Myriad Pharmaceuticals Inc. (MYRX, Financial) filed Quarterly Report for the period ended 2010-03-31.
Myriad Pharmaceuticals Inc. has a market cap of $103.37 million; its shares were traded at around $4.2 with and P/S ratio of 18.95. MYRX is in the portfolios of Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, John Rogers of ARIEL CAPITAL MANAGEMENT LLC.
In connection with Javelins termination of the Merger Agreement and in accordance with the terms of the Merger Agreement, on April 19, 2010, Javelin paid us stipulated expenses of $1.5 million plus a termination fee of $2.9 million. In addition and also on April 19, 2010, Javelin paid us approximately $8.3 million, representing all amounts owed under the Loan and Security Agreement. Upon our receipt of such payment on April 19, 2010, the Loan and Security Agreement was automatically terminated.
Research revenue is comprised of research payments received pursuant to external collaborative agreements. Research revenue for the three and nine months ended March 31, 2010 was $30,000 and $90,000, respectively, compared to $1.0 million and $5.1 million, respectively, for the same periods ended March 31, 2009. Research revenue for the three and nine months ended March 31, 2010 reflects revenues earned under recent short-term research agreements utilizing our expertise to characterize pathogen-host protein interactions. Research revenue in the prior year periods reflects revenue earned pursuant to a genomic sequencing research collaboration and a long-term research agreement utilizing our expertise to characterize protein- protein interactions. Both of these long-term agreements were completed during the fiscal year ended June 30, 2009. Research revenue from our research collaboration agreements is recognized using a proportional performance methodology. Consequently, as these programs progress and outputs increase or decrease, revenue may increase or decrease proportionately.
Research and development expenses are comprised primarily of salaries and related personnel costs, laboratory supplies, equipments costs, facilities expense, and costs associated with our clinical trials. Research and development expenses for the three and nine months ended March 31, 2010 were $7.2 million and $21.3 million, respectively, compared to $13.4 million and $41.7 million, respectively, for the same periods ended March 31, 2009. These 47% and 49% decreases were primarily due to:
Selling, general and administrative expenses consist primarily of salaries and related personnel costs for marketing, executive, legal, finance and accounting, information technology, human resources, and allocated facilities expenses. Selling, general and administrative expenses for the three and nine months ended March 31, 2010 were $6.9 million and $19.1 million, respectively, compared to $2.6 million and $7.2 million, respectively, for the same periods ended March 31, 2009. These 165% and 165% increases in selling, general and administrative expenses during the three and nine months ended March 31, 2010, respectively, were due primarily to the costs and expenses associated with being a separate, stand-alone publicly traded entity, including costs to implement and maintain accounting, human resource, payroll, purchasing, information technology, legal and other business functions and systems. In addition, there were costs incurred in the three months ended March 31, 2010 associated with due diligence and, legal, accounting and investment banking fees incurred in connection with the Proposed Merger. Amounts included in the prior year period for general and administrative costs include some proportional cost allocations of certain common costs of Myriad Genetics because these expense
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Myriad Pharmaceuticals Inc. has a market cap of $103.37 million; its shares were traded at around $4.2 with and P/S ratio of 18.95. MYRX is in the portfolios of Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, John Rogers of ARIEL CAPITAL MANAGEMENT LLC.
Highlight of Business Operations:
On December 18, 2009, we and MPI Merger Sub, Inc., a Delaware corporation and our wholly owned subsidiary, or MPI Merger Sub, entered into an Agreement and Plan of Merger, or the Merger Agreement, with Javelin Pharmaceuticals, Inc., or Javelin and a representative of the stockholders of Javelin, pursuant to which we were to acquire all of the outstanding shares of Javelin common stock in exchange for shares of our common stock and MPI Merger Sub was to merge with and into Javelin, referred to herein as the Proposed Merger, with Javelin continuing after the Proposed Merger as the surviving corporation and our wholly owned subsidiary. The Proposed Merger was expected to close in April 2010. Concurrently and in connection with the execution of the Merger Agreement, we, Javelin and Innovative Drug Delivery Systems, Inc., a Delaware corporation and a wholly owned subsidiary of Javelin, entered into a loan and security agreement, which was amended on March 10, 2010, and is referred to herein as the Loan and Security Agreement. Under the terms of the Loan and Security Agreement, we agreed to loan Javelin up to $8.5 million to fund Javelins operations prior to the closing of the Proposed Merger. On each of January 8, 2010, February 8, 2010, March 1, 2010, and April 5, 2010, we loaned Javelin $2.0 million under this agreement, and on March 29, 2010, we loaned Javelin $204,050 to fund specified commercial initiatives under this agreement.In connection with Javelins termination of the Merger Agreement and in accordance with the terms of the Merger Agreement, on April 19, 2010, Javelin paid us stipulated expenses of $1.5 million plus a termination fee of $2.9 million. In addition and also on April 19, 2010, Javelin paid us approximately $8.3 million, representing all amounts owed under the Loan and Security Agreement. Upon our receipt of such payment on April 19, 2010, the Loan and Security Agreement was automatically terminated.
Research revenue is comprised of research payments received pursuant to external collaborative agreements. Research revenue for the three and nine months ended March 31, 2010 was $30,000 and $90,000, respectively, compared to $1.0 million and $5.1 million, respectively, for the same periods ended March 31, 2009. Research revenue for the three and nine months ended March 31, 2010 reflects revenues earned under recent short-term research agreements utilizing our expertise to characterize pathogen-host protein interactions. Research revenue in the prior year periods reflects revenue earned pursuant to a genomic sequencing research collaboration and a long-term research agreement utilizing our expertise to characterize protein- protein interactions. Both of these long-term agreements were completed during the fiscal year ended June 30, 2009. Research revenue from our research collaboration agreements is recognized using a proportional performance methodology. Consequently, as these programs progress and outputs increase or decrease, revenue may increase or decrease proportionately.
Research and development expenses are comprised primarily of salaries and related personnel costs, laboratory supplies, equipments costs, facilities expense, and costs associated with our clinical trials. Research and development expenses for the three and nine months ended March 31, 2010 were $7.2 million and $21.3 million, respectively, compared to $13.4 million and $41.7 million, respectively, for the same periods ended March 31, 2009. These 47% and 49% decreases were primarily due to:
Selling, general and administrative expenses consist primarily of salaries and related personnel costs for marketing, executive, legal, finance and accounting, information technology, human resources, and allocated facilities expenses. Selling, general and administrative expenses for the three and nine months ended March 31, 2010 were $6.9 million and $19.1 million, respectively, compared to $2.6 million and $7.2 million, respectively, for the same periods ended March 31, 2009. These 165% and 165% increases in selling, general and administrative expenses during the three and nine months ended March 31, 2010, respectively, were due primarily to the costs and expenses associated with being a separate, stand-alone publicly traded entity, including costs to implement and maintain accounting, human resource, payroll, purchasing, information technology, legal and other business functions and systems. In addition, there were costs incurred in the three months ended March 31, 2010 associated with due diligence and, legal, accounting and investment banking fees incurred in connection with the Proposed Merger. Amounts included in the prior year period for general and administrative costs include some proportional cost allocations of certain common costs of Myriad Genetics because these expense
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