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
May 15, 2003
_________________________________
(Date of earliest event reported)
GENELABS TECHNOLOGIES, INC.
______________________________________________________
(Exact name of Registrant as specified in its charter)
California 0-19222 94-3010150
________________________________________________________________________________
(State of Incorporation) (Commission File No.) (IRS Employer
Identification No.)
505 Penobscot Drive, Redwood City, California 94063
____________________________________________________________
(Address of principal executive offices, including zip code)
(650) 369-9500
____________________________________________________
(Registrant's telephone number, including area code)
_____________________________________________________________
(Former name or former address, if changed since last report)
ITEM 7. EXHIBITS
99.1 Press Release of Registrant, dated May 15, 2003, entitled
"Genelabs Technologies, Inc. Reports 2003 First Quarter
Financial Results."
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On May 15, 2003, Genelabs Technologies, Inc., a California
corporation ("Registrant"), announced its financial results for the fiscal
quarter ended March 31, 2003.
SIGNATURE
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, thereto duly authorized.
GENELABS TECHNOLOGIES, INC.
/s/ Matthew M. Loar
By: ---------------------------
Name: Matthew M. Loar
Title: Chief Financial Officer
Date: May 15, 2003
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- ----------- -----------
99.1 Press Release of Registrant, dated May 15, 2003, entitled "
Genelabs Technologies, Inc. Reports 2003 First Quarter
Financial Results."
EXHIBIT 99.1 - PRESS RELEASE
EXHIBIT 99.1
GENELABS TECHNOLOGIES, INC. REPORTS
2003 FIRST QUARTER FINANCIAL RESULTS
REDWOOD CITY, Calif. - May 15, 2003 - Genelabs Technologies, Inc.
(Nasdaq:GNLB) today reported revenues of $0.7 million and a net loss of $4.2
million, or $0.08 per share for the first quarter 2003. This compares to
revenues of $1.0 million and a net loss of $3.6 million, or $0.07 per share
for the first quarter 2002.
Total operating expenses were $4.9 million for the first quarter 2003 compared
to $4.7 million for the first quarter 2002.
At March 31, 2003, Genelabs had $1.7 million in cash and short-term
investments. After the end of the first quarter, on May 2, 2003, Genelabs
completed the sale of 8.1 million shares of its common stock at a price of
$1.00 per share for gross proceeds of $8.1 million. In connection with the
sale, Genelabs also issued warrants to purchase an additional 2.43 million
shares of Genelabs common stock at an exercise price of $1.50 per share.
About Genelabs
- --------------
Genelabs Technologies, Inc. is a biopharmaceutical company pioneering the
discovery and development of novel pharmaceutical products to improve human
health. We have built drug discovery and clinical development capabilities
that can support various research and development projects. We are
concentrating our capabilities on three core programs: developing a late-stage
product for lupus, discovering novel antimicrobial lead compounds, and
discovering novel lead compounds that selectively inhibit replication of the
hepatitis C virus (HCV). Through our drug discovery efforts we have
synthesized numerous antimicrobial lead compounds, one of which has been
selected for preclinical development, and are using high-throughput methods
for the discovery of novel lead compounds for HCV. Our clinical development
efforts are concentrated on Prestara(TM) (prasterone; Anastar(TM) in Europe)
for systemic lupus erythematosus, for which we have received an approvable
letter from the U.S. Food and Drug Administration and for which we have
submitted a Marketing Authorization Application in Europe. For more
information about Genelabs, please visit www.genelabs.com.
NOTE: This press release contains forward-looking statements including
statements regarding our research programs and the development of Prestara for
systemic lupus erythematosus. These forward-looking statements are based on
Genelabs' current expectations and are subject to uncertainties and risks that
could cause actual results to differ materially from the statements made.
Uncertainties and risks include, without limitation, the company's capital
requirements and history of operating losses; whether the results of the
company's clinical trials of Prestara(TM) and other supporting information
will be sufficient to support the approval of Prestara(TM) by the FDA, the
European Agency for Evaluation of Medicinal Products and other regulatory
authorities; delays regarding the regulatory approval process including the
timing and scope of approval received, if any; uncertainties and risks
regarding market acceptance of Prestara(TM) as a treatment for systemic lupus
erythematosus (SLE or lupus); uncertainties and risks regarding the company's
ability to consummate strategic or corporate partner transactions on favorable
terms or at all; the early stage of Genelabs' research programs and
uncertainties associated with the preclinical development of compounds,
including whether a compound will advance to preclinical testing, clinical
trials, or ultimately become a product, and the uncertainty of the timing of
any of these; and the validity, scope and enforceability of patents related to
the company's technologies. The active ingredient in Prestara(tm) is
prasterone, the synthetic equivalent of the androgenic hormone
dehydroepiandrosterone (DHEA). Products containing DHEA are currently being
marketed by others as dietary supplements. The company has not submitted
applications for regulatory review of Prestara(TM) outside the U.S. and
Europe. In addition, neither U.S. nor other regulatory authorities have made a
determination as to the safety or efficacy of Prestara(TM) for SLE. Please see
the information appearing in the company's filings with the Securities and
Exchange Commission, including the most recent Quarterly Report on Form 10-Q
and Annual Report on Form 10-K, under the captions "Risk Factors," "Business
Risks" and "Forward-Looking Statements" for more discussion regarding these
uncertainties and risks and others associated with the company's research
programs, early stage of development and other risks which may affect the
company or cause actual results to differ from those included in the
forward-looking statements. Genelabs does not undertake any obligation to
update these forward-looking statements or risks to reflect events or
circumstances after the date of this release.
GENELABS TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, December 31,
2003 2002
------------------ -------------------
(Unaudited)
ASSETS
Cash, cash equivalents and short-term investments: $ 1,664 $ 6,570
Other current assets 869 929
Property and equipment, net 1,220 1,306
Long-term investments 960 960
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$ 4,713 $ 9,765
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LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities $ 6,199 $ 7,051
Shareholders' equity/(deficit) (1,486) 2,714
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$ 4,713 $ 9,765
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GENELABS TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
For the three months ended
March 31,
---------------------------------------------
2003 2002
------------------- -------------------
Contract revenue $ 727 $ 1,031
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Operating expenses:
Research and development 3,557 3,380
General and administrative 1,391 1,366
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Total operating expenses
4,948 4,746
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Operating loss (4,221) (3,715)
Interest income 21 72
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Loss from continuing operations (4,200) (3,643)
Income from discontinued operations
of diagnostics subsidiary - 76
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Net loss $ (4,200) $ (3,567)
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Loss per share from continuing operations $ (0.08) $ (0.07)
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Net loss per share $ (0.08) $ (0.07)
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Weighted average shares outstanding 53,393 49,848
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