JUNIPER PHARMACEUTICALS INC - FORM 8-K/A - EX-99.2 - EXHIBIT 99.2 - April 26, 2011

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8-K/A - FORM 8-K/A - JUNIPER PHARMACEUTICALS INCform8ka.htm
EX-10.3 - EXHIBIT 10.3 - JUNIPER PHARMACEUTICALS INCexhibit103.htm
EX-10.4 - EXHIBIT 10.4 - JUNIPER PHARMACEUTICALS INCexhibit104.htm
EX-10.1 - EXHIBIT 10.1 - JUNIPER PHARMACEUTICALS INCexhibit101.htm
EX-10.2 - EXHIBIT 10.2 - JUNIPER PHARMACEUTICALS INCexhibit102.htm
EX-99.1 - EXHIBIT 99.1 - JUNIPER PHARMACEUTICALS INCexhibit991.htm
 

 
 
 
 
Unaudited Pro Forma Financial Statements
 
The following Unaudited Pro Forma Financial Statements give effect to the sale of Striant® testosterone buccal system ("Striant") to Actient Pharmaceutical LLC ("Striant Sale") on April 20, 2011, and are based upon our audited financial statements for the fiscal year ended December 31, 2010, and the related notes and certain estimates, adjustments and assumptions that our management believes to be reasonable. The unaudited pro forma statement of operations for the fiscal year ended December 31, 2010 is presented as if the Striant Sale were completed as of January 1, 2010, and the unaudited pro forma balance sheet at December 31, 2010 is presented as if the Striant Sale were consummated at December 31, 2010. The Unaudited Pro Forma Financial Statements include adjustments to reflect the effects of the Striant Sale, including receipt of the up-front cash payment of $3.1 Million, transfer of on-hand inventory and recognition of gain. After closing we will no longer be involved with the manufacture, commercialization or marketing of Striant for the United States.
 
Pro forma information is intended to provide investors with information about the continuing impact of a transaction by showing how a specific transaction might have affected historical financial statements, illustrating the scope of the change in the historical financial position and results of operations. The adjustments made to historical financial information give effect to events that are directly attributable to the Asset Sale, factually supportable, and expected to have a continuing impact. The Unaudited Pro Forma Financial Statements are prepared in accordance with Article 11 of Regulation S-X.
 
The Unaudited Pro Forma Financial Statements set forth below are not fact and there can be no assurance that our actual results will not differ significantly from those set forth below or that the impact of the Striant Sale will not differ significantly from those presented below. Accordingly, the Unaudited Pro Forma Financial Statements are presented for illustrative purposes only and do not purport to represent, and are not necessarily indicative of, what our actual financial position and results of operations would have been had the Striant Sale occurred on the dates indicated, nor are they indicative of our future financial position or results of operations. Readers of this 8-K are cautioned not to place undue reliance on such information and no one makes any representation regarding the information set forth below or our ultimate performance compared to it.
 
 
 
 
 
 

 
 

Unaudited Pro Forma Consolidated Statement of Operations
 
 
For the Year Ended December 31, 2010
 
 
 
 
For the year ended December 31, 2010
 
Pro Forma
Historical Columbia Laboratories, Inc
 
Pro Forma Adjustments (1)
 
Pro Forma
 
 
 
 
 
 
 
Net Product Revenues
$
27,046,730
 
 
 
$
(1,189,400
)
)
 
$
25,857,330
 
 
Royalty Revenues
1,252,382
 
 
 
—
 
 
 
1,252,382
 
 
Other Revenues
17,377,185
 
 
 
—
 
 
 
17,377,185
 
 
NET REVENUES
45,676,297
 
 
 
(1,189,400
)
)
 
44,486,897
 
 
 
 
 
 
 
 
 
COST OF REVENUES
9,020,901
 
 
 
(149,795
)
)
 
8,871,106
 
 
 
Gross profit
36,655,396
 
 
 
(1,039,605
)
)
 
35,615,791
 
 
OPERATING EXPENSES:
 
 
 
 
 
 
Selling and Distribution
9,661,026
 
 
 
(263,467
)
)
 
9,397,559
 
 
 
General and administrative
14,716,339
 
 
 
—
 
 
 
14,716,339
 
 
 
Research and development
8,581,874
 
 
 
—
 
 
 
8,581,874
 
 
 
Amortization of acquired intangible assets
2,522,364
 
 
 
—
 
 
 
2,522,364
 
 
 
Total operating expenses
35,481,603
 
 
 
(263,467
)
)
 
35,218,136
 
 
 
 
 
 
 
 
 
Income from Operations
1,173,793
 
 
 
(776,138
)
)
 
397,655
 
 
 
 
 
 
 
 
 
 
Interest income
28,843
 
 
 
—
 
 
 
28,843
 
 
 
Interest Expense
(4,837,688
)
)
 
—
 
 
 
(4,837,688
)
)
 
Loss on debt extinguishment
(5,156,775
)
)
 
—
 
 
 
(5,156,775
)
)
 
Change in fair value of redeemable warrants
(7,961,939
)
)
 
—
 
 
 
(7,961,939
)
)
 
Change in fair value of stock warrants
(5,229,089
)
)
 
—
 
 
 
(5,229,089
)
)
 
Other, net
(323,242
)
)
 
—
 
 
 
(323,242
)
)
 
 
(23,479,890
)
)
 
—
 
 
 
(23,479,890
)
)
 
 
 
 
 
 
 
Net loss before income tax
(22,306,097
)
)
 
(776,138
)
)
 
(23,082,235
)
)
State income tax benefits
475,415
 
 
 
—
 
 
 
475,415
 
 
Net loss
$
(21,830,682
)
)
 
(776,138
)
)
 
$
(22,606,820
)
)
 
 
 
 
 
 
 
LOSS PER COMMON SHARE
 
 
 
 
 
 
BASIC AND DILUTED
$
(0.30
)
)
 
 
 
$
(0.31
)
)
 
 
 
 
 
 
 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
 
 
 
 
 
 
BASIC AND DILUTED
73,462,937
 
 
 
 
 
73,462,937
 
 
 
 
 
 
 
 
 
(1
)
 
Represents the unaudited net revenues and direct expenses for Striant for the year ended December 31, 2010
 
 
 
 
 

 
 

Unaudited Pro Forma Condensed Consolidated Balance Sheet
 
 
 
As of December 31, 2010
 
 
 
 
 
As of December 31, 2010
 
 
Historical Columbia Laboratories, Inc
 
Pro Forma Adjustments (2)
 
Pro Forma
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
Cash and cash equivalents of which $8,245,818 is interest bearing
$
21,630,979
 
 
 
$
3,100,000
 
 
 
$
24,730,979
 
 
Accounts receivable, net of allowances for doubtful accounts of $100,000
4,141,026
 
 
 
—
 
 
 
4,141,026
 
 
Inventories
2,586,207
 
 
 
(408,153
)
)
 
2,178,054
 
 
Prepaid expenses and other current assets
497,947
 
 
 
—
 
 
 
497,947
 
 
 
Total current assets
28,856,159
 
 
 
2,691,847
 
 
 
31,548,006
 
 
 
 
 
 
 
 
 
PROPERTY AND EQUIPMENT, Net
518,542
 
 
 
—
 
 
 
518,542
 
 
OTHER ASSETS
484,141
 
 
 
—
 
 
 
484,141
 
 
 
TOTAL ASSETS
$
29,858,842
 
 
 
$
2,691,847
 
 
 
$
32,550,689
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
5,393,966
 
 
 
$
—
 
 
 
$
5,393,966
 
 
Accrued expenses
4,491,074
 
 
 
—
 
 
 
4,491,074
 
 
Deferred Revenue
16,974,383
 
 
 
—
 
 
 
16,974,383
 
 
 
Total Current Liabilities
26,859,423
 
 
 
—
 
 
 
26,859,423
 
 
 
 
 
 
 
 
 
DEFERRED REVENUE
154,187
 
 
 
—
 
 
 
154,187
 
 
REDEEMABLE WARRANTS
13,471,832
 
 
 
—
 
 
 
13,471,832
 
 
COMMON STOCK WARRANT LIABILITY
9,286,906
 
 
 
—
 
 
 
9,286,906
 
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES
49,772,348
 
 
 
—
 
 
 
49,772,348
 
 
 
 
 
 
 
 
 
COMMITMENTS AND CONTINGENCIES
 
 
 
 
 
Contingently Redeemable Series C PS Stock 600 shares issued and outstanding
600,000
 
 
 
—
 
 
 
600,000
 
 
 
 
 
 
 
 
 
Shareholders' deficiency
(20,513,506
)
)
 
2,691,847
 
 
 
(17,821,659
)
)
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
29,858,842
 
 
 
$
2,691,847
 
 
 
$
32,550,689
 
 
 
 
 
 
 
 
 
(2
)
 
Represents the receipt of the $3.1 Million up-front payment, sale of Striant inventory on-hand at December 31, 2010 of $408,153 and corresponding gain on sale of $2,691,847
 

 
 

The pro forma information set forth above is based on currently available information and upon certain assumptions that our management believes to be reasonable. We do not intend to update or otherwise revise such pro forma information to reflect circumstances existing after the date when such pro forma information was prepared or to reflect the occurrence of future events even in the event that any of the assumptions underlying such pro forma information are shown to be in error. The pro forma information set forth above is not fact and there can be no assurance that our actual results will not differ significantly from such pro forma information. Accordingly, such pro forma information is not intended to be indicative of our future results of operations or results that might be achieved, and you should not rely on such pro forma information as being indicative of our future results.
The pro forma information set forth above is a “forward-looking statement” within the meaning of the Private Securities Litigation Reform Act of 1995 and is subject to risks and uncertainties. Readers of this 8-K are cautioned not to place undue reliance on such pro forma information and no one makes any representation regarding such pro forma information or our ultimate performance compared to it.
 
 
 

 

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