the quarter ended September 30, 1997.
In April 1997, the Company commenced a three-year collaborative research and
development arrangement with Schering Corporation ("Schering"). The three-year
term may be extended for two additional one-year periods. This collaboration
provides the Company with an equity investment, license fees, research funding
and potential milestone payments totalling up to $60,000,000. The Company is
entitled to receive royalties from sales of therapeutic products sold by
Schering. The Company recognized $750,000 in revenue under this agreement for
the quarter ended September 30, 1997.
In October 1997, the Company announced that Schering has licensed the
therapeutic rights to the MMAC1 gene. The MMAC1 gene, located through a
collaborative effort by scientists at the Company and the University of Texas
M.D. Anderson Cancer Center, has been associated with advanced cancers of the
brain, prostate, breast, kidney, and skin. The licensing of this gene triggered
a milestone payment of $2,000,000 from Schering to the Company. The Company may
receive additional drug development milestone payments and royalties on
therapeutic products based on the MMAC1 gene and its pathways. Myriad has
retained the rights and will continue development of the molecular diagnostic
potential of the MMAC1 gene.
The Company intends to enter into additional collaborative relationships to
locate and sequence genes associated with other common diseases as well as
continuing to fund internal research projects. There can be no assurance that
the Company will be able to enter into additional collaborative relationships on
terms acceptable to the Company. The Company expects to incur losses for at
least the next several years, primarily due to expansion of its research and
development programs, increased staffing costs and expansion of its facilities.
Additionally, the Company expects to incur substantial sales, marketing and
other expenses in connection with building its genetic testing business. The
Company expects that losses will fluctuate from quarter to quarter and that such
fluctuations may be substantial.
7
RESULTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
Research revenues for the quarter ended September 30, 1997 increased $3,319,261
from the same quarter of 1996. Research revenue from both the Novartis and Bayer
research agreements increased modestly from the first fiscal quarter of 1996.
The research revenues from the collaborative research agreement initiated with
Schering in April 1997 and Schering's milestone payment associated with the
licensing of the MMAC1 gene account for approximately 83% of the increase from
the prior year. Research revenue from the research collaboration agreements is
recognized as related costs are incurred. Consequently, as these programs
progress and costs increase, revenues increase proportionately.
Genetic testing revenues of $409,545 were recognized in the quarter ended
September 30, 1997, all of which were sales of diagnostic tests resulting from
the Company's discovery of the BRCA1 and BRCA2 breast and ovarian cancer genes.
Since these tests for genetic predisposition to breast and ovarian cancer were
launched by the Company in October 1996, there were no genetic testing revenues
for the comparable quarter ended September 30, 1996.
Research and development expenses for the quarter ended September 30, 1997
increased to $6,200,637 from $4,094,743 for the same quarter of 1996. This
increase was primarily due to an increase in research activities as a result of
the progress in the Company's collaborations with Novartis, Bayer and Schering
as well as those programs funded by the Company. The increased level of
research spending includes third party research programs, increased depreciation
charges related to purchasing additional research equipment, the hiring of
additional research personnel and the associated increase in use of laboratory
supplies and reagents. The Company also incurred expenses related to milestones
achieved by it academic collaborators. Such expenses will likely increase to
the extent that the Company enters into additional research agreements with
third parties.
Selling, general and administrative expenses for the quarter ended September 30,
1997 increased $377,269 from the same quarter of 1996. The increase was
attributable to costs associated with the ongoing promotion of BRACAnalysis(TM)
as well as additional administrative, sales, marketing and education personnel,
market research activities, education material development, and facilities-
related costs. The Company expects its selling, general and administrative
expenses will continue to increase in support of its genetic testing business
and its research and development efforts.
Interest income for the quarter ended September 30, 1997 increased $16,309 or 2%
from the same quarter of 1996. The Company has been able to maintain its cash
reserves at a relatively constant level as a result of its ongoing collaborative
research agreements, entering new collaborative agreements, achieving research
milestones, and sales of its genetic tests. As a result, interest income has
not changed significantly from the prior year. Interest expense for the quarter
ended September 30, 1997, amounting to $11,448, was due entirely to borrowings
under the Company's equipment financing facility.
LIQUIDITY AND CAPITAL RESOURCES
Net cash used in operating activities was $590,460 during the quarter ended
September 30, 1997 and $1,573,201 during the same quarter of 1996. Non-trade
receivables increased $34,696 between June 30, 1997 and September 30, 1997
primarily as a result of certain patent legal fees which the Company has
incurred and which will be reimbursed by one of the Company's collaborative
partners. Prepaid expenses decreased $289,162 during the quarter ended
September 30, 1997. The decrease is primarily due to advance royalties and
insurance premiums being expensed during the quarter. Accounts payable and
accrued expenses increased $459,566 between June 30, 1997 and September 30, 1997
primarily as a result of a milestone payment owed by the Company to one of its
academic collaborators. Deferred revenue, representing the difference in
collaborative payments received and research revenue recognized, decreased
$274,497.
The Company's investing activities provided cash of $5,318,773 in the three
months ended September 30, 1997 and $3,230,329 in the three months ended
September 30, 1996. Investing activities were comprised primarily of capital
expenditures for research equipment, office furniture, and facility improvements
and reinvestment of marketable investment securities from longer term
investments to short-term cash equivalents in order to provide for ongoing
corporate expenditures.
8
Financing activities provided $43,151 during the quarter ended September 30,
1997. The Company reduced the principal on its equipment financing facility by
$82,516. This decrease was offset by proceeds of $125,667 from the exercise of
stock options. Financing activities used $48,228 during the quarter ended
September 30, 1996. The Company reduced the principal on its equipment
financing facility by $74,186 and received proceeds from stock option exercises
of $25,958 during the 1996 quarter.
In October 1997, the Company entered into an arrangement with SBC under which
the Company simultaneously purchased and sold call options on its own Common
Stock resulting in a payment of $100,000 to the Company. The capped call option
purchased by the Company ("Contract A") gives the Company the right, at option
expiration, to (i) purchase 400,000 shares of its own stock at a strike price of
$32.25 or (ii) receive a cash settlement in an amount equal to the difference
between the strike price and the lesser of the market price at the exercise date
or the cap price of $40.50.
The call option sold by the Company ("Contract B") gives SBC the right, at
option expiration, to purchase 400,000 shares of newly issued Myriad Common
Stock, subject to the effectiveness of a registration statement, at a strike
price of $40.50. Alternatively, the Company may elect to cash settle, or net
share settle the option. It is managements intent to cash settle contract A,
and if the market price exceeds $40.50 at the option expiration date, to settle
Contract B through the issuance of Myriad stock. If both contracts are
exercised, the Company may receive up to $19,500,000 or $48.75 per share. Both
call options will expire in December 1998.
SBC has advised that it has engaged, and may engage, in transactions, including
buying and selling shares of the Company's Common Stock, to offset its risk
relating to the options. Purchases and sales could affect the market price of
the Company's Common Stock.
The Company anticipates that its existing capital resources, including the net
proceeds of its initial public offering and interest earned thereon, will be
adequate to maintain its current and planned operations for at least the next
two years, although no assurance can be given that changes will not occur that
would consume available capital resources before such time. The Company's
future capital requirements will be substantial and will depend on many factors,
including progress of the Company's research and development programs, the
results and cost of clinical correlation testing of the Company's genetic tests,
the costs of filing, prosecuting and enforcing patent claims, competing
technological and market developments, payments received under collaborative
agreements, changes in collaborative research relationships, the costs
associated with potential commercialization of its gene discoveries, if any,
including the development of manufacturing, marketing and sales capabilities,
the cost and availability of third-party financing for capital expenditures and
administrative and legal expenses. Because of the Company's significant long-
term capital requirements, the Company intends to raise funds when conditions
are favorable, even if it does not have an immediate need for additional capital
at such time.
CERTAIN FACTORS THAT MAY AFFECT FUTURE RESULTS OF OPERATIONS
The Company believes that this report on Form 10-Q contains certain forward-
looking statements as that term is defined in the Private Securities Litigation
Reform Act of 1995. Such statements are based on management's current
expectations and are subject to a number of factors and uncertainties which
could cause actual results to differ materially from those described in the
forward-looking statements. The Company cautions investors that there can be no
assurance that actual results or business conditions will not differ materially
from those projected or suggested in such forward-looking statements as a result
of various factors, including, but not limited to, the following: intense
competition related to the discovery of disease-related genes and the
possibility that others may discover, and the Company may not be able to gain
rights with respect to, genes important to the establishment and operation of a
successful genetic testing business, difficulties inherent in developing genetic
tests once genes have been discovered; the Company's limited experience in
developing and operating a genetic testing laboratory; the Company's limited
marketing and sales experience and the risk that BRACAnalysis(TM) and any other
tests which the Company develops may not be able to be marketed at acceptable
prices or receive commercial acceptance in the markets that the Company is
targeting or expects to target; uncertainty as to whether there will exist
adequate reimbursement for the Company's services from government, private
healthcare insurers and third-party payors; and uncertainties as to the
9
extent of future government regulation of the Company's business. As a result,
the Company's future development efforts involve a high degree of risk. For
further information, refer to the more specific risks and uncertainties
disclosed throughout this Quarterly Report on From 10-Q.
10
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
The Company is not a party to any litigation in any court, and management is not
aware of any contemplated proceeding by any governmental authority against the
Company.
ITEM 2. CHANGES IN SECURITIES.
(c) Sales of Unregistered Securities
--------------------------------
During the three months ended September 30, 1997, the Company issued a total of
43,664 shares of Common Stock to various Directors, consultants, and employees
of the Company pursuant to the exercise of stock options at a weighted average
price of $4.24 per share.
In October 1997, the Company sold to SBC a call option entitling SBC to purchase
from the Company at a strike price of $40.50 per share, an aggregate of 400,000
shares of the Company's Common Stock. In exchange, the Company purchased from
SBC a capped call option giving the Company the right to purchase from SBC up to
a total of 400,000 shares of Myriad Common Stock at a strike price of $32.25 on
a specified date. See "Management's Discussion and Analysis of Financial
Condition and Results of Operations."
No person acted as an underwriter with respect to the transactions set forth
above. In each of the foregoing instances, the Company relied on Section 4(2)
of the Securities Act of 1933, as amended (the "Securities Act") or Rule 701
promulgated under the Securities Act for the exemption from the registration
requirements of the Securities Act, since no public offerings were involved.
(d) Use of Proceeds
---------------
Pursuant to Rule 463 of the Securities Act, the Company filed its initial Form
SR with the Securities and Exchange Commission on January 15, 1996 reporting for
the period from October 5, 1995 (the effective date of the Company's
registration statement for its initial public offering) through January 5, 1996.
The Company has filed amendments to its Form SR covering each subsequent six
month period on a timely basis, the most recent of which was filed July 8, 1997
("SR Amendment No. 3") reporting for the period from January 5, 1997 through
July 5, 1997. The following schedule reflects as of September 30, 1997 an
estimate of the amount of net offering proceeds received by the Company from its
initial public offering used for each of the purposes listed below (and reflects
only the changes to the information provided by the Company in SR Amendment No.
3).
Direct or indirect payments to anyone other than
directors, officers, persons owning ten percent or
more of any class of equity securities of the Company,
and affiliates of the Company (of which there were no
such payments).
- ----------------------------------------------------------------------------------------------------------------
Construction of plant, building and facilities $ 1,394,256
- ----------------------------------------------------------------------------------------------------------------
Purchase and installation of machinery and equipment $10,341,872
- ----------------------------------------------------------------------------------------------------------------
Cash and investments $12,146,340
- ----------------------------------------------------------------------------------------------------------------
Genetic discovery research expenses $ 6,596,655
- ----------------------------------------------------------------------------------------------------------------
Diagnostic test development and operation expenses $11,440,785
- ----------------------------------------------------------------------------------------------------------------
General and administrative expenses $ 7,343,285
================================================================================================================
11
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. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
--------
The following is a list of exhibits filed as part of this Quarterly Report
on Form 10-Q.
Exhibit
Number Description
- ------ -----------
10.1 Standard Research Agreement between the Company and Valley Mental
Health dated September 1, 1997 (central nervous system disorders).
The Company has excluded from this Exhibit 10.1 portions of the
Standard Research Agreement for which the Company has requested
confidential treatment from the Securities and Exchange Commission.
The portions of the Standard Research Agreement for which
confidential treatment has been requested are marked " * " and such
confidential portions have been filed separately with the Securities
and Exchange Commission.
10.2 International Swap Dealers Association, Inc. Master Agreement ("ISDA
Master Agreement") between the Company and Swiss Bank Corporation,
London Branch dated October 8, 1997.
10.3 Schedule to ISDA Master Agreement between the Company and Swiss Bank
Corporation, London Branch dated October 8, 1997.
10.4 Confirmation for Contract A entered into pursuant to ISDA Master
Agreement between the Company and Swiss Bank Corporation, London
Branch dated October 22, 1997.
10.5 Confirmation for Contract B entered into pursuant to ISDA Master
Agreement between the Company and Swiss Bank Corporation, London
Branch dated October 22, 1997.
11.1 Statement Regarding Computation of Net Loss Per Share
27.1 Financial Data Schedule
(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed during the quarter ended September 30, 1997.
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MYRIAD GENETICS, INC.
Date: November 13,1997 By: /s/ Peter D. Meldrum
------------------- -------------------------------
Peter D. Meldrum
President and Chief Executive Officer
Date: November 13,1997 /s/ Jay M. Moyes
------------------- ----------------------------------
Jay M. Moyes
Vice President of Finance and Chief Financial
Officer (principal financial and accounting
officer)
13
MYRIAD GENETICS, INC.
EXHIBIT INDEX
Exhibit
Number Description
- ------ -----------
10.1 Standard Research Agreement between the Company and Valley Mental
Health dated September 1, 1997 (central nervous system disorders).
The Company has excluded from this Exhibit 10.1 portions of the
Standard Research Agreement for which the Company has requested
confidential treatment from the Securities and Exchange Commission.
The portions of the Standard Research Agreement for which
confidential treatment has been requested are marked " * " and such
confidential portions have been filed separately with the Securities
and Exchange Commission.
10.2 International Swap Dealers Association, Inc. Master Agreement ("ISDA
Master Agreement") between the Company and Swiss Bank Corporation,
London Branch dated October 8, 1997.
10.3 Schedule to ISDA Master Agreement between the Company and Swiss
Bank Corporation, London Branch dated October 8, 1997.
10.4 Confirmation for Contract A entered into pursuant to ISDA Master
Agreement between the Company and Swiss Bank Corporation, London
Branch dated October 22, 1997.
10.5 Confirmation for Contract B entered into pursuant to ISDA Master
Agreement between the Company and Swiss Bank Corporation, London
Branch dated October 22, 1997.
11.1 Statement Regarding Computation of Net Loss Per Share
27.1 Financial Data Schedule
14