U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2000 --------------- [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT FOR THE TRANSITION PERIOD FROM ______________ TO _______________ COMMISSION FILE NUMBER 0-26918 --------------------------------------------------------- CYTOCLONAL PHARMACEUTICS INC. ---------------------------------------------------------------- (EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER) DELAWARE 75-2402409 - --------------------------------- --------------------- (STATE OR OTHER JURISDICATION OF (I.R.S. EMPLOYER INCORPORATION OR ORGANIZATION) IDENTIFICATION NUMBER) 9000 HARRY HINES BOULEVARD, SUITE 621, DALLAS, TEXAS 75235 - -------------------------------------------------------------------------------- (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (214)-353-2922 - -------------------------------------------------------------------------------- (ISSUER'S TELEPHONE NUMBER, INCLUDING AREA CODE) - -------------------------------------------------------------------------------- (FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST REPORT) CHECK WHETHER THE ISSUER: (1) FILED ALL REPORTS REQUIRED TO BE FILED BY SECTION 13 OR 15(d) OF THE EXCHANGE ACT DURING THE PAST 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 --- --- APPLICABLE ONLY TO CORPORATE ISSUERS STATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF COMMON EQUITY, AS OF THE LATEST PRACTICABLE DATE: 15,769,052 SHARES OF COMMON STOCK, $.01 PAR VALUE, OUTSTANDING AS OF AUGUST 9, 2000. CYTOCLONAL PHARMACEUTICS INC. TABLE OF CONTENTS
Page(s) ------- PART I. FINANCIAL INFORMATION Item 1. -- Financial Statements: Balance Sheets as of June 30, 2000 (unaudited) and December 31, 1999 3 Statements of Operations for the Three Months Ended June 30, 2000 and 1999 and for the Six Months Ended June 30, 2000 and 1999 (unaudited) 4 Statements of Cash Flows for the Six Months Ended June 30, 2000 and 1999 (unaudited) 5 Notes to Financial Statements 6 Item 2. -- Management's Discussion and Analysis of Financial Condition and Results of Operations 8 PART II. OTHER INFORMATION Item 2. - Changes in Securities and use of Proceeds 12 Item 6. -- Exhibits and Reports on Form 8-K 12 Signatures 12 Exhibit 27 Financial Data Schedule 13
PART I. FINANCIAL INFORMATION Item 1. Financial Statements CYTOCLONAL PHARMACEUTICS INC. BALANCE SHEETS
JUNE 30, DECEMBER 31, 2000 1999 ASSETS (UNAUDITED) ------------ ------------ Current assets: Cash (pricipally money market) $ 38,801,000 $ 3,213,000 Prepaid expenses and other current assets 151,000 135,000 ------------ ------------ Total current assets 38,952,000 3,348,000 Equipment, net 280,000 285,000 Patent rights, less accumulated amortization of $707,000 and $654,000 727,000 780,000 Notes receivable-officer/stockholder-9.75% due April 30, 2003 137,000 74,000 Other assets 4,000 4,000 ------------ ------------ T O T A L $ 40,100,000 $ 4,491,000 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $ 725,000 $ 682,000 Deferred revenue from research and development collaborative contract 67,000 207,000 Current portion of royalties payable 125,000 135,000 ------------ ------------ Total current liabilities 917,000 1,024,000 ------------ ------------ Royalties payable less current portion 812,000 875,000 ------------ ------------ Total liabilities 1,729,000 1,899,000 ------------ ------------ Stockholders' equity: Preferred stock - $.01 par value, 10,000,000 shares authorized; 694,236 and 728,903 shares of Series A convertible preferred issued and outstanding at June 30, 2000 and December 31, 1999, respectively (liquidation value $1,736,000 and $1,822,000 at June 30, 2000 and December 31, 1999, respectively) 7,000 7,000 Common Stock - $.01 par value, 30,000,000 shares authorized: 15,731,668 and 10,377,453 shares issued and outstanding at June 30, 2000 and December 31, 1999, respectively 157,000 104,000 Additional paid-in capital 66,062,000 24,759,000 Unearned compensatory cost (1,209,000) (89,000) Accumulated Deficit (25,903,000) (22,189,000) Treasury stock, 102,700 shares of common stock, at cost June 30, 2000 (743,000) -- ------------ ------------ Total Stockholders' Equity 38,371,000 2,592,000 ------------ ------------ T O T A L $ 40,100,000 $ 4,491,000 ============ ============
See notes to financial statements 3 CYTOCLONAL PHARMACEUTICS INC. STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Six Months Ended June 30, June 30, --------------------------------- --------------------------------- 2000 1999 2000 1999 ------------ ------------ ------------ ------------ (note 4) (note 4) Revenue: Licensing & research collaborative agreement $ 343,000 $ 250,000 $ 687,000 $ 483,000 ------------ ------------ ------------ ------------ Operating Expenses: Research and development $ 608,000 $ 510,000 $ 1,185,000 $ 1,382,000 General and administrative 1,464,000 626,000 3,729,000 1,139,000 ------------ ------------ ------------ ------------ 2,072,000 1,136,000 4,914,000 2,521,000 ------------ ------------ ------------ ------------ Operating (loss) (1,729,000) (886,000) (4,227,000) (2,038,000) ------------ ------------ ------------ ------------ Other (Income) expenses: Interest (income) (435,000) (60,000) (516,000) (129,000) Interest expense 1,000 1,000 3,000 3,000 ------------ ------------ ------------ ------------ (434,000) (59,000) (513,000) (126,000) NET (LOSS) $ (1,295,000) $ (827,000) $ (3,714,000) $ (1,912,000) Preferred stock dividend $ (43,000) (45,000) $ (87,000) (89,000) ------------ ------------ ------------ ------------ Net loss attributable to common shareholders (1,338,000) (872,000) (3,801,000) (2,001,000) ------------ ------------ ------------ ------------ Net loss per share-basic and diluted $ (0.09) $ (0.08) $ (0.29) $ (0.19) ============ ============ ============ ============ Weighted average number of shares outstanding - basic and diluted 15,197,000 10,342,000 13,177,000 10,305,000 ============ ============ ============ ============
See notes to financial statements 4 CYTOCLONAL PHARMACEUTICS INC. STATEMENTS OF CASH FLOWS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, ------------ ------------ 2000 1999 ------------ ------------ Cash flows from operating activities: Net (loss) $ (3,714,000) $ (1,912,000) Adjustments to reconcile net (loss) to net cash used in operating activities: Depreciation and amortization 85,000 80,000 Value assigned to common shares and options 1,813,000 291,000 Changes in: Other assets (16,000) (206,000) Deferred revenue (140,000) 16,000 Accounts payable and accrued expenses 43,000 (35,000) ------------ ------------ Net cash used in operating activities (1,929,000) (1,766,000) ------------ ------------ Cash flows from investing activities: Notes receivable - officer/shareholder (63,000) Purchase of equipment (27,000) (187,000) ------------ ------------ Net cash used in investing activities (90,000) (187,000) ------------ ------------ Cash flows from financing activities: Proceeds from exercise of options and warrants 38,423,000 65,000 Payment of royalties (73,000) (31,000) Purchase of treasury stock (743,000) ------------ ------------ Net cash provided by financing activities 37,607,000 34,000 ------------ ------------ NET INCREASE (DECREASE) IN CASH 35,588,000 (1,919,000) Cash at beginning of period 3,213,000 6,826,000 ------------ ------------ CASH AT END OF PERIOD $ 38,801,000 $ 4,907,000 ============ ============ Supplemental disclosures of cash flow information: Noncash investing activities: Equipment acquired included in accounts payable and accrued expenses: -- $ 15,000
See notes to financial statements 5 CYTOCLONAL PHARMACEUTICS INC. NOTES TO FINANCIAL STATEMENTS June 30, 2000 (unaudited) (1) FINANCIAL STATEMENT PRESENTATION The unaudited financial statements of Cytoclonal Pharmaceutics Inc., a Delaware corporation (the "Company"), included herein have been prepared in accordance with the rules and regulations promulgated by the Securities and Exchange Commission and, in the opinion of management, reflect all adjustments (consisting only of normal recurring accruals) necessary to present fairly the results of operations for the interim periods presented. Certain information and footnote disclosures normally included in financial statements, prepared in accordance with generally accepted accounting principles, have been condensed or omitted pursuant to such rules and regulations. However, management believes that the disclosures are adequate to make the information presented not misleading. These financial statements and the notes thereto should be read in conjunction with the financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1999. The results for the interim periods are not necessarily indicative of the results for the full fiscal year. (2) RESEARCH AND COLLABORATIVE AGREEMENT In June 1998, the Company entered into a license and research agreement with Bristol-Myers Squibb ("BMS") on two technologies related to production of paclitaxel, the active ingredient in BMS's largest selling cancer product, Taxol(R). The agreement includes fees, milestone payments, research and development support and minimum and sales based royalties. (3) LOSS PER COMMON SHARE Basic and diluted loss per common share is based on the net loss increased by dividends on preferred stock divided by the weighted average number of common shares outstanding during the year. No effect has been given to outstanding options, warrants or convertible preferred stock in the diluted computation as their effect would be antidilutive. (4) REVENUE RECOGNITION AND CHANGE IN ACCOUNTING PRINCIPLE Revenue from research support agreements is recognized as the expenses for research and development activities performed under the terms of the agreements are incurred. Revenue resulting from the achievement of milestones is recognized when the milestone is achieved. Amounts received in advance of services to be performed are recorded as deferred revenue. In December 1999, the staff of the Securities and Exchange Commission issued an accounting bulletin on revenue recognition which provides, among other matters, that nonrefundable license fees should be recognized over the period of performance of related research and development activities. Accordingly, the Company changed its accounting policy from recognizing revenue from nonrefundable license fees at signing of agreement to deferring and recognizing such fees over the period of performance of related research and development activities. Effective January 1, 1999, the Company reflected this change in accounting principle as a cumulative effect on prior years of $422,000. Payments to third parties in connection with nonrefundable license fees are being recognized over the period of performance of related research and development activities. This change in accounting principle would 6 have resulted in an increase in revenues and research and development expenses and a decrease in net loss of approximately $188,000, $47,000 and $141,000, respectively for the six months ended June 30, 2000 if it was retroactively applied. The corresponding impact on net loss per share would be a decrease from $(0.29) to $(0.28) if this change in accounting principle were retroactively applied. (5) STOCKHOLDERS' EQUITY On February 7, 2000, the Company gave notice to the holders of our Class C Warrants that it was exercising its right of redemption effective March 9, 2000. We received approximately $12,953,000 from the exercise of 1,992,829 such warrants. On March 13, 2000 the Company gave notice to the holders of its Class D Warrants that it was exercising its right of redemption effective April 12, 2000. The Company received approximately $25,742,000 from the exercise of 2,941,905 such warrants. Additionally, through June 30, 2000 the Company received proceeds of approximately $1,311,000 from the exercise of 152,584 other warrants and 141,100 options. In January 2000 the Board of Directors approved the 2000 Employee Option Plan (the "Plan") authorizing up to 1,500,000 shares, subject to approval of the Plan by a majority of our shareholders. We granted 176,000 options to purchase shares of Common Stock under the Plan at exercise prices ranging from $6.75 to $9.875 per share to officers, directors, employees and consultants of the Company. At the time of such stockholder approval, if the market value of the Company's stock exceeds the exercise price of the subject options noted above, the Company will incur a non-cash charge to earnings equal to the spread between the exercise price and the option and market price, times the number of options involved. The Company accounts for its stock-based compensation plans under Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees." In October 1995, the Financial Accounting Standards Board issued Statement No. 123, "Accounting for Stock-Based Compensation" ("SFAS No. 123"), which establishes a fair value-based method of accounting for stock-based compensation plans. The Company has adopted the disclosure-only alternative under SFAS No. 123. The Company accounts for stock based compensation to nonemployees using the fair value method in accordance with SFAS No. 123 and Emerging Issues Task Force (EITF) 96-18. The Company has recognized deferred stock compensation related to certain stock option and warrant grants. During the six months ended June 30, 2000 the Company granted 25,000 and 300,000 warrants to purchase shares of Common Stock at $12.00 and $15.00 per share, respectively in return for financial advisory services. The Company valued these warrants based on the Black-Scholes option pricing. In connection therewith the Company recorded a charge of $1,613,000 during the six months ended June 30, 2000. In connection with other option grants to consultants the Company recorded a charge of $200,000 during the six months ended June 30, 2000. (6) STOCK BUY-BACK PROGRAM In April 2000, the Company announced a stock buy-back program under which the Board of Directors authorized the purchase of up to $2,000,000 of its common stock. As of June 30, 2000 the Company had purchased 102,700 shares at a cost of approximately $742,000. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with, and is qualified in its entirety by, the Financial Statements and the Notes thereto included in this report. Certain of the matters and subject areas discussed in this report that are not statements of current or historical fact are "forward-looking statements" that convey information about potential future circumstances and developments. These are subject to the inherent risks and uncertainties surrounding expectations regarding future occurrences. Factors that might cause the Company's actual future experience to differ materially from the forward-looking statements include, but are not limited to, (i) the Company's absence of commercialized drug products, (ii) the Company's dependence, to an extent, on third parties for clinical development and commercialization of potential products, (iii) the potential failure of any drug candidates that emerge from the Company's discovery operations to progress successfully to or through clinical development, (iv) competition, (v) government regulation, and (vi) pharmaceutical pricing. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Historical operating results are not necessarily indicative of the trends in operating results for any further period. The strategy of the Company is to target opportunities offered by both established drugs and new drugs. Concerning established drugs, the Company is focusing on improvements in production and/or activity, and development of new uses for these drugs. Regarding development of new drugs, the Company is focusing on the use of novel technologies, including platform technologies, targeting genes and proteins from the human genome. The Company hopes to implement this strategy using proprietary company technology or in-licensed technology, either alone or in combination with corporate partners. In the following year the company anticipates continuing its activities for the following objectives but there can be no assurance of successful achievement of such. o Continued collaboration with Bristol-Myers Squibb on the development of Paclitaxel production from Fermentation and Paclitaxel-specific genes using genetic engineering. o Further development for commercialization of an alternative production system for glucocerebrosidase, the deficient enzyme in Gaucher disease. o Further development of the treatment of polycystic kidney disease with Paclitaxel or related improved compound, a potential new Paclitaxel indication, and establishing a strategic partnership. o Further development of our rational drug design program using Quantum Core Technology(TM) (QCT(TM)), which targets proteins. Development of QCT(TM) lead compounds for cancer and the common cold and QCT(TM) library. o Further development of our OASIS(TM) optimized antisense genome library, which targets genes. Development of cancer gene Pkc-a lead compound. o Further testing of peptide from UCLA for inhibition of breast cancer via estrogen receptors. o Further development of diagnostic and therapeutic technologies for lung cancer employing the patented LCG gene and LCG gene product. o Evaluation of potential new proprietary microbial anticancer drugs with Bristol-Meyers Squibb. o Testing proprietary vectors, which have been constructed for the expression of specific proteins that may be utilizable for vaccines for different diseases using Mycobacteria. 8 o Making improvements to the Company's laboratory facilities and corporate facilities. o Hiring additional technical and administrative staff. o Seeking to establish strategic partnerships for the development, marketing, sales and manufacturing of the Company's proposed products. Our actual research and development and related activities may vary significantly from current plans depending on numerous factors, including changes in the costs of such activities from current estimates, the results of our research and development programs, the results of clinical studies, the timing of regulatory submissions, technological advances, determinations as to commercial potential and the status of competitive products. The focus and direction of our operations will also be dependent upon the establishment of collaborative arrangements with other companies, the availability of financing and other factors. The funded research and development program, if not renewed, terminates during the year ended December 31, 2000 and thereafter our future revenues depend upon the achievement of certain milestones related to product development and royalties based on product sales. RESULTS OF OPERATIONS Revenue We recognized revenues of $343,000 and $250,000 for the three months ended June 30, 2000, and 1999, respectively and $687,000 and $483,000 for the six months ended June 30, 2000 and 1999, respectively. The increase in revenue from 1999 to 2000 was attributable to license and research and development payments from our agreements with Bristol-Myers Squibb. Research and Development Expenses We incurred research and development expenses of $1,185,000 and $1,382,000 for the six months ended June 30, 2000 and 1999, respectively. For the quarter ended June 30, 2000 and 1999, research and development expenses were $608,000 and $510,000 respectively. The decrease in research and development expenses in the six months ended June 30, 2000 from 1999 was due to a $46,000 decrease in laboratory supply expenses, a $34,000 decrease in funding at the Research & Development Institute, Inc., and a $365,000 decrease in technology costs associated with the acquisition of Quantum Core Technology(TM), partially offset by a $22,000 increase in rent expense due to expansion of facilities, a $56,000 increase in funding for the research program at Washington State University, a $30,000 increase in funding for the research program at the University of Texas at Dallas, and a $61,000 increase in research salaries due to the growth of the scientific staff. We anticipate that we will incur increased research and development expenses if we succeed in our objective to move products from pre-clinical to clinical trials and as we expand our drug discovery efforts. We also expect to hire additional technical staff to aid in the fulfillment of these goals. 9 General and Administrative Expenses We incurred general and administrative expenses of $3,729,000 and $1,139,000 for the six months ended June 30, 2000, and 1999, respectively. For the quarter ended June 30, 2000 and 1999, general and administrative expenses were $1,464,000 and $626,000, respectively. The increase in general and administrative expenses for the six months ended June 30, 2000 from 1999 was attributable to a $2,297,000 increase in public and financial relations costs including $1,613,000 in value assigned to warrants granted to our financial advisors, a $17,000 increase in insurance costs, a $20,000 increase in expenses for attendance at scientific meetings, a $34,000 increase in consulting fees, a $61,000 increase in contract labor costs, and a $297,000 increase in legal and professional fees. We anticipate that we will incur increased general and administrative expenses as we expand our administrative staff to aid in our business development. Interest Income Interest income was $516,000 and $129,000 for the six months ended June 2000 and 1999, respectively. For the quarter, interest income was $435,000 and $60,000 for June 2000 and 1999, respectively. The increase in interest income is due to the increase in available cash balances resulting from the receipt of proceeds from the exercise of warrants. Change in accounting principle - Revenue recognition In December 1999, the staff of the Securities and Exchange Commission issued an accounting bulletin on revenue recognition which provides, among other matters, that nonrefundable license fees should be recognized over the period of performance of related research and development activities. Accordingly, we changed our accounting policy from recognizing revenue from nonrefundable license fees at signing of agreement to deferring and recognizing such fees over the period of performance of related research and development activities. Effective January 1, 1999, we reflected this change in accounting principle as a cumulative effect on prior years of $422,000, which is shown in the statement of operations. Payments to third parties in connection with nonrefundable license fees are being recognized over the period of performance of related research and development activities. This change in accounting principle would have resulted in an increase in revenues and research and development expenses and a decrease in net loss of approximately $188,000, $47,000 and $141,000, respectively for the six months ended June 30, 2000 if it was retroactively applied. The corresponding impact on the net loss per share would be a decrease from $(0.29) to $(0.28) if this change in accounting principle were retroactively applied. Net Losses We incurred net losses of $3,714,000 and $1,912,000 for the six months ended June 30, 2000 and 1999, respectively. For the quarter net losses were $1,295,000 and $827,000 for June 30, 2000 and 1999, respectively. The increase in net losses in 2000 from 1999 was attributable to increased general and administrative expenses, partially offset by in increase in revenue from the Bristol-Myers Squibb license and research and development agreements and an increase in interest income. 10 Liquidity and Capital Resources At June 31, 2000, we had cash of approximately $38,801,000. Since inception we have financed our operations from debt and equity financings as well as fees received from licensing and research and development agreements. During the six months ended June 30, 2000, we used cash of approximately $1,929,000 to fund our operating activities, principally caused by the net loss of $3,714,000. In addition, during the six months ended June 2000 we used approximately $90,000 to fund our investing activities, principally caused by a loan to an officer/shareholder of $63,000. On February 7, 2000, the Company gave notice to the holders of our Class C Warrants that it was exercising its right of redemption effective March 9, 2000. We received approximately $12,953,000 from the exercise of 1,992,829 such warrants. On March 13, 2000 the Company gave notice to the holders of its Class D Warrants that it was exercising its right of redemption effective April 12, 2000. The Company received approximately $25,742,000 from the exercise of 2,941,905 such warrants. Additionally, through June 30, 2000 the Company received proceeds of approximately $1,311,000 from the exercise of 152,584 other warrants and 141,100 options. In January 2000 the Board of Directors approved the 2000 Employee Option Plan (the "Plan") authorizing up to 1,500,000 shares, subject to approval of the Plan by a majority of our shareholders. We granted 176,000 options to purchase shares of Common Stock under the Plan at exercise prices ranging from $6.75 to $9.875 per share to officers, directors, employees and consultants of the Company. At the time of such stockholder approval, if the market value of the Company's stock exceeds the exercise price of the subject options noted above, the Company will incur a non-cash charge to earnings equal to the spread between the exercise price and the option and market price, times the number of options involved. The Company accounts for its stock-based compensation plans under Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees." In October 1995, the Financial Accounting Standards Board issued Statement No. 123, "Accounting for Stock-Based Compensation" ("SFAS No. 123"), which establishes a fair value-based method of accounting for stock-based compensation plans. The Company has adopted the disclosure-only alternative under SFAS No. 123. The Company accounts for stock based compensation to nonemployees using the fair value method in accordance with SFAS No. 123 and Emerging Issues Task Force (EITF) 96-18. The Company has recognized deferred stock compensation related to certain stock option and warrant grants. During the six months ended June 30, 2000 the Company granted 25,000 and 300,000 warrants to purchase shares of Common Stock at $12.00 and $15.00 per share, respectively in return for financial advisory services. The Company valued these warrants based on the Black-Scholes option pricing. In connection therewith the Company recorded a charge of $1,613,000 during the six months ended June 30, 2000. In connection with other option grants to consultants the Company recorded a charge of $200,000 during the six months ended June 30, 2000. We have agreed to fund scientific research at academic institutions and to make minimum royalty payments for licensing and collaborative agreements of approximately $788,000 through June 30, 2001. We do not expect these arrangements to have a significant impact on our liquidity and capital resources. We intend to continue to maintain and develop relationships with academic institutions and to establish licensing and collaborative agreements. 11 We have no material capital commitments for the year ended December 31, 2000. We believe our finances are adequate to meet our current capital and operating needs. PART II. OTHER INFORMATION Item 2. CHANGES IN SECURITIES AND USE OF PROCEEDS In April and May 2000, the Company granted 60,000 options to purchase shares of Common Stock at exercise prices ranging from $6.75 to $9.875 per share to employees and consultants of the Company. The shares of Common Stock were granted pursuant to the exemption afforded by Section 4(2) promulgated under the Securities Act since such issuances did not involve a public offering. Item 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibit 27 Financial Data Schedule (b) Reports on Form 8-K - None 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. CYTOCLONAL PHARMACEUTICS INC. Date: August 14, 2000 /s/ Daniel M. Shusterman ------------------------- Daniel M. Shusterman Vice President of Operations, Treasurer and Chief Financial Officer 12 INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION - ------- ----------- 27 Financial Data Schedule