UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2001
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
From the transition period from to
Commission File Number: 0-27854
BONE CARE INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Wisconsin 39-1527471
(State of (IRS Employer
Incorporation) Identification No.)
1600 Aspen Commons, Suite 300
Middleton, Wisconsin 53562
(Address, including zip code of
Registrant's principal executive offices)
608-662-7800
(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
As of February 8, 2002, 14,127,572 shares of the registrant's common stock, no
par value, were outstanding.
BONE CARE INTERNATIONAL, INC.
FORM 10-Q
For the quarterly period ended December 31, 2001
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION Page
Item 1 Financial Statements
Balance Sheets
December 31, 2001 and June 30, 2001 3
Statements of Operations
Quarter and Six Months Ended
December 31, 2001 and 2000 5
Statements of Cash Flows
Quarter and Six Months Ended
December 31, 2001 and 2000 6
Notes to Financial Statements 7
Item 2 Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
Item 3 Quantitative and Qualitative Disclosures About Market Risk 11
PART II - OTHER INFORMATION
Item 1 Legal Proceedings 12
Item 2 Changes in Securities and Use of Proceeds 12
Item 3 Defaults Upon Senior Securities 12
Item 4 Submission of Matters to a Vote of Security Holders 12
Item 5 Other Information 12
Item 6 Exhibits and Reports on Form 8-K 13
SIGNATURES 14
EXHIBIT INDEX 15
PART 1. FINANCIAL INFORMATION
ITEM 1. Financial Statements
BONE CARE INTERNATIONAL, INC.
Balance Sheets
---------------------------------------------------------------------------------------------
ASSETS
---------------------------------------------------------------------------------------------
December 31, June 30,
2001 2001
(Unaudited) (Audited)
---------------------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents $ 3,314,720 $ 1,842,838
Marketable securities 19,184,773 15,079,575
Accounts receivable, net of allowance for
doubtful accounts of $166,141 and $100,000
for December 31, 2001 and June 30, 2001,
respectively 2,451,060 3,347,300
Inventories 3,526,015 1,810,574
Other current assets 719,351 1,085,103
---------------------------------------------------------------------------------------------
Total current assets 29,195,919 23,165,390
---------------------------------------------------------------------------------------------
Long-term securities 5,972,083 14,424,490
Property, plant and equipment-at cost:
Leasehold improvements 588,632 587,632
Furniture and fixtures 479,798 466,200
Machinery and other equipment 1,869,671 1,419,293
---------------------------------------------------------------------------------------------
2,938,101 2,473,125
Less accumulated depreciation and amortization 1,274,554 970,120
---------------------------------------------------------------------------------------------
1,663,547 1,503,005
Patent fees net of accumulated amortization
of $1,043,795 at December 31, 2001 and
$988,466 at June 30, 2001 1,103,840 1,025,320
Excess of cost over fair value of net assets
acquired, net of accumulated amortization of
$1,000,752 at December 31, 2001 and
June 30, 2001 359,165 359,165
---------------------------------------------------------------------------------------------
$38,294,554 $40,477,370
=============================================================================================
See the accompanying notes to financial statements.
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BONE CARE INTERNATIONAL, INC.
Balance Sheets
----------------------------------------------------------------------------------------
Liabilities and Shareholders' Equity
----------------------------------------------------------------------------------------
December 31, June 30,
2001 2001
(Unaudited) (Audited)
----------------------------------------------------------------------------------------
Current liabilities:
Accounts payable $ 1,903,713 $ 1,612,543
Accrued liabilities:
Accrued clinical study and research costs 221,697 147,635
Accrued compensation 627,020 208,930
Due to customers 0 135,102
Other current liabilities 612 70,055
Allowance for sales returns 205,000 205,000
----------------------------------------------------------------------------------------
Total current liabilities 2,958,042 2,379,265
Shareholders' equity:
Preferred stock-authorized 2,000,000 0 0
shares of $.001 par value; none issued
Common stock-authorized 28,000,000 shares of
no par value; issued and outstanding 14,112,672
shares at December 31, 2001 and 13,955,372 at
June 30, 2001 11,393,883 11,393,883
Additional paid-in capital 61,810,798 61,240,197
Accumulated deficit (38,006,443) (34,616,341)
Accumulated other comprehensive income 138,274 80,366
----------------------------------------------------------------------------------------
Total shareholders' equity 35,336,512 38,098,105
----------------------------------------------------------------------------------------
$ 38,294,554 $ 40,477,370
========================================================================================
See the accompanying notes to financial statements.
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BONE CARE INTERNATIONAL, INC.
Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
December 31, December 31, December 31, December 31,
2001 2000 2001 2000
------------------------------------------------------------
Revenues $ 3,831,997 $ 567,091 $ 6,484,137 $ 1,929,924
Operating expenses
Cost of sales 793,812 154,707 1,386,718 495,923
Research and development 1,200,031 1,069,924 2,591,748 2,051,190
Sales and marketing 2,546,782 1,645,133 4,796,617 3,098,050
General and administrative 893,294 566,363 1,808,228 1,019,582
------------------------------------------------------------
5,433,919 3,436,127 10,583,311 6,664,745
------------------------------------------------------------
Loss from operations (1,601,922) (2,869,036) (4,099,174) (4,734,821)
Interest income 348,019 179,047 709,072 316,339
------------------------------------------------------------
Net loss $ (1,253,903) $ (2,689,989) $ (3,390,102) $ (4,418,482)
============================================================
Net loss per common share
- basic and diluted $ (0.09) $ (0.22) $ (0.24) $ (0.37)
============================================================
Weighted average number of common shares 14,072,551 12,241,524 14,030,063 11,849,096
See the accompanying notes to financial statements.
-5-
BONE CARE INTERNATIONAL, INC.
Statements of Cash Flows
(Unaudited)
Six Months Ended
December 31, December 31,
2001 2000
------------------------------------------------------------------------------------------
Cash flows from operating activities
Net loss $ (3,390,102) $ (4,418,482)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation of fixed assets 307,085 117,330
Amortization of patents 63,330 105,000
Amortization of goodwill 0 44,725
Loss on disposal of fixed assets 0 0
Loss on disposal of patents 9,883 0
Changes in assets and liabilities:
Accounts receivable 896,240 (1,580,494)
Inventories (1,715,441) (196,113)
Other current assets 365,752 (545,211)
Accounts payable 291,170 106,989
Accrued liabilities 287,607 315,220
Deferred income 0 (54,441)
-----------------------------------------------------------------------------------------
Net cash used in operating activities (2,884,476) (6,105,477)
-----------------------------------------------------------------------------------------
Cash flows from investing activities:
Sale of marketable securities 10,655,117 1,982,653
Purchase of marketable securities (6,250,000) (3,438,110)
Additions to property, plant and equipment (467,627) (612,015)
Patent fees (151,733) (142,210)
-----------------------------------------------------------------------------------------
Net cash provided by (used in)investing activities 3,785,757 (2,209,682)
-----------------------------------------------------------------------------------------
Cash flow from financing activities:
Proceeds from stock option exercises 570,601 64,700
Net proceeds from issuance of common stock 0 33,657,000
-----------------------------------------------------------------------------------------
Net cash provided by financing activities 570,601 33,721,700
-----------------------------------------------------------------------------------------
Net increase in cash and cash equivalents 1,471,882 25,406,541
Cash and cash equivalents at beginning of period 1,842,838 4,735,780
-----------------------------------------------------------------------------------------
Cash and cash equivalents at end of period $ 3,314,720 $ 30,142,321
=========================================================================================
See the accompanying notes to financial statements.
-6-
BONE CARE INTERNATIONAL, INC.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
(1) BASIS OF PRESENTATION
The financial statements in this report have been prepared by Bone Care
International, Inc., without audit, except for balance sheet information at June
30, 2001, pursuant to the rules of the Securities and Exchange Commission for
quarterly reports on Form 10-Q and do not include all of the information and
note disclosures required by generally accepted accounting principles for annual
financial statements. These financial statements should be read in conjunction
with the financial statements and notes thereto for the year ended June 30,
2001, included in the Company's Form 10-K as filed with the Securities and
Exchange Commission on September 28, 2001.
In the opinion of management, information included in this report reflects
all adjustments, consisting of normal, recurring adjustments, necessary for a
fair presentation of results for these interim periods.
The results of operations for the interim period ended December 31, 2001,
are not necessarily indicative of the results to be expected for the entire
fiscal year ending June 30, 2002.
(2) REVENUE RECOGNITION POLICY
Bone Care began selling Hectorol Capsules in October 1999. Because
Hectorol Capsules were Bone Care's first product, Bone Care did not initially
have historical data to estimate returns and exchanges in accordance with SFAS
No. 48, "Revenue Recognition When Right of Return Exists." Revenues from
shipments of Hectorol Capsules and the related costs were deferred at the time
of shipment to wholesalers and included in the Statement of Operations at the
time the product was sold by these wholesalers to retail users of the product.
Effective October 1, 2000, Bone Care had sufficient experience to estimate
future product returns and began recording sales and the related costs of
Hectorol Capsules and Hectorol Injection based on shipments to its customers
reduced by the estimated future returns. Bone Care's September 30, 2001 and June
30, 2001 balance sheets include a $205,000 accrual, representing the estimated
amount of future returns related to Hectorol Capsules and Hectorol Injection.
(3) INVENTORIES
Inventories are stated at the lower of cost or market; cost is determined
principally by the first-in, first-out method. Inventories are comprised of:
---------------------------------
December 31, June 30,
2001 2001
(Unaudited) (Audited)
---------------------------------
Raw materials $ 598,455 $ 385,834
Work in process 1,263,281 955,514
Finished goods 1,664,279 469,226
---------------------------------
$ 3,526,015 $1,810,574
=================================
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(4) COMMON STOCK
Bone Care completed a public offering of 2,300,000 shares of common
stock at a price of $16.00 per share in December 2000. Bone Care received
proceeds of $33,657,000 from the sale, net of offering expenses. The
underwriters of the Company's December 2000 common stock offering exercised
their over-allotment option to acquire 145,000 additional shares of common stock
at a price of $16.00 per share in January 2001. Bone Care received proceeds of
$2,115,800 from the sale, net of offering expenses.
(5) NET LOSS PER SHARE
Net loss per share is computed by dividing net loss by the weighted average
number of shares of common stock outstanding during the period. Options to
purchase common stock have been excluded from the calculations of diluted
earnings per share as the impact of these options on diluted earnings per share
would be anti-dilutive.
(6) INTANGIBLE ASSETS
On June 30, 2001, the Financial Accounting Standards Board (FASB)
finalized Statement of Financial Accounting Standard No. 142, "Goodwill and
Other Intangible Assets." Under Statement No. 142, existing goodwill at June 30,
2001, will no longer be amortized. Instead, an assessment of fair value will be
used to test for impairment of goodwill on an annual basis or when circumstances
indicate a possible impairment. On July 1, 2001, the company adopted SFAS No.
142. Application of the non-amortization provision of SFAS No 142 is expected to
result in an increase in income of approximately $89,448 in fiscal 2002.
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Results of Operations
Revenues for the quarter ended December 31, 2001 increased to
$3,832,000 from $567,000 in the quarter ended December 31, 2000. Revenues for
the six months ended December 31, 2001 increased to $6,484,000 from $1,930,000
in the six months ended December 31, 2000. These increases were the result of
increased sales of both Hectorol Injection and Hectorol Capsules. Hectorol
Injection has been gaining market acceptance, which has been facilitated by some
of the fiscal intermediaries that implemented local Medicare billing codes in
advance of a national reimbursement code effective January 1, 2002. Hectorol
Capsules benefited from a commercial shortage of Rocaltrol(R), a competitive
product from Roche Pharmaceuticals, in the quarter ended September 30, 2001.
Although Rocaltrol was commercially available by October 1, 2001 and TEVA
Pharmaceuticals launched a generic form of Rocaltrol in October,2001, sales of
Hectorol Capsules were higher in the quarter ended December 31, 2001 as compared
to the quarter ended December 31, 2000.
Gross margins for the quarter ended December 31, 2001, were $3,038,000,
or 79% of revenues compared to $412,000, or 73% of revenues in the quarter ended
December 31, 2000. Gross margins for the six months ended December 31, 2001,
were $5,097,000, or 79% of revenues compared to $1,434,000, or 74% of revenues
in the six months ended December 31, 2000. Current quarter margins improved
because inventory previously written off can now be sold as a result of an FDA
approval to extend the shelf life of Hectorol Capsules from three to four years.
Research and development expenses were $1,200,000 in the quarter ended
December 31, 2001, and $1,070,000 in the quarter ended December 30, 2000.
Research and development expenses were $2,592,000 in the six months ended
December 31, 2001, and $2,051,000 in the six months ended December 30, 2000.
These increases are attributable to expanded preclinical studies designed to
evaluate early stage compounds in the treatment of psoriasis and prostate,
breast, and colon cancers.
Sales and marketing expenses increased to $2,547,000 in the quarter ended
December 31, 2001, from $1,645,000 in the quarter ended December 31, 2000. Sales
and marketing expenses increased to $4,797,000 in the six months ended December
31, 2001, from $3,098,000 in the six months ended December 31, 2000.
-8-
These increases are attributable to increasing the sales force from 30 at
December 31, 2000 to 40 by December 31, 2001. The clinical support staff
increased from 3 to 7, and the marketing staff increased from 4 to 9 during
calendar 2001. We implemented these headcount increases in anticipation of a
national J-code that became effective January 1, 2002. This code was issued by
the Centers for Medicare and Medicaid Services (CMS) for reimbursement of
Hectorol Injection during hemodialysis.
General and administrative expenses increased to $893,000 in the
quarter ended December 31, 2001 from $566,000 in the quarter ended December 31,
2000. General and administrative expenses increased $789,000 to $1,808,000 in
the six months ended December 31, 2001 from $1,020,000 in the six months ended
December 31, 2000. These increases were attributable to an expansion of
infrastructure to support Bone Care's increased commercial activities.
Interest income increased to $348,000 in the quarter ended December 31,
2001, from $179,000 in the quarter ended December 31, 2000. Interest income
increased to $709,000 in the six months ended December 31, 2001, from $316,000
in the six months ended December 31, 2000. These increases were due to net
higher average cash and marketable securities balances during the quarter and
six months ended December 31, 2001 as compared the prior year corresponding
periods.
Liquidity and Capital Resources
In December 2000 and January 2001 we completed a public offering of
2,445,000 shares of common stock at a price of $16.00 per share. We received net
proceeds of approximately $35.8 million from the sale. In October 1999, we
completed a directed public offering of 1,229,058 shares of newly issued common
stock at a price of $9.02 per share. We received net proceeds of approximately
$11.0 million from the sale. In July 1998, we completed a directed public
offering of 1,326,000 shares of common stock at a price of $8.00 per share. We
received net proceeds of approximately $10.3 million from the sale.
Net cash used in operating activities was $2,884,475 for the six months
ended December 31, 2001 and $6,105,477 for the six months ended December 31,
2000. The cash used by operating activities was used primarily to fund research
and development as well as marketing and commercialization efforts for Hectorol
Capsules and Hectorol Injection.
We have experienced negative cash flows from operations since our
inception and do not anticipate generating sufficient positive cash flows to
fund our operations until we achieve, if ever, significant revenues from the
sale of Hectorol Capsules and Hectorol Injection. We have expended, and expect
to continue to expend in the future, substantial funds for our:
- research and development programs;
- pre-clinical and clinical testing;
- regulatory processes, including completion of FDA post-approval
Phase IV commitments for Hectorol Capsules and Hectorol Injection;
- manufacturing expenses;
- sales and marketing programs; and
- other operating expenses.
Cash, cash equivalents and short- and long-term marketable securities
were $28,471,576 at December 31, 2001 and $31,346,903 at June 30, 2001. Cash and
cash equivalents are currently invested primarily in short-term investment grade
United States government, municipal and corporate debt securities.
Bone Care's capital requirements will depend on numerous factors,
including the progress of commercialization and marketing activities; the
progress of its research and development programs; the progress of preclinical
and clinical testing; the time and cost involved in obtaining regulatory
approvals; the cost of filing, prosecuting, defending and enforcing any patent
claims and other intellectual property rights; competing technological and
market developments;
-9-
changes and developments in Bone Care's existing licensing relationships and the
terms of any new collaborative, licensing, co-promotion or distribution
arrangements that Bone Care may establish; the cost of manufacturing preclinical
and clinical products; and other factors not within our control.
Based upon our current plans, we believe that we will have sufficient
funds to meet our operating expenses and capital requirements for at least the
next two years. Thereafter, we may need to raise additional capital to fund our
operations; however, we do not have any specific plans to raise additional
capital. If we seek additional funds, equity offerings or other sources would be
considered. There is no assurance that such additional funds will be available
on acceptable terms, if at all. Should our plans not be consummated, we may have
to seek alternative sources of capital.
At June 30, 2001, we had state tax net operating loss carryforwards of
approximately $33,972,000 and state research and development tax credit
carryforwards of approximately $262,000 which will begin expiring in 2009. We
also had federal net operating loss carryforwards of approximately $30,922,000
and research and development tax credit carryforwards of approximately
$1,245,000, which will begin expiring in 2012.
Manufacturing
As previously disclosed, the sole manufacturer of Hectorol Injection
received a warning letter from the FDA that identified deviations from the FDA's
current Good Manufacturing Practices. This manufacturer has informed us that a
recent FDA inspection identified continuing deviations, some of which related
directly to Hectorol Injection. The manufacturer has advised us that they intend
to implement changes in the manufacturing process in response to the FDA
notification which will require a shutdown of Hectorol Injection production
until the manufacturing process can be revalidated, which they expect to
complete by June 2002. Bone Care has adequate inventory to meet the expected
demand for Hectorol Injection beyond this planned shutdown period, although no
assurance can be given that the revalidation process will be completed by that
time. Bone Care believes the existing inventory is safe and effective, in spite
of the manufacturing deviations. There can be no assurance that the FDA will
find that our manufacturer's responses and proposed corrective actions are
adequate or that the FDA will not take further action and, if the FDA is not
satisfied with our manufacturer's responses and proposed corrective action, the
FDA could take regulatory actions including seizure of products, injunction
against further manufacture, recall or other actions that could further
interrupt production and sales of Hectorol Injection.
Reimbursement
The Centers for Medicare and Medicaid Services (CMS) issued a nationwide
J-code for Hectorol Injection effective for services delivered after January 1,
2002. Prior to January 1, use of Hectorol Injection was limited in scope because
it was not universally reimbursed or the claims required additional
documentation for reimbursement. While we believe the issuance of this J-code
will eventually provide nationwide reimbursement of claims for Hectorol
Injection, there will be delays in implementation by payers processing Medicare,
Medicaid, and private insurance claims.
Three of the approximately 30 Medicare fiscal intermediaries have recently
proposed an "oral first" policy, which would prevent Medicare reimbursement for
an intravenous vitamin D unless an oral vitamin-D therapy had been shown to fail
prior to initiating the intravenous form. Dialysis providers who cite
experiential and clinical evidence favoring use of the intravenous forms of
vitamin D are aggressively challenging these policies.
These three fiscal intermediaries have also proposed a "least-cost
alternative" (LCA) policy which would reduce the reimbursement for all
intravenous vitamin-D therapies to a fixed payment per administration
irrespective of the cost of therapy. In an LCA environment, providers would be
motivated to use therapy with the lowest acquisition cost rather than
prescribing products with the highest reimbursement value. One intermediary that
processes Medicare claims successfully implemented an LCA policy in 2001 citing
an absence of clear clinical evidence differentiating the three available
intravenous vitamin D products.
-10-
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our sales from inception to date have been made to U.S. customers and,
as a result, we have not had any exposure to factors such as changes in foreign
currency exchange rates or weak economic conditions in foreign markets. However,
in future periods, we expect to sell in foreign markets, including Europe and
Asia. Because our sales are made in U.S. dollars, a strengthening of the U.S.
dollar could make our products less competitive in foreign markets. At December
31, 2001, we did not hold any short- or long-term investments other than
high-grade investment securities planned to be held to maturity and, therefore,
we do not believe that short-term fluctuations of interest rates would
materially affect the value of our investments.
-11-
PART II - OTHER INFORMATION
BONE CARE INTERNATIONAL, INC.
Item 1. Legal Proceedings
Bone Care may be a defendant from time to time in actions arising
out of our ordinary course of business operations. In the opinion of
management, the outcome of pending claims is not likely to have a
material adverse effect on our financial position or results of
operations.
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
The 2001 Annual Meeting of Shareholders of Bone Care was held on
November 15, 2001. The total number of shares of Bone Care's common
stock, no par value per share, outstanding as of October 11, 2001, the
record date of the annual meeting, was 14,022,722. Management of Bone
Care solicited proxies pursuant to Section 14 of the Securities
Exchange Act of 1934, as amended, and Regulation 14A promulgated
thereunder for the Annual Meeting. Two directors, Richard B. Mazess,
Ph.D. and Gary E. Nei, were elected to serve until the 2004 Annual
Meeting of Shareholders. Both nominees were elected by a vote of
13,417,891 votes "FOR"; no votes "AGAINST"; and 232,553 "WITHHELD
AUTHORITY".
Amendment of the Bone Care International, Inc. 1996 Stock Option
Plan to increase the number of shares of common stock available for
grant under the Plan from 1,600,000 to 2,300,000 shares was approved.
The amendment was approved by a vote of 12,884,286 votes "FOR";
710,929 votes "AGAINST"; and 55,229 votes "ABSTAIN".
Item 5. Other Information - Recent Developments
This Quarterly Report on Form 10-Q includes forward-looking
statements within the meaning of Section 27A of the Securities Act and
Section 21E of the Exchange Act. We have based these forward-looking
statements largely on our current expectations and projections about
future events and financial trends affecting the financial condition
of our business. These forward-looking statements are subject to a
number of risks, uncertainties and assumptions about us, including,
among other things:
- general economic and business conditions, both nationally
and in our markets;
- our expectations and estimates concerning future financial
performance, financing plans and the impact of competition;
- anticipated trends in our business;
- existing and future regulations affecting our business;
- our early stage of development;
- the uncertainty of our future profitability;
-12-
- our ability to satisfy the FDA's conditions for marketing
approval for Hectorol;
- other risk factors
In addition, in this Quarterly Report, the words "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect" and similar expressions, as they relate to us, our business
or our management, are intended to identify forward-looking
statements.
Unless otherwise required by law, we undertake no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise after the date
of this Quarterly Report. However, we acknowledge our obligation to
disclose material developments related to previously disclosed
information. In light of these risks and uncertainties, the
forward-looking events and circumstances discussed in the Quarterly
Report may not occur and actual results could differ materially from
those anticipated or implied in the forward-looking statements.
Hectorol(R) is a registered trademark of Bone Care International,
Inc., in the United States, European communities, Japan, and several
other countries. Bone Care(R) is a registered trademark of Bone Care
International in the United States. HectorolTM is the brand name for
the active drug substance of our first product, doxercalciferol. This
Quarterly Report also includes trademarks of other companies.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits furnished:
(11) Statement Regarding Computation of Loss Per Share
(b) Reports on Form 8-K
No reports on Form 8-K were filed by the Company during the
quarter ended December 31, 2001.
-13-
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.
BONE CARE INTERNATIONAL, INC.
(Registrant)
Date: February 13, 2002 /s/ Richard B. Mazess, Ph.D.
Richard B. Mazess, Ph.D.
Acting President, Chief Executive Officer,
Chairman, and Director
(Principal Executive Officer)
Date: February 13, 2002 /s/ Robert A. Beckman
Robert A. Beckman
Vice President - Finance and Director
(Principal Financial and
Accounting Officer)
-14-
BONE CARE INTERNATIONAL, INC.
Exhibit Index
For the Quarterly Period Ended December 31, 2001
No. Description Page
11 Statement Regarding Computation of Loss Per Share........... 15
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