Research Gift
During the first quarter of 2001, the Company provided a gift to Yale
University of $200,000, payable in four equal quarterly installments beginning
April 1, 2001. In accordance with Statement of Financial Accounting Standards
No. 116, Accounting for Contributions Received and Contributions Made, the
Company recorded the total amount of the gift as research and development
expense in the first quarter of 2001.
Liquidity and Capital Resources
At March 31, 2001, we had cash, cash equivalents and short-term
investments of $20.4 million compared to $24.4 million at December 31,
2000. The decrease in the first quarter of 2001 was due
primarily to net cash used in operating activities of $3.7 million.
We currently estimate that our existing cash, cash equivalents and
short-term investments will be sufficient to fund our planned operations
through the first quarter of 2002. As of March 31, 2001, we estimate
that the amount required to fund all operations net of any cash
inflows for the next twelve months is $18.4 million. However, our cash
requirements may vary materially from those now planned because of the results
of research and development, clinical trials, results of product testing,
relationships with strategic partners, changes in focus and direction of our
research and development programs, competitive and technological advances, the
regulatory process in the United States and abroad, and other factors.
just filed 10-Q form
Jim |
