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| United Therapeutics Corporation |
| 1110 Spring Street, Silver Spring, MD 20910 * (301) 608-9292 |
| Business Description | United Therapeutics Corporation develops pharmaceuticals to treat vascular diseases, including pulmonary hypertension and peripheral vascular disease, as well as selected other chronic conditions. |
| Offering Information Company has | |||
| Trading As | UTHR (NASNTL) | Industry | Pharmaceutical (SIC 2836) |
| Type of Stock Offered | Common Shares | Filing Date | 04/16/1999 |
| Domestic Shares Offered | 4,500,000 | Offer Date | 06/16/1999 |
| Foreign Shares Offered | 0 | Filing Range | $15.00 - $17.00 |
| Company Shares | 4,500,000 | Offer Price | $12.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.840 |
| Gross Proceeds | $54,000,000 | Selling | $0.500 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 15,226,967 | Employees | 20 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Deutsch Banc Alex. Brown | Lead Manager | (410) 727-1700 |
| A.G. Edwards & Sons, Inc. | Co-manager | (314) 955-3039 |
| Vector Securities International, Inc. | Co-manager | (800) 546-1231 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1996 | 12/31/1997 | 12/31/1998 | 03/31/1998 | 03/31/1999 | ||
| Revenues | - | - | 0.154 | 0.116 | 0.054 | 0.000 | 0.054 |
| Income from Oper. | - | - | -0.031 | -2.917 | -13.327 | -2.312 | -12.405 |
| Net Income | - | - | -0.030 | -2.901 | -12.835 | -2.260 | -12.234 |
| E.P.S | - | - | -0.020 | -0.870 | -1.540 | -0.380 | -1.190 |
| Revenue Growth (%) | - | - | -24.72 | -53.627 | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -9.60 | -1.92 | -3.03 | ||||
| Cash Flow - Inv. | -11.54 | -0.02 | 9.89 | ||||
| Cash Flow - Fin. | 22.90 | 2.45 | 1.79 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1999 | Financial Ratios | ||||
| Total Assets | 17.76 | Current Assets | 15.54 | Current Ratio | 7.82 |
| Total Liab. | 2.30 | Current Liab. | 1.99 | Debt Ratio | 12.93% |
| Total Equity | 15.47 | Working Cap. | 13.55 | Debt to Equity Ratio | 0.15 |
| Cash | 15.43 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for clinical development and commercialization of its existing products, working capital and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Bryan Cave |
| Bank's Law Firm | Testa, Hurwitz & Thibeault |
| Auditor | KPMG LLC |
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