BioMimetic Therapeutics Inc. (BMTI, Financial) filed Quarterly Report for the period ended 2009-09-30.
Biomimetic Therapeutics Inc. has a market cap of $253.2 million; its shares were traded at around $11.64 with and P/S ratio of 80.4.
During the nine months ended September 30, 2009, certain of our investments in ARS were sold or redeemed by the issuer. In April 2009, we sold two of the ARS investments and two of the ARS investments were redeemed by the issuer, representing total par value of $11.9 million, for total proceeds of $10.9 million. In July 2009, two of the ARS investments were partially redeemed at par, resulting in cash proceeds of $0.2 million. In September 2009, two of the ARS investments were partially redeemed at par by the issuer for total proceeds of $1.2 million. In addition, in October 2009, one ARS investment was partially redeemed at par by the issuer and two ARS investments were sold at a discount to a third party for total proceeds of $9.1 million.
In October 2008, to address the liquidity issues associated with these ARS investments in the short-term, we entered into a Time Promissory Note (“Note”) credit facility with Deutsche Bank enabling us to borrow up to $39.1 million with certain of our ARS investments serving as collateral. During the nine months ended September 30, 2009, as certain of our ARS investments were redeemed or sold, we repaid $9.3 million, or 70% of the par value of the redeemed and sold ARS investments, against the Note payable in accordance with the terms of the Note. As of September 30, 2009, the outstanding balance of the Note payable was $29.8 million and is reflected in the balance of cash and investments, as well as the related note payable liability, on our condensed consolidated balance sheet.
Net loss for the three months ended September 30, 2009 was $7.9 million, or $0.36 per diluted share, compared to net loss of $18.0 million, or $0.97 per diluted share, for the same period in 2008. The net loss in 2008 included $10.2 million impairment loss on our ARS investments recorded to earnings during the three months ended September 30, 2008.
General and administrative expenses for the three months ended September 30, 2009 were $2.8 million, compared to $2.2 million for the same period in 2008. The increase of $0.6 million is due in part to:
Net loss for the nine months ended September 30, 2009 was $22.3 million, or $1.11 per diluted share, compared to net income of $4.2 million, or $0.22 per diluted share, for the same period in 2008. The net income in 2008 included a $39.3 million net gain on the sale of our orofacial therapeutic business, offset partially by a $10.2 million impairment loss on our ARS investments recorded to earnings. Both of these 2008 items are described in the paragraphs below. We anticipate that our operating losses, which are only partially offset by revenues from royalty income, sublicense fee income and investment income, may continue over the next few years as we continue to fund our research and development activities and clinical trials and as we prepare for a future sales network to represent our products.
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Biomimetic Therapeutics Inc. has a market cap of $253.2 million; its shares were traded at around $11.64 with and P/S ratio of 80.4.
Highlight of Business Operations:
The remaining proceeds of these activities are reflected in the balance of cash and investments, which total $100.6 million as of September 30, 2009. Our cash and cash equivalents total $14.3 million and include cash on hand, deposits in banks, certificates of deposit and money market funds. Our short-term investments portfolio totals $54.9 million and includes U.S. government sponsored enterprise (“GSE”) securities totaling $43.3 million, two U.S. Treasury Notes totaling $2.5 million and certain ARS investments totaling $9.1 million. Our long-term investments portfolio totals $31.4 million and includes GSE securities totaling $1.5 million and ARS totaling $29.9 million.During the nine months ended September 30, 2009, certain of our investments in ARS were sold or redeemed by the issuer. In April 2009, we sold two of the ARS investments and two of the ARS investments were redeemed by the issuer, representing total par value of $11.9 million, for total proceeds of $10.9 million. In July 2009, two of the ARS investments were partially redeemed at par, resulting in cash proceeds of $0.2 million. In September 2009, two of the ARS investments were partially redeemed at par by the issuer for total proceeds of $1.2 million. In addition, in October 2009, one ARS investment was partially redeemed at par by the issuer and two ARS investments were sold at a discount to a third party for total proceeds of $9.1 million.
In October 2008, to address the liquidity issues associated with these ARS investments in the short-term, we entered into a Time Promissory Note (“Note”) credit facility with Deutsche Bank enabling us to borrow up to $39.1 million with certain of our ARS investments serving as collateral. During the nine months ended September 30, 2009, as certain of our ARS investments were redeemed or sold, we repaid $9.3 million, or 70% of the par value of the redeemed and sold ARS investments, against the Note payable in accordance with the terms of the Note. As of September 30, 2009, the outstanding balance of the Note payable was $29.8 million and is reflected in the balance of cash and investments, as well as the related note payable liability, on our condensed consolidated balance sheet.
Net loss for the three months ended September 30, 2009 was $7.9 million, or $0.36 per diluted share, compared to net loss of $18.0 million, or $0.97 per diluted share, for the same period in 2008. The net loss in 2008 included $10.2 million impairment loss on our ARS investments recorded to earnings during the three months ended September 30, 2008.
General and administrative expenses for the three months ended September 30, 2009 were $2.8 million, compared to $2.2 million for the same period in 2008. The increase of $0.6 million is due in part to:
Net loss for the nine months ended September 30, 2009 was $22.3 million, or $1.11 per diluted share, compared to net income of $4.2 million, or $0.22 per diluted share, for the same period in 2008. The net income in 2008 included a $39.3 million net gain on the sale of our orofacial therapeutic business, offset partially by a $10.2 million impairment loss on our ARS investments recorded to earnings. Both of these 2008 items are described in the paragraphs below. We anticipate that our operating losses, which are only partially offset by revenues from royalty income, sublicense fee income and investment income, may continue over the next few years as we continue to fund our research and development activities and clinical trials and as we prepare for a future sales network to represent our products.
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