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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
Date of Report (Date of earliest event reported): September 22, 2003
BioMarin Pharmaceutical Inc.
(Exact name of registrant as specified in its charter)
Delaware 000-26727 68-0397820
(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
371 Bel Marin Keys Boulevard, Suite 210, Novato, California 94949
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (415) 884-6700
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On September 22, 2003, BioMarin Pharmaceutical Inc. (the
"Company"), issued a press release announcing the termination of it Phase 3a
study of Neutralase and the termination of the Neutralase program for all
indications. The Company's press release issued on September 22, 2003 is
attached hereto as Exhibit 99.1.
The press release included an estimate of "cash burn" (a
non-GAAP financial measure) for the years ending December 31, 2003 and 2004. The
Company estimates that cash burn for 2003 and 2004 will be between $74-78
million and $69-73 million, respectively. The Company defines cash burn as net
cash flow for a fiscal year (determined in accordance with generally accepted
accounting principles) less all proceeds from capital markets financing
activities. The Company estimates total net increase in cash for the year ending
December 31, 2003 to be approximately $131 million to $135 million and the
aggregate net proceeds from its public offering of common stock, sales of common
stock to an institutional investor and convertible debt offering to be
approximately $209 million. The Company does not anticipate any additional
capital market financing activities in 2004 or for the remainder of 2003.
Therefore, the estimated cash burn for 2004 is equal to the estimated total net
decrease in cash for 2004.
The Company believes that cash burn, although a non-GAAP
financial measure, provides useful information to investors by showing the net
cash expended in most aspects of its activities. The Company also believes that
the presentation of this non-GAAP financial measure is consistent with the
Company's past practice, as well as industry practice in general, and will
enable investors and analysts to compare current non-GAAP measures with non-GAAP
measures presented in prior periods. Any non-GAAP financial measure used by the
Company should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
Exhibit 99.1 Press Release of the Company dated September 22, 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 hereunto duly authorized.
BioMarin Pharmaceutical Inc.,
a Delaware corporation
Date: September 22, 2003 By: /s/ Louis Drapeau
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Louis Drapeau
Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
Exhibit 99.1 Press Release of the Company dated September 22, 2003.