BioCapital Investments, Limited Partnership Announces a Net Income of 3.2 Million Dollars for the Second Quarter of 1998 -- $0.43/Unit--.MONTREAL--(BUSINESS WIRE)--Aug. 31, 1998-- All figures mentioned in this report are stated 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 . During the second quarter of 1998, 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) .IR.A.) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BCK.IR.A.) made five reinvestments and four new investments for a total of $7,061,255. BioCapital disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. of its investment in one company of its investment portfolio. As at June June: see month. 30, 1998, BioCapital's investment portfolio consisted of 19 publicly-traded companies, 22 private companies and 4 venture capital funds Venture Capital Funds An investment fund that manages money from investors seeking private equity stakes in small and medium-size enterprises with strong growth potential. Notes: . The investments in the Canadian companies This is a list of companies from Canada.
Directory: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Current Companies represent 83.3 percent of the value of the investment portfolio as at June 30, 1998. Investments As at March 31 , 1998, the value of BioCapital's investment portfolio totalled $55,255,041. During the second quarter of 1998, BioCapital made investments of $7,061,255 and disposed of investments for a total amount of $35,347, having a cost of $14,427, resultingin net investments of $7,046,828.
These net investments of $7,046,828 are divided as follows:
Private companies and other venture capital funds:
Reinvestments $844,694
New investments $1,775,000
Publicly-traded companies:
Reinvestments $902,405
New investments $1,539,156
Private placement $2,000,000
----------------------------------------------------------
Total investments: $7,061,255
----------------------------------------------------------
Disposal of investment: (at cost) $(14,427)
----------------------------------------------------------
Total $7,046,828
==========================================================
The net variation of the investments, which totals $7,046,828, added to the opening balance of $55,255,041, plus the unrealized appreciation of the second quarter 1998 of $2,051,422 in the private companies and other venture capital funds and $2,118,323 in the publicly-traded companies, brings the value of the investment portfolio of BioCapital as at June 30, 1998, at $66,471,614.
Investment portfolio at March 31, 1998 : $55,255,041
Net variation of the
investments of the second quarter: $7,046,828
Unrealized appreciation of the second quarter:
Private companies and
other venture capital funds: $2,051,422
Publicly-traded companies: $2,118,323
--------------------------------------------------------------
Investment portfolio as at June 30, 1998: $66,471,614
==============================================================
Partner's equity The fifth and last closing session took place June 18 , 1998. During the closing, BioCapital issued 1,055,177 units to the 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. , at the net asset value per unit of $10.341 as of June 18, 1998, bringing the total number of outstanding units to 8,228,981. With this fifth closing, BioCapital issued the maximum of units permitted by its first initial public offering, reaching its maximum of $50,000,000. Unrealized appreciation The valuation of the investment portfolio as at June 30 , 1998 incurred an unrealized appreciation of $2,051,422 in the private companies and other venture capital funds and $2,118,323 in the publicly-traded companies. The balance sheet at June 30 , 1998 presents a cumulative unrealized appreciation of $11,781,185. Results for the second quarter 1998 The total revenue of $3,935,526 minus the total expenses of $739,438 gives a net income of $3,196,088, representing a net income per unit of $0.43. 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 As at June 30, 1998, the number of outstanding units and instalment receipts is 8,228,981. The net value takes into account the net asset value and calls for payment on December December: see month. 31, 1998, for a total of $84,628,129. Therefore, the net value totalled $10.28 per unit, which is calculated as follows: $84,628,129 divided by 8,228,981 units. The net asset value per unit in connection with the instalment receipts is $7.78 as at June 30, 1998, considering the subscription of $2.50 per unit that is only payable on December 31, 1998. 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 rigorous 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.IR.A) and it`s net asset is $85 million. On June 30, 1998, the net asset value per second instalment receipt was $7.78. BioCapital 's major partners include such outstanding investors as Fonds de solidarite des travailleurs du Quebec (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)
1998 1997
-------------------------------------------------------------
Assets
Investments $66,472 $32,650
Marketable securities 5,551 99
Subscriptions receivable 13 0
Accrued interest 27 0
-------------------------------------------------------------
72,063 32,749
Cash 84 98
Accounts receivable 147 77
-------------------------------------------------------------
72,294 32,924
=============================================================
Liabilities
Accounts payable $51 $33
Partners' Equity 72,243 32,891
-------------------------------------------------------------
$72,294 $32,924
=============================================================
Number of units outstanding 8,229 4,352
Net asset value per unit
Per fully paid unit $10.28 $11.18
Based on instalment receipts $7.78 8.68
-------------------------------------------------------------
Income Statements
For the three month period ending June 30th (non-audited) (in
thousands except for the Net Income per unit)
1998 1997
-------------------------------------------------------------
Revenue
Interests $55 $49
Fees 33 108
Gain on disposal of investments
Gain on disposal of investments (at cost) 21 429
Others 0 43
Unrealized appreciation (depreciation) 3,826 (2,172)
-------------------------------------------------------------
3,935 (1,543)
-------------------------------------------------------------
Expenses
Management fees- general partner 606 358
Operating expenses 133 365
-------------------------------------------------------------
739 723
-------------------------------------------------------------
Net Income (loss) 3,196 (2,266)
=============================================================
Weighted average number
of units outstanding 7,394 2,643
Net Income (Net Loss) per unit $0.43 $(0.82)
-------------------------------------------------------------
BIOCAPITAL INVESTMENTS LIMITED PARTNERSHIP
Changes In Cash Position For the three month period ending June 30th
(non-audited) (in thousands)
1998 1997
-------------------------------------------------------------
Operating activities
Net income (loss) $3,196 $(2,266)
Items not involving cash and cash
equivalents:
Unrealized depreciation
(appreciation) (3,826) 2,172
Gain on disposal of
investments (at cost) (21) (430)
-------------------------------------------------------------
(651) (524)
Net change in items
related to operations (2,785) (8)
-------------------------------------------------------------
(3,436) (532)
-------------------------------------------------------------
Financing activities
Partners' contributions 10,912 2,700
Issue and organization costs (254) 0
-------------------------------------------------------------
10,658 2,700
-------------------------------------------------------------
Investing activities
Acquisition of investments (7,061) (3,220)
Proceeds on disposal of investments 35 434
Change in marketable securities (1,624) 271
Proceeds on disposal of subsidiary 0 47
-------------------------------------------------------------
(8,650) (2,468)
-------------------------------------------------------------
DISTRIBUTIONS 0 (817)
Decrease in cash (1,428) (1,117)
Cash at beginning 1,512 1,215
-------------------------------------------------------------
Cash at end $84 $98
=============================================================
Partners' Equity
For the three month period ending June 30th
(non-audited)
(in thousands)
1998 1997
-------------------------------------------------------------
Capital
Balance at beginning 59,440 $23,922
Subscriptions 8,274 2,700
Issue and organization costs (254) 0
-------------------------------------------------------------
Balance at end 67,460 26,622
Retained Earnings
Balance at beginning 1,586 9,353
Net income (loss) 3,196 (2,267)
Distributions 0 (817)
-------------------------------------------------------------
Balance at end 4,783 6,269
-------------------------------------------------------------
$72,243 $32,891
=============================================================
Income Statements
For the six month period ending June 30th
(non-audited)
(In thousands except for the Net
Income per unit) 1998 1997
--------------------------------------------------------------
Revenue
Interests $214 $85
Fees 53 269
Gain on disposal of investments
Gain on disposal of investments
(at cost) 620 1,912
Reversal of the unrealized
appreciation following the
disposals (541) (1,107)
Others 54 43
Unrealized appreciation
(depreciation) 4,112 (2,172)
--------------------------------------------------------------
4,512 (970)
--------------------------------------------------------------
Expenses
Management fees - general partner 990 628
Operating expenses 193 458
--------------------------------------------------------------
1,183 1,086
--------------------------------------------------------------
Net Income (loss) $3,329 $(2,056)
==============================================================
Weighted average number of
units outstanding 7,285 2,533
Net Income (Net Loss) per unit $0.46 $(0.77)
BIOCAPITAL INVESTMENTS LIMITED PARTNERSHIP
Changes In Cash Position
For the six month period ending June 30th
(non-audited)
(in thousands) 1998 1997
--------------------------------------------------------------
Operating activities
Net income (loss) $3,329 $(2,056)
Items not involving cash and cash
equivalents:
Unrealized depreciation
(appreciation) (4,112) 2,172
Gain on disposal of investments
(at cost) (620) (1,912)
Reversal of the unrealized
appreciation following
the disposals 541 1,107
--------------------------------------------------------------
(862) (689)
Net change in items related
to operations 1,932 16
--------------------------------------------------------------
1,070 (673)
--------------------------------------------------------------
Financing activities
Partners' contributions 10,912 6,945
Issue and organization costs (254) (376)
--------------------------------------------------------------
10,658 6,569
--------------------------------------------------------------
Investing Activities
Acquisition of investments (19,096) (8,294)
Proceeds on disposal of
investments 2,597 3,068
Change in marketable securities 4,522 (1,079)
Proceeds on disposal of subsidiary 0 47
--------------------------------------------------------------
(11,977) (6,258)
--------------------------------------------------------------
DISTRIBUTIONS 0 (817)
Decrease in cash (249) (1,179)
Cash at beginning 333 1,277
--------------------------------------------------------------
Cash at end $84 $98
==============================================================
Partners' Equity
For the six month period ending June 30th
(non-audited)
(in thousands) 1998 1997
--------------------------------------------------------------
Capital
Balance at beginning 59,440 $20,053
Subscriptions 8,274 6,945
Issue and organization costs (254) (376)
--------------------------------------------------------------
Balance at end 67,460 26,622
Retained Earnings
Balance at beginning 1,453 9,142
Net income (loss) 3,329 (2,056)
Distributions 0 (817)
--------------------------------------------------------------
Balance at end 4,783 6,269
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$72,243 $32,891
==============================================================
BIOCAPITAL INVESTMENTS LIMITED PARTNERSHIP
June 30 1998
Total number Total investment
of shares in shares and
loans
---------------------------------------------------------------
INVESTMENTS
Publicly-traded companies
Allelix Biopharmaceutical Inc. 52,100 $563,939
Altarex Corporation 200,000 594,381
Amgen Inc. 15,000 1,114,846
Biochem Pharma Inc. 25,000 902,406
Biogen, Inc. 20,000 996,795
Biomatrix Inc. 38,462 572,500
Chiron Corp. 38,000 992,102
Cubist Pharmaceuticals, Inc. 49,700 376,073
Genzyme 40,000 1,539,156
Haemacure Corporation 1,098,634 2,264,784
Inex Pharmaceuticals Inc. 150,000 604,501
Labopharm Inc. 937,071 1,747,488
QLT Phototherapeutics Inc. 50,000 827,165
Vasogen Inc. 1,142,860 2,000,000
Xillix Technologies Corp. 100,000 260,290
Autres 2,633,653
---------------------------------------------------------------
Sub-total cost 17,990,079
Unrealized appreciation 4,504,807
---------------------------------------------------------------
Fair value 22,494,886 33.8%
---------------------------------------------------------------
Private companies
Base 4 Bioinformatiques Inc. 1,250,641 2,000,000
BCM Developpement Inc 5,000 900,000
Biorthex inc. 1,499,998 2,100,000
Biovet inc. 790,004 1,981,220
Cifra Medical Inc. 749,160 1,826,122
Conjuchem (RedCell Canada)
Inc. 2,000,000 2,000,000
CryoCath Technologies Inc. 1,751,984 2,156,400
Glycodesign Inc. 666,667 2,000,000
GSI Environnement inc. 8,623 600,000
ICAgen Inc. 217,392 680,897
Intellivax International
Inc. 1,445,049 2,011,736
Le Concepteur-Ensemblier
Afcan (1997) inc. 683,333 550,000
LMS Medical Systems Itee 39,500 395,000
MethylGene Inc. 961,754 2,502,500
Neokimia Inc. 2,000,000 1,000,001
Neurochem Inc. 893,163 2,500,001
Origenix Technologies Inc. 250,000 500,000
Quantum Biotechnologies Inc. 1,738,134 3,032,473
RTP Pharma Inc. 945,403 2,389,694
Theralipids Inc. 1,050,000 1,275,000
Autres -- 2,469,376
---------------------------------------------------------------
Sub-total cost 34,870,420
Unrealized appreciation 7,156,902
---------------------------------------------------------------
Fair value 42,027,322 63.2%
--------------------------------------------------------------
Other venture capital funds
European Medical Ventures Fund, S.C.A. 304,352
Medical Science Partners II, L.P. 658,456
Oxford Bioscience Partners II, L.P. 698,830
Ventana Growth Fund II, L.P. 168,292
--------------------------------------------------------------
Sub-total cost 1,829,930
Unrealized appreciation 119,476
---------------------------------------------------------------
Fair value 1,949,406 2.9%
---------------------------------------------------------------
Total cost(i) 54,690,429
Unrealized appreciation 11,781,185
---------------------------------------------------------------
Fair value $66,471,614 100.0%
===============================================================
June 30 1998
Total number Total investment
of shares in shares and
loans
---------------------------------------------------------------
INVESTMENTS
Publicly-traded companies
Allelix Biopharmaceutical Inc. -- $--
Altarex Corporation -- --
Amgen Inc. -- --
Biochem Pharma Inc. -- --
Biogen, Inc. -- --
Biomatrix Inc. 62,500 572,500
Chiron Corp. -- --
Cubist Pharmaceuticals, Inc. -- --
Genzyme
Haemacure Corporation 1,311,361 2,225,980
Inex Pharmaceuticals Inc. -- --
Labopharm Inc. 444,350 734,418
QLT Phototherapeutics Inc. -- --
Vasogen Inc.
Xillix Technologies Corp. -- --
Autres -- 1,662,330
---------------------------------------------------------------
Sub-total cost 5,195,228
Unrealized appreciation 2,663,451
---------------------------------------------------------------
Fair value 7,858,679 25.7%
---------------------------------------------------------------
Private companies
Base 4 Bioinformatiques Inc. -- --
BCM Developpement Inc. 5,000 650,000
Biorthex inc. 1,514,999 2,100,002
Biovet inc. 617,200 1,102,200
Cifra Medical Inc. 439,602 1,022,222
Conjuchem (RedCell Canada)
Inc. 2,000,000 2,000,000
CryoCath Technologies Inc. 1,204,364 1,531,400
Glycodesign Inc. -- --
GSI Environnement inc. 8,623 600,000
ICAgen Inc. 217,392 680,897
Intellivax International
Inc. -- --
Le Concepteur-Ensemblier
Afcan(1997) inc. 533,333 400,000
LMS Medical Systems Itee 29,000 290,000
MethylGene Inc. 260,000 502,500
Neokimia Inc. -- --
Neurochem Inc. 277,778 500,000
Origenix Technologies Inc. -- --
Quantum Biotechnologies Inc. 1,468,134 2,282,473
RTP Pharma Inc. 200,000 2,000,000
Theralipids Inc. -- --
Autres -- 2,486,081
---------------------------------------------------------------
Sub-total cost 18,147,775
Unrealized appreciation 3,016,715
---------------------------------------------------------------
Fair value 21,164,490 69.1%
---------------------------------------------------------------
Other venture capital funds
European Medical Ventures Fund, S.C.A. 304,352
Medical Science Partners II, L.P. 687,913
Oxford Bioscience Partners II, L.P. 347,250
Ventana Growth Fund II, L.P. 180,218
---------------------------------------------------------------
Sub-total cost 1,519,733
Unrealized appreciation 68,540
---------------------------------------------------------------
Fair value 1,588,273 5.2%
---------------------------------------------------------------
Total cost (i) 24,862,736
Unrealized appreciation 5,748,706
---------------------------------------------------------------
Fair value $30,611,442 100.0%
===============================================================
(i) The cost of investments in the U.S.A. totals 10 million dollars
or 12 percent of the total capital as at June 30 1998.
CONTACT: BioCapital Investments, Limited Partnership
Normand Balthazard, 514/288-0128
514/288-0130 (FAX)
E-Mail: balthazard@biocapital.com
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