UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2010

CERUS CORPORATION
(Exact name of registrant as specified in its charter)

 
					
Delaware	 	0-21937	 	68-0262011	
(State or other jurisdiction
of incorporation)	 	(Commission File No.)	 	(IRS Employer
Identification No.)	
2411 Stanwell Drive
Concord, California 94520
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (925) 288-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02.	Results of Operations and Financial Condition.	
On April 29, 2010, Cerus Corporation (the “Company”) announced its financial results for its first quarter ended March 31, 2010. A copy of the Company’s press release, entitled “Cerus Corporation Announces First Quarter 2010 Financial Results,” is furnished pursuant to Item 2.02 as Exhibit 99.1 hereto.
The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01.	Financial Statements and Exhibits.	
 
 	(d)	Exhibits.	
 
 	99.1	Press Release, dated April 29, 2010, entitled “Cerus Corporation Announces First Quarter 2010 Financial Results.”	

SIGNATURE
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 hereunto duly authorized.

 	 	 	 	 	 	CERUS CORPORATION	
					
Dated: April 29, 2010	 		 		 	By:	 	/s/    K EVIN D. G REEN        	
	 		 		 		 	Kevin D. Green	
	 		 		 		 	Vice President, Finance and Chief Accounting Officer	

EXHIBIT INDEX

Exhibit
Number	  	Description	
		
99.1	  	Press Release, dated April 29, 2010, entitled “Cerus Corporation Announces First Quarter 2010 Financial Results.”	

Exhibit 99.1

			
Contact:	 		
		
Kevin D. Green	 	Jason Spark	
Vice President, Finance & CAO	 	Porter Novelli Life Sciences	
Cerus Corporation	 	(619) 849-6005	
(925) 288-6138	 		
CERUS CORPORATION ANNOUNCES FIRST QUARTER 2010
FINANCIAL RESULTS
64% YEAR-OVER-YEAR REVENUE GROWTH
CONCORD, CA, APRIL 29, 2010 - Cerus Corporation (NASDAQ: CERS) today announced financial results for the first quarter ended March 31, 2010.
Total revenue was $5.7 million during the first quarter of 2010, up 64% from the $3.5 million recognized during same period in 2009. Product revenue for the INTERCEPT Blood System was $5.5 million during the first quarter of 2010, up more than 75% from the $3.1 million recognized during the same period in 2009. First quarter 2010 product revenue marks the fourth consecutive quarter of growth. Disposable kit sales to customers was the primary contributor to the year-over-year growth, representing almost 90% of product revenue during the first quarter of 2010. Government grant revenue in the first quarter of 2010 was $0.2 million, compared to $0.4 million in the first quarter of 2009.
Total operating expenses for the first quarter of 2010 were $6.5 million, down from $8.8 million for the same period in 2009. The decrease in operating expenses was due to the Company’s focused cost containment efforts and full implementation of its restructuring plans initiated in March 2009.
Net loss for the first quarter of 2010 was $5.0 million, or $0.13 per share, compared to a net loss of $7.4 million, or $0.23 per share, for the first quarter of 2009.

At March 31, 2010, the Company had cash, cash equivalents and short-term investments of $19.0 million compared to $19.9 million at December 31, 2009. During the first quarter of 2010, the Company closed a $10 million growth capital facility, under which it drew $5.0 million. The facility provides for nine months of interest-only payments on each draw, followed by thirty months of principal and interest payments. The Company believes that cash used for operations during the first quarter was unusually high compared to expected quarterly cash usage for the remainder of the year, primarily due to non-routine working capital payments during the first quarter.
“We continue to make significant progress on growing our European platelet and plasma business while maintaining our financial discipline and controlling costs,” said Claes Glassell, president and CEO of Cerus Corporation. “We believe we have the necessary capital in place to execute on our plan of driving that business to profitability.”
RECENT HIGHLIGHTS:
 
 	•	 	Product sales in the first quarter of 2010 were $5.5 million, establishing a new record for quarterly INTERCEPT sales;	
 
 	•	 	Signed agreement with the Swiss Red Cross for full implementation of INTERCEPT in 11 of 13 blood centers; and	
 
 	•	 	Secured $10 million growth capital facility.	
QUARTERLY CONFERENCE CALL
The Company will host a conference call and webcast at 4:15 p.m. Eastern time today to discuss its financial results and provide a general business overview. To access the live webcast, please visit the Investor Relations page of the Cerus web site at http://investor.cerus.com. Alternatively, you may access the live conference call by dialing 877-407-0782 (U.S.) or 201-689-8567 (international).
 
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A replay will be available on the Cerus web site, or by dialing 877-660-6853 (U.S.) or 201-612-7415 (international) and entering account number 286 and conference ID number 349046. The replay will be available approximately two hours after the call through May 14, 2010.
ABOUT CERUS
Cerus Corporation is a biomedical products company focused on commercializing the INTERCEPT Blood System to enhance blood safety. The INTERCEPT Blood System is designed to inactivate blood-borne pathogens in donated blood components intended for transfusion. Cerus currently markets the INTERCEPT Blood System for both platelets and plasma in Europe, Russia, the Middle East and selected countries in other regions around the world. The INTERCEPT red blood cell system is currently in clinical development. See http://www.cerus.com for more information.
INTERCEPT and the INTERCEPT Blood System are trademarks of Cerus Corporation.
Forward-Looking Statements
Except for the historical statements contained herein, this press release contains forward-looking statements concerning the Company’s prospects and results, including the Company’s expectations regarding expected cash used for operations for the remainder of 2010, the sufficiency of capital and profitability. Because the Company’s forward-looking statements are subject to risks and uncertainties, there are important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the risks and uncertainties disclosed from time to time in reports filed by the Company with the SEC, including most recently the Company’s Form 10-K for the fiscal year ended December 31, 2009 filed with the SEC on March 10, 2010. The Company disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release.
 
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CERUS CORPORATION
CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF OPERATION
(In thousands except per share information)

 	  	Three Months Ended
March 31,	 	
 	  	2010	 	 	2009	 	
Revenue	  				 				
Product revenue	  	$	5,500	  	 	$	3,085	  	
Government grant and cooperative agreements	  	 	222	  	 	 	403	  	
	  	 	 	 	 	 	 	 	
Total Revenue	  	 	5,722	  	 	 	3,488	  	
	  	 	 	 	 	 	 	 	
Cost of product revenue	  	 	3,158	  	 	 	2,094	  	
	  	 	 	 	 	 	 	 	
Gross profit	  	 	2,564	  	 	 	1,394	  	
			
Operating expenses	  				 				
Research and development	  	 	1,250	  	 	 	2,012	  	
Selling, general and administrative	  	 	5,270	  	 	 	6,101	  	
Restructuring	  	 	—  	  	 	 	712	  	
	  	 	 	 	 	 	 	 	
Total operating expenses	  	 	6,520	  	 	 	8,825	  	
	  	 	 	 	 	 	 	 	
Loss from operations	  	 	(3,956	) 	 	 	(7,431	) 	
Interest and other income (expense), net	  	 	(1,066	) 	 	 	34	  	
	  	 	 	 	 	 	 	 	
Net loss	  	$	(5,022	) 	 	$	(7,397	) 	
	  	 	 	 	 	 	 	 	
Net loss per share – basic and diluted	  	$	(0.13	) 	 	$	(0.23	) 	
			
Weighted average common shares outstanding used for basic and diluted loss per share	  				 				
Basic	  	 	38,830	  	 	 	32,590	  	
Diluted	  	 	38,830	  	 	 	32,590	  	
 
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Cerus Corporation
Condensed Consolidated Unaudited Balance Sheets
(In thousands)

 	  	March 31,
2010	  	December  31,
2009	
Cash, cash equivalents, and short-term investments	  	$	18,986	  	$	19,931	
Accounts receivable and other current assets	  	 	4,688	  	 	4,721	
Inventories	  	 	6,842	  	 	7,707	
Property and equipment, net	  	 	1,116	  	 	1,217	
Other assets	  	 	865	  	 	915	
	  	 	 	  	 	 	
Total Assets	  	$	32,497	  	$	34,491	
	  	 	 	  	 	 	
Accounts payable and accrued liabilities	  	$	6,829	  	$	9,709	
Accrued restructuring	  	 	24	  	 	113	
Deferred revenue	  	 	375	  	 	345	
Warrant liability	  	 	3,699	  	 	2,737	
Other current liabilities	  	 	9	  	 	9	
Long-term note payable, net	  	 	4,465	  	 	—  	
Other long-term liabilities	  	 	108	  	 	130	
	  	 	 	  	 	 	
Total liabilities	  	 	15,509	  	 	13,043	
Stockholders’ equity	  	 	16,988	  	 	21,448	
	  	 	 	  	 	 	
Total liabilities and stockholders’ equity	  	$	32,497	  	$	34,491	

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