Back to GetFilings.com
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2004
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM __________ TO _________
COMMISSION FILE NUMBER: 000-25132
MYMETICS CORPORATION
(Exact name of Registrant as specified in its charter)
DELAWARE 25-1741849
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
European Executive Office
14, rue de la Colombiere
1260 Nyon (Switzerland)
(Address of principal executive offices)
011 41 22 363 13 10
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
Indicate by check mark whether the Registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes No X
--- ---
Indicate the number of shares outstanding of each of the Registrant's classes of
common stock, as of the latest practicable date:
Class Outstanding at May 14, 2004
----- ----------------------------
Common Stock, $0.01 60,014,454
par value
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
MYMETICS CORPORATION
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(IN THOUSANDS OF EUROS)
MARCH 31, 2004 DECEMBER 31, 2003
-------------- -----------------
ASSETS
Current Assets
Cash e 93 e 125
Receivables 105 100
Prepaid expenses 6 6
---------- ------------
Total current assets 204 231
Patents and Other 124 136
---------- ------------
e 328 e 367
========== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable e 1,090 e 1,232
Taxes and social costs payable 32 53
Note payable 3,176 3,127
Other 118 113
---------- ------------
Total current 4,416 4,525
liabilities
Payable to shareholders 242 242
Shareholders' Equity
Common stock 648 607
Paid-in capital 18,604 18,142
Deficit accumulated during the (24,213) (23,799)
development stage
Cumulative translation adjustment 631 650
---------- ------------
(4,330) (4,400)
---------- ------------
e 328 e 367
========== ============
The accompanying notes are an integral part of these financial statements.
MYMETICS CORPORATION
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
(IN THOUSANDS OF EUROS, EXCEPT FOR PER SHARE AMOUNTS)
FOR THE THREE FOR THE THREE TOTAL ACCUMULATED
MONTHS ENDED MONTHS ENDED DURING THE
MARCH 31, 2004 MARCH 31, 2003 DEVELOPMENT STAGE
-------------- -------------- -----------------
Revenue
Sales e - e - e 224
Interest - - 34
--------- ---------- -----------
- - 258
--------- ---------- -----------
Expenses
Research and development 86 390 4,071
General and administrative 264 246 4,262
Bank fee - - 14,932
Interest 49 37 380
Goodwill impairment - - 209
Amortization 15 17 337
Directors' fees - - 274
--------- ---------- -----------
414 690 24,465
--------- ---------- -----------
Loss before income tax provision (414) (690) (24,207)
Income tax provision - - 6
--------- ---------- -----------
Net loss (414) (690) (24,213)
Other comprehensive income
Foreign currency translation
adjustment (19) 58 631
--------- ---------- -----------
Comprehensive loss e (433) e (632) e (23,582)
========= ========== ===========
Basic and diluted loss per share e (0.01) e (0.01) e (0.66)
========= ========== ===========
The accompanying notes are an integral part of these financial statements.
MYMETICS CORPORATION
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS OF EUROS)
FOR THE THREE FOR THE THREE TOTAL ACCUMULATED
MONTHS ENDED MONTHS ENDED DURING THE
MARCH 31, 2004 MARCH 31, 2003 DEVELOPMENT STAGE
-------------- -------------- -----------------
Cash flow from operating activities
Net Loss e (414) e (690) e (24,213)
Adjustments to reconcile net loss to
net cash used in operating activities
Amortization 15 17 337
Goodwill impairment - - 209
Fees paid in warrants 102 - 14,240
Services and fee paid in common stock 27 - 978
Changes in current assets and
liabilities, net of
effects from reverse purchase
Decrease(increase) in receivable (5) 8 (67)
Increase(decrease) in accounts payable (142) (5) 792
Increase(decrease) in taxes and
social costs payable (21) 5 32
Other 5 4 160
------ -------- --------
Net cash used in operating activities (433) (661) (7,532)
------ -------- --------
Cash flows from investing activities
Patents and other (3) - (341)
Cash acquired in reverse purchase - - 13
------ -------- --------
Net cash used in investing activities (3) - (328)
------ -------- --------
Cash flows from financing activities
Proceeds from issuance of common stock 374 - 3,350
Borrowing from shareholders - - 242
Increase in note payable and other
short-term advances 49 511 3,860
Loan fees - - (130)
------ -------- --------
Net cash provided by financing activities 423 511 7,322
------ -------- --------
Effect on foreign exchange rate on cash (19) 58 631
------ -------- --------
Net change in cash (32) (92) 93
Cash, beginning of period 125 183 -
------ -------- --------
Cash, end of period e 93 e 91 e 93
====== ======== ========
The accompanying notes are an integral part of these financial statements.
MYMETICS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2004
(UNAUDITED)
NOTE 1. BASIS OF PRESENTATION
The accompanying interim period consolidated financial statements of Mymetics
Corporation (the "Company") set forth herein have been prepared by the Company
pursuant to the rules and regulations of the U.S. Securities and Exchange
Commission (the "SEC"). Certain information and footnote disclosure normally
included in financial statements prepared in accordance with accounting
principles generally accepted in the United States have been condensed or
omitted pursuant to such SEC rules and regulations. The interim period
consolidated financial statements should be read together with the audited
financial statements and the accompanying notes included in the Company's latest
annual report on Form 10-K for the fiscal year ended December 31, 2003. The
accompanying financial statements of the Company are unaudited. However, in the
opinion of the Company, the unaudited consolidated financial statements
contained herein contain all adjustments necessary to present a fair statement
of the results of the interim periods presented. All adjustments made during the
three month period ended March 31, 2004 were of a normal and recurring nature.
The amounts presented for the three month period ended March 31, 2004, are not
necessarily indicative of the results of operations for a full year.
NOTE 2. EARNINGS (LOSS) PER SHARE
In accordance with SFAS No. 128, Earnings Per Share, and SEC Staff Accounting
Bulletin (SAB) No. 98, basic net income (loss) per common share is computed by
dividing the net income (loss) for the period by the weighted average number of
common shares outstanding during the period. Under SFAS No. 128, diluted net
income (loss) per share is computed by dividing the net income (loss) for the
period by the weighted average number of common and common equivalent shares,
such as stock options and warrants, outstanding during the period.
The weighted average number of shares outstanding for the purposes of
calculating basic and diluted earnings per share for the three month periods
ended March 31, 2004 and March 31, 2003 were 57,603,245 and 50,944,454,
respectively. The weighted average number of shares outstanding for the purpose
of calculating basic and diluted earnings per share for the development stage
period is 36,898,317. Common equivalent shares, such as stock options and
warrants, were excluded from the calculations of diluted earnings per share for
the three month periods ended March 31, 2004 and 2003 as their effect would be
antidilutive.
NOTE 3. STOCK-BASED COMPENSATION
The Company has a stock-based employee compensation plan. The Company accounts
for the plan under the recognition and measurement principles of APB Opinion No.
25. "Accounting for Stock Issued to Employees," and related interpretations. No
stock-based employee compensation cost is reflected in net income, as all
options granted under the plan had an exercise price equal to or greater than
the market value of the underlying common stock on the date of grant. The
following table illustrates the effect on net income and earnings per share if
the Company had applied the fair value recognition provisions of SFAS No. 123,
"Accounting for Stock-Based Compensation," to stock-based employee compensation.
For the three For the three
months ended months ended
March 31, March 31,
2004 2003
------ ------
Net Loss
As reported E (414) E (690)
Deduct: Total stock-based employee compensation
expense determined under fair value based methods for
all awards, net of any related tax effects - (12)
------------ -----------
Pro forma E (414) E (702)
=========== ==========
Basic and Diluted Loss Per Share
As reported E (0.01) E (0.01)
Pro forma E (0.01) E (0.01)
NOTE 4. REPORTING CURRENCY
Consistent with the location of its activities, beginning January 1, 1999, the
Company adopted the euro (E) as its corporate currency. Accordingly, the Company
prepared all accompanying financial statements in euros.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
This report contains forward-looking statements that involve risks and
uncertainties. The statements contained in this report are not purely
historical, but are forward-looking statements within the meaning of Section 21E
of the Securities Exchange Act of 1934, as amended, and Section 27A of the
Securities Act of 1933, as amended. These forward looking statements concern
matters that involve risks and uncertainties that could cause actual results to
differ materially from those projected in the forward-looking statements. Words
such as "may," "will," "should," "could," "expect," "plan," "anticipate,"
"believe," "estimate," "predict," "potential," "continue", "probably" or similar
words are intended to identify forward looking statements, although not all
forward looking statements contain these words.
Although we believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results, levels of
activity performance or achievements. Moreover, neither we nor any other person
assumes responsibility for the accuracy and completeness of the forward-looking
statements. We are under no duty to update any of the forward-looking statements
after the date hereof to conform such statements to actual results or to changes
in our expectations.
Readers are urged to carefully review and consider the various disclosures made
by us which attempt to advise interested parties of the factors which affect our
business, including without limitation disclosures made under the captions
"Management Discussion and Analysis of Financial Condition and Results of
Operations," "Risk Factors," "Consolidated Financial Statements" and "Notes to
Consolidated Financial Statements" included in our annual report on Form 10-K
for the year ended December 31, 2003 and, to the extent included therein, our
quarterly reports on Form 10-Q filed during fiscal year 2003.
OVERVIEW
In March 2001, we acquired substantially all of the shares of Mymetics SA
(formerly Hippocampe SA) as our primary operating business. Mymetics SA is a
biotechnology research and development company devoted to fundamental and
applied research in the areas of human and veterinary biology and medicine. The
Company's primary objective is to develop therapies to treat certain
retroviruses including human immunodeficiency virus, or HIV, the virus that
leads to acquired immunodeficiency syndrome, or AIDS. Additional applications of
our research include potential treatments and/or vaccines for animal AIDS, human
and animal oncoviral leukemias, multiple sclerosis and organ transplantation.
Since the acquisition of Mymetics SA, our financial statements have been
prepared treating us as a development stage company. We currently do not make,
market or sell any products or services. As of March 31, 2004, we had not
performed any clinical testing and a commercially viable product is not expected
for several more years. As such, we have not generated any significant revenues.
Revenues reported by us consist of incidental serum by-products of our research
and development activities and interest income. For the purpose of our financial
reporting, the development stage started on May 2, 1990, which is the date that
Mymetics SA was originally organized in France.
As of March 31, 2004, we have an accumulated deficit of approximately E 24.2
million. Our losses have resulted primarily from research and development
activities, related general and administrative expenses and bank fees incurred
in connection with the acquisition of Mymetics SA. To date, our principal
sources of funding have been private equity financings and bank financings. We
expect to continue to incur substantial operating losses for the foreseeable
future as we continue our research and development activities.
The following discussion and analysis of our results of operations and financial
condition for the three months ended March 31, 2004 should be read in
conjunction with our consolidated financial statements and related notes
included in this report on Form 10-Q.
THREE MONTHS ENDED MARCH 31, 2004 AND 2003
RESULTS OF OPERATIONS - THREE MONTHS ENDED MARCH 31, 2004 COMPARED TO
THREE MONTHS ENDED MARCH 31, 2003
Revenues for the three months ended March 31, 2004 and 2003 were nil.
Costs and expenses decreased to E414,000 for the three months ended March 31,
2004 from E690,000 (-40.0%) for the three months ended March 31, 2003. Research
and development expenses decreased to E86,000 in the current period from
E390,000 (-77.9%) in the comparative period of 2003 as a result of our difficult
financial condition, as more fully disclosed in our Form 10-K for the year ended
December 31, 2003. General and administrative expenses increased to E264,000 in
the three months ended March 31, 2004 from E246,000 in the comparative period of
2003 due mostly to fees paid in warrants.
The Corporation reported a net loss of E414,000, or E0.01 per share, for the
three months ended March 31, 2004, compared to E690,000, or E0.01, for the three
months ended March 31, 2003.
LIQUIDITY AND CAPITAL RESOURCES
These financial statements have been prepared assuming we will continue as a
going concern. We have experienced significant losses since inception resulting
in a deficit in shareholders' equity of E4.3 million as of March 31, 2004, which
raises substantial doubt about our ability to remain a going concern. Deficits
in operating cash flows since inception have been financed through debt and
equity sources.
As of March 31, 2004, we had approximately E93,000 in cash compared to E125,000
at December 31, 2003.
Net cash used by operating activities was E433,000 for the three months ended
March 31, 2004, compared to E661,000 for the three months ended March 31, 2003.
A decrease in accounts payable used cash of E142,000 for the three months ended
March 31, 2004 compared to E5,000 for the three months ended March 31, 2003.
Financing activities provided cash of E423,000 (of which E374,000 from the
issuance of common stock to three new investors) for the three months ended
March 31, 2004 compared to E511,000 in the same period last year. We had a
non-revolving term facility in the principal amount of up to E3.15 million,
which was to mature on June 30, 2004. Subsequent to March 31, 2004, MFC Merchant
Bank SA agreed to extend the repayment due date to December 31, 2004, in
exchange for 500,000 restricted common shares of Mymetics Corporation. The
500,000 shares were issued to the bank in May 2004.
In order to remain a going concern, we intend to seek additional financial
resources to continue our research and development, pre-clinical and clinical
studies and regulatory activities necessary to bring our potential products to
market and to establish production, marketing and sales capabilities. The timing
and amount of spending of such financial resources cannot be accurately
predicted and will depend on several factors, including the progress of our
efforts in raising such financial resources, the progress of our research and
development efforts and pre-clinical and clinical activities, competing
technological and market developments, the time and costs of obtaining
regulatory approvals, the time and costs involved in filing, prosecuting and
enforcing patent claims, the progress and cost of commercialization of products
currently under development, market acceptance and demand for our products and
other factors beyond our control.
We will seek to raise the required funds from US or European government agencies
such as NIH or Eurovac, from humanitarian donors such as the International AIDS
Vaccine Initiative (IAVI) or the Bill and Melinda Gates Foundation, lenders
and/or equity or debt issuance and/or potential partnership with major
international pharmaceutical and biotechnology firms. However, there can be no
assurance that we will be able to obtain grants and/or raise additional capital
on terms satisfactory to us, or at all. In the event that we are not able to
obtain such additional capital or grants, we would be required to restrict or
even halt our operations. If adequate funds are not available, we could be
required to delay development or commercialization of our products or
technologies that we would otherwise seek to commercialize for ourselves, or
reduce the marketing, customer support or other resources devoted to our
products, any of which could have a material adverse effect on our business,
financial condition and result of operations.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to market risk from changes in interest rates which could affect
our financial condition and results of operations. We have not entered into
derivative contracts for our own account to hedge against such risk.
INTEREST RATE RISK
Fluctuations in interest rates may affect the fair value of financial
instruments sensitive to interest rates. An increase in interest rates may
decrease the fair value and a decrease in interest rates may increase the fair
value of such financial instruments. We have debt obligations which are
sensitive to interest rate fluctuations. The following tables provide
information about our exposure to interest rate fluctuations for the carrying
amount of such debt obligations as of March 31, 2004 and 2003 and expected cash
flows from these debt obligations:
AS AT MARCH 31, 2004
(IN THOUSANDS)
EXPECTED FUTURE CASH FLOW
YEAR ENDING DECEMBER 31,
CARRYING FAIR ---------------------------------------------------
VALUE VALUE 2004 2005 2006 2007 2008 THEREAFTER
----- ----- ---- ---- ---- ---- ---- ----------
- ----------------------------------------------------------------------------------------------------------------
Debt obligations E3,176 E3,176 E3,270 E - E - E - E - E -
- ----------------------------------------------------------------------------------------------------------------
AS AT MARCH 31, 2003
(IN THOUSANDS)
EXPECTED FUTURE CASH FLOW
YEAR ENDING DECEMBER 31,
CARRYING FAIR ---------------------------------------------------
VALUE VALUE 2003 2004 2005 2006 2007 THEREAFTER
----- ----- ---- ---- ---- ---- ---- ----------
- ----------------------------------------------------------------------------------------------------------------
Debt obligations E2,500 E2,500 E2,500 E - E - E - E - E -
- ----------------------------------------------------------------------------------------------------------------
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures. Within 90 days prior to the
filing date of this report, our principal executive officer and principal
financial officer, carried out an evaluation of the effectiveness and design of
our disclosure controls and procedures (as defined in Exchange Act Rules
13a-14(c) and 15d-14(c)) and have concluded that, based on such evaluation, our
disclosure controls and procedures were adequate and effective to ensure that
material information relating to us, including our consolidated subsidiaries,
was made known to them by others within those entities, particularly during the
period in which this Quarterly Report on Form 10-Q was being prepared.
Changes in Internal Controls. None.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None. All cases previously reported have been resolved or settled out of court.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
NEW INVESTORS
On January 5 and 25, 2004 respectively, two additional potential investors
referred to in our filing 10-Q for the quarterly period ended September 30, 2003
accepted to invest EUR 83,200 each, i.e. a total of EUR 166,400 (approximately
USD 200,000) in exchange for 1,000,000 each, i.e. a total of 2,000,000 common
shares of Mymetics Corporation at approximately USD 0.10 per share. The
transaction was closed, and the funds received, on January 26, 2004.
In addition to the common shares thus subscribed and in consideration of the
fact that the market value of the Mymetics shares was fluctuating around USD
0.05 between December 24, 2003 and January 25, 2004, each of the new investors
referred to above also received a warrant irrevocably entitling him to acquire
before June 30, 2004, at a similar price of USD 0.10 per share, an equal number
of common shares as he had initially subscribed. The Board of Directors
subsequently decided to extend the exercise date of said warrants by one month,
i.e. to July 31, 2004.
On February 23, 2004, one of the investors referred to in our Form 8-K filed on
February, 20, 2004 accepted to acquire an additional 2,500,000 common shares of
Mymetics Corporation at 0.10 USD per share, bringing his total investment to
3,000, 000 common shares of Mymetics Corporation. The transaction was closed,
and the funds received, on February 24, 2004.
In addition of the common shares thus subscribed and in consideration of the
fact that the market value of the Mymetics share was fluctuating around USD 0.05
between December 24, 2003 and February 24, 2004, this investor further received
a warrant irrevocably entitling him to acquire before July 31, 2004, 2,500,000
common shares of the Company for the same price of USD 0.10 per share.
The proceeds of these transactions have been used to i) pay critical creditors
of Mymetics Corporation's French affiliate, Mymetics SA, which allowed us to
settle all former employees claims against our French subsidiary. ii) settle,
either totally or partially, amounts owed to critical service suppliers to
Mymetics Corporation, thus allowing a gradual return to normal operations of the
Company, and iii) launch certain research projects having a high potential for
strengthening our negotiating position with major pharmaceutical companies.
APPOINTMENTS
On January 9, 2004, the Board of Directors appointed Professor Marc Girard, DVM,
D. Sc., former Head of the Laboratory of Molecular Virology at the Pasteur
Institute in Paris (France), former Director of the European Research Center for
Virology and Immunology (CERVI) in Lyon (France), former Head of the HIV Task
Force at the French National Agency for AIDS Research (ANRS), Paris, former
Director General of the Merieux Foundation in Lyon (France), former Chairman of
the European Consortium for an HIV Vaccine (EuroVac), Brussels, as Head of
Vaccines Development, effective January 15, 2004 on a 50%, part time basis.
In addition to his position as Head of Vaccines Development, the Directors
unanimously appointed Professor Marc Girard, D. Sc., to the Scientific Advisory
Board of Mymetics Corporation.
SCIENTIFIC ADVANCES
Recent work conducted with our French partner Protein'eXpert SA has positively
demonstrated the biological functionality of the large scale, conformational
mimicry between the gp41 HIV transmembrane protein and IL-2, a key protein
sometimes referred to as "the immune system's conductor".
We believe that understanding the functionality of such large scale,
conformational mimicry, which we first identified in 1997, opens the way to an
original and innovative approach to developing vaccines against AIDS.
Mymetics' scientists and Protein'eXpert SA have been able to produce at low cost
the synthetic, trimeric and soluble gp41 proteins used in such work and which we
believe to be potential AIDS vaccine candidates.
Mymetics holds several patents and patent applications based on this discovery,
which we believe to be reinforced and vindicated by the above referenced
results.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
------- -----------
31.1 Section 302 Certification of Chief Executive Officer
31.2 Section 302 Certification of Chief Financial Officer
32 Section 906 Certification of Chief Executive Officer
and Chief Financial Officer
(b) REPORTS ON FORM 8-K
On February 20, March 23, April 16 and May 11, 2004 respectively, reports on
Forms 8-K were filed to disclose the:
o Judgement rendered by a Swiss court against our French subsidiary, Mymetics
SA, effectively putting an end to a long standing dispute involving legal
fees.
o Out-of-court settlements of all claims by former employees of our French
subsidiary for unpaid salaries, social charges and legally due severance
indemnities.
o Nomination of Dr. Pierre-Francois Serres as VP, Head of Exploratory
Research and his replacement as VP, Chief Scientific Advisor by Dr. Sylvain
Fleury, Ph.D.
o Arrival in three successive stages of four "new investors" having acquired
an aggregate 6 million common shares of Mymetics Corporation for Euro
291,200 and USD 250,000, i.e. a total of approximately USD 600,000.
o Use of proceeds to i) pay off critical creditors, ii) resume normal
operations and iii) strengthen our scientific basis in view of upcoming
negotiations with potential partners.
o Issuance to the new investors of warrants irrevocably entitling them to
acquire before July 31, 2004, an additional aggregate total of 6 million
common shares of Mymetics Corporation at USD 0.10 per share, i.e. a total
of USD 600,000.
o Appointment of professor Marc Girard, DVM, D.Sc. as Head of Vaccines
Development and member of our Scientific Advisory Board.
o Significant scientific results, including the successful low cost synthesis
of stable, trimeric, soluble gp41 proteins, which we believe to be
potential AIDS vaccine candidates.
o Agreement by MFC Merchant bank SA to extend to December 31, 2004 the
repayment of the E3.2 million loan facility, previously due on June 30,
2004, in exchange of the issuance of 500,000 common restricted shares of
Mymetics Corporation.
No financial statements were filed in connection with these reports on Form 8-K.
SIGNATURES
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, thereunto duly authorized.
Dated: May 14, 2004 MYMETICS CORPORATION
By: /s/ Christian Rochet
-------------------------------------
President and Chief Executive Officer