BioCapital Announces its Results for the First Semester 1999.MONTREAL--(BUSINESS WIRE)--Aug. 25, 1999-- All amounts mentioned in this report are expressed in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents , unless otherwise specified spec·i·fy tr.v. spec·i·fied, spec·i·fy·ing, spec·i·fies 1. To state explicitly or in detail: specified the amount needed. 2. To include in a specification. 3. . BioCapital Investments, Limited Partnership ("BioCapital") (ME:BCK BCK Blue Crash Kit (webcomic) BCK Back-Country Kitchen BCK Bernstein, Cushner & Kimmell (law firm) BCK Brotherhood of the Crimson Knights (gaming clan) .UN.) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BCK.UN.) continues its growth. During the first semester se·mes·ter n. One of two divisions of 15 to 18 weeks each of an academic year. [German, from Latin (cursus) s of 1999, ending June June: see month. 30, BioCapital has maintained its contribution to private companies by investing more than $9M in them, which brings the value of the private portfolio to $50.9M at cost and to $61.8M at the fair market value. BioCapital has also substantially increased its investments in publicly-traded companies, namely $18M, in order to bring the investments at cost to more than $38.9M and at the fair market value to $43.1M. BioCapital's investments now total $89.8M at cost and $104.9M at the fair market value.
June 30, 1999 June 30, 1998
Investment portfolio $104.9M $66.5M
Unrealized appreciation $15.0M $11.8M
Partners' equity $112.7M $72.2M
During the first semester of 1999, BioCapital made new investments and reinvestments for a total amount of $32.8M, compared to $19M during the first semester of 1998. BioCapital has registered an unrealized appreciation of $2.8M during its first semester of 1999, and the net income totalled $1.3M, namely $0.13 per unit. As of June 30, 1999, BioCapital's investment portfolio included an unrealized appreciation of $15M, compared to $11.8M as of June 30, 1998, BioCapital's partner equity came to $112.6M, compared to $72.2M as of June 30, 1998, and the net asset value per unit of BioCapital was $10.35. Pursuant to BioCapital's public redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. offer in the normal course of business, BioCapital has purchased and cancelled can·cel v. can·celed also can·celled, can·cel·ing also can·cel·ling, can·cels also can·cels v.tr. 1. To cross out with lines or other markings. See Synonyms at erase. 2. 277,850 of its units up to June 30, 1999, which are undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. at the present market rate. As of August 16, 1999, the fair market value of BioCapital's stock market portfolio calculated with the weighted average of 50 transaction days which was of $45.1M including an unrealized appreciation of $7M. It is important however to point out that, at the same date, the fair market value of the same portfolio at the time of the market closing was rather of $47.6M including an unrealized appreciation of $9.5M. The net asset per unit calculated based on this market value is of $10.90 versus $10.68 when calculated based on the accounting method. During these past months, the public market has demonstrated a certain renewal of interest for large capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. biotechnology biotechnology, the use of biological processes, as through the exploitation and manipulation of living organisms or biological systems, in the development or manufacture of a product or in the technological solution to a problem. titles. It seems that a positive current is initiating towards medium capitalization titles. Profile: BioCapital is a fixed capital investment limited partnership that invests in healthcare and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. with high growth potential. BioCapital features an innovative vehicle for investments in private and public companies, offering high diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. and significant liquidity. BioCapital distinguishes itself by the scientific and technological expertise of its management team and by the rigourous evaluation process of investment opportunities. BioCapital is publicly traded on Montreal Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. and Toronto stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (BCK. UN) and it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have net asset is $112.7M. On June 30, 1999, the net asset value per instalment INSTALMENT, contracts. A part of a debt due by contract, and agreed to be paid at a time different from that fixed for the, payment of the other part. For example, if I engage to pay you one thousand dollars, in two payments, one on the first clay of January, and the other on the first receipt was $10.35. BioCapital's major partners include such outstanding investors as Fonds
Fonds is an archival term used to describe a collection of papers that originate from the same source. de solidarite des travailleurs du Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. (F.T.Q.) Societe Innovatech du Grand Montreal, BioChem Pharma Pharma may be an abbreviation for:
National Bank of Canada (Banque Nationale du Canada) TSX: NA is the sixth largest bank in Canada, and so is one of the Big Six banks. and Bank of Vizille The village of Vizille is home to the Musée de la Révolution Française, a rich depository of archival and rare materials devoted to the French Revolution. The stacks are accessible to researchers (by appointment). The Museum grounds feature extensive landscaping and formal gardens. .
BIOCAPITAL INVESTMENTS LIMITED PARTNERSHIP
Balance Sheets
at June 30th
(non-audited)
(in thousands except for the Net Asset Value per unit and
instalment receipt)
1999 1998
--------- ---------
Assets
Investments $104,904 $66,472
Marketable securities 6,092 5,551
Subscriptions receivable 13
Accrued interest 49 27
--------- ---------
111,045 72,063
Cash 1,431 84
Accounts receivable 219 147
Prepaid expenses 37
--------- ---------
$112,732 $72,294
--------- ---------
--------- ---------
Liabilities
Accounts payable $81 $51
Partners' Equity 112,651 72,243
--------- ---------
$112,732 $72,294
--------- ---------
--------- ---------
Number of units outstanding 10,884 8,229
Net asset value per unit
Per fully paid unit $10.35 $10.28
Based on instalment receipts non applicable(1) $7.78
(1) All the instalment receipts became fully paid units as of
January 1st, 1999.
Income Statements
For the six month period ending June 30th
(non-audited)
(in thousands except for the Net Income per unit)
1999 1998
--------- ---------
Revenue
Interests $450 $214
Fees 53 53
Gain on disposal of investments
Gain (loss) on disposal of investments
(at cost) 456 620
Reversal of the unrealized depreciation
(appreciation) following the disposals (864) (541)
Others 2 54
Unrealized appreciation 2,785 4,112
--------- ---------
2,882 4,512
--------- ---------
Expenses
Management fees- general partner 1,257 990
Other 280 193
--------- ---------
1,537 1,183
--------- ---------
Net Income $1,345 $3,329
--------- ---------
--------- ---------
Weighted average number of units
outstanding 10,090 7,285
Net Income per unit $0.13 $0.46
BIOCAPITAL INVESTMENTS LIMITED PARTNERSHIP
Changes In Cash Position
For the six month period ending June 30th
(non-audited)
(in thousands)
1999 1998
--------- ---------
Operating activities
Net income $1,345 $3,329
Items not involving cash and cash equivalents:
Unrealized appreciation (2,785) (4,112)
Loss (gain) on disposal of investments
(at cost) (456) (620)
Reversal of the unrealized appreciation
(depreciation) upon disposals 864 541
--------- ---------
(1,032) (862)
Net change in items related to operations 4,712 1,932
--------- ---------
3,680 1,070
--------- ---------
Financing activities
Partners' contributions 30,000 10,912
Redemption of units (1,178)
Gain on redemption of units 213
Issue and organization costs (81) (254)
--------- ---------
28,954 10,658
--------- ---------
Investing activities
Acquisition of investments (32,829) (19,096)
Proceeds on disposal of investments 5,140 2,597
Change in marketable securities (6,093) 4,522
--------- ---------
(33,782) (11,977)
--------- ---------
Increase in cash (1,148) (249)
Cash at beginning 2,579 333
--------- ---------
Cash at end $1,431 $84
--------- ---------
--------- ---------
Partners' Equity
For the six month period ending June 30th
(non-audited)
(in thousands)
1999 1998
--------- ---------
Capital
Balance at beginning $78,308 $59,440
Subscriptions 30,000 8,274
Issue and organization costs (81) (254)
Redemption of units (1,178)
--------- ---------
Balance at end 107,049 67,460
Retained Earnings
Balance at beginning 4,044 1,453
Net income 1,345 3,329
Gain on redemption of units 213
--------- ---------
Balance at end 5,602 4,783
--------- ---------
$112,651 $72,243
--------- ---------
--------- ---------
BIOCAPITAL INVESTMENTS LIMITED PARTNERSHIP
June 30 1999 June 30 1998
Total Total
Total investment Total investment
number in shares number in shares
of shares and loans of shares and loans
--------- ---------- --------- ----------
INVESTMENTS
Publicly-traded
companies
Allelix
Biopharmaceutical
Inc. 900,200 $3,807,927 52,100 $563,939
Altarex Corporation 7,168,000 4,473,226 200,000 594,381
Amgen Inc. 15,000 1,114,846
Aurora BioSciences 300,000 3,212,542
Biochem Pharma Inc. 130,000 4,426,904 25,000 902,406
Biogen, Inc. 20,000 996,795
Biomatrix Inc. 38,462 286,250 38,462 572,500
Chiron Corp. 100,000 2,986,000 38,000 992,102
Cor Therapeutics Inc. 95,600 1,954,193
Cubist
Pharmaceuticals, Inc. 622,500 3,066,306 49,700 376,073
Genzyme 40,000 1,539,156
Haemacure Corporation 1,291,131 2,704,253 1,098,634 2,264,784
Inex Pharmaceuticals
Inc. 150,000 604,501
Labopharm Inc. 1,322,071 2,272,586 937,071 1,747,488
Protein Design
Labs Inc. 100,000 2,952,982
QLT Phototherapeutics
Inc. 50,000 827,165
Synsorb
Biotechnologies Inc. 1,140,000 1,995,000
Vasogen Inc. 2,249,360 3,341,867 1,142,860 2,000,000
Xillix
Technologies Corp. 1,237,600 1,468,861 100,000 260,290
Autres 2,633,653
----------- ----------
Total cost 38,948,897 17,990,079
Unrealized
appreciation 4,182,077 4,504,807
----------- ----------
Fair value 43,130,974 41.1% 22,494,886 33.8%
----------- ----------
Private companies
Base 4
Bioinformatiques
Inc. 1,025,641 2,000,000 1,025,641 2,000,000
BCM Developpement
Inc. 1,289,068 1,883,602 5,000 900,000
Biorthex inc. 2,019,998 3,400,000 1,499,998 2,100,000
Biovet inc. 1,262,861 4,281,934 790,004 1,981,220
Cifra Medical Inc. 839,507 2,381,772 749,160 1,826,122
Conjuchem
(RedCell Canada)
Inc. 2,000,000 2,000,000 2,000,000 2,000,000
CryoCath
Technologies Inc. 2,738,651 3,636,400 1,751,984 2,156,400
Glycodesign Inc. 666,667 2,000,000 666,667 2,000,000
GSI Environnement
inc. 8,623 600,000 8,623 600,000
ICAgen Inc. 217,392 680,897 217,392 680,897
Intellivax
International Inc. 1,445,049 2,261,736 1,445,049 2,011,736
Le Concepteur-
Ensemblier
Afcan(1997) inc. 1,023,333 890,000 683,333 550,000
LMS Medical
Systems Itee 50,000 604,166 39,500 395,000
MethylGene Inc. 961,754 2,502,500 961,754 2,502,500
Neokimia Inc. 2,500,000 2,000,001 2,000,000 1,000,001
Neurochem Inc. 1,293,163 4,000,001 893,163 2,500,001
Origenix
Technologies Inc. 666,667 1,333,334 250,000 500,000
Paladin Labs Inc. 465,116 2,000,000
Quantum
Biotechnologies
Inc. 2,404,801 5,032,475 1,738,134 3,032,473
RTP Pharma Inc. 1,116,321 2,649,490 945,403 2,389,694
Theralipids Inc. 1,050,000 1,275,000 1,050,000 1,275,000
Autres 1,516,227 - 2,469,376
----------- ----------
Total cost 48,929,535 34,870,420
Unrealized
appreciation 10,476,865 7,156,902
----------- ----------
Fair value 59,406,400 56.6% 42,027,322 63.2%
----------- ----------
Other venture
capital funds
European Medical
Ventures Fund,
S.C.A. 304,352 304,352
Medical Science
Partners II, L.P. 658,456 658,456
Oxford Bioscience
Partners II, L.P. 1,044,262 698,830
Ventana Growth
Fund II, L.P. 168,292
----------- ----------
Total cost 2,007,070 1,829,930
Unrealized
appreciation 359,429 119,476
----------- ----------
Fair value 2,366,499 2.3% 1,949,406 2.9%
----------- ----------
Total cost 89,885,502 54,690,429
Unrealized
appreciation 15,018,371 11,781,185
----------- ----------
Fair value $104,903,873 100% $66,471,614 100%
----------- ----------
----------- ----------
The cost of investments in the U.S.A. totals 19.3 million dollars and represents 17.3 percent of the total capital as at June 30 1999 |
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