UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 22, 2009 (April 1, 2009)
Mymetics Corporation
(Exact name of registrant as specified in its charter)
         
Delaware
(State of other jurisdiction
of incorporation) 		  000-25132
(Commission
File Number) 		  25-1741849
(IRS Employer
Identification No.)
     
14, rue de la Colombiere
1260 Nyon, Switzerland
(Address of principal executive offices) 		  NA
(Zip Code)
Registrant’s telephone number, including area code: +011 41 22 363 13 10
(Former name or former address, if changed since last report.)
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):
o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 2.01 Completion of Acquisition or Disposition of Assets.
     On April 1, 2009 the registrant completed its acquisition of Norwood Immunology Limited (“NIL”) through a Share Purchase Agreement pursuant to which the registrant acquired all issued and outstanding shares of capital stock of Bestewil Holding B.V. (“Bestewil”) from its parent, Norwood Immunology Limited (“NIL”), and all issued and outstanding shares of capital stock of Virosome Biologicals B.V. held by Bestewil.
     On June 16, 2009, the Company filed a Current Report on Form 8-K (the “Initial 8-K”) to report the completion of the acquisition of Bestewil and file the audited financial statements of Bestewil required by paragraph (a)(1) of Item 9.01 of Form 8-K. The Company is filing this amendment to amend the Initial 8-K to include the financial information required by paragraph (b)(1) of Item 9.01 of Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(b)   Pro forma financial information.
     The pro forma financial statements of the registrant for the three months ended March 31, 2009 and for the year ended December 31, 2008 are attached hereto as Exhibit 99.2 and incorporated herein by reference.
(d)   Exhibits.
99.2   Unaudited pro forma financial information of the registrant for the three months ended March 31, 2009 and for the year ended December 31, 2008

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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.
         
Date: June 22, 2009  MYMETICS CORPORATION
  		 
  By:   /s/ Ernst Luebke    
    Ernst Luebke   
    Chief Financial Officer   
 

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Exhibit 99.2
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION OF MYMETICS
CORPORATION AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, 2009 AND FOR THE YEAR
ENDED DECEMBER 31, 2008
The following unaudited pro forma condensed combined balance sheet and unaudited pro forma condensed combined income statements (Unaudited Pro Forma Condensed Combined Financial Information) of Mymetics Corporation (Mymetics or the Company) gives effect to the following transaction as if it occurred on January 1, 2008 for the pro forma condensed combined statements of income and as if it occurred on March 31, 2009 for the pro forma condensed combined balance sheet:
  •   the acquisition of 100% of the share capital of Bestewl Holding B.V. (Bestewil), and the related acquisition financing;
On April 9, 2009, Mymetics acquired 100% of the outstanding share capital of Bestewil. The acquisition has been recorded in the Unaudited Pro Forma Condensed Combined Financial Information as a business combination in accordance with Statement of Financial Accounting Standards of No. 141(R) (SFAS No. 141(R)) under accounting principles generally accepted in the United States of America (U.S. GAAP). In a business combination, the purchase price of an acquired entity is allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The pro forma condensed combined balance sheet allocates the entire excess of purchase price over the carrying value of Bestewil’s net assets to in process research and development and goodwill.
The Unaudited Pro Forma Condensed Combined Financial Information do not reflect any cost savings (or associated costs to achieve such savings) from operating efficiencies, synergies or other restructuring, that could result from the acquisition of Bestewil. The timing and effect of actions associated with integration are also uncertain.
The Unaudited Pro Forma Condensed Combined Financial Information is presented for illustrative purposes only and does not purport to indicate the results of operations or the combined financial position that would have resulted had the transactions been completed at the beginning of the period presented, nor is it intended to be indicative of expected results of operations in future periods or the future financial position of Mymetics. The pro forma adjustments are based upon available information and certain assumptions that Mymetics believes to be reasonable. These adjustments could materially change as the allocation of the purchase price for Bestewil has not been finalized. Accordingly, there can be no assurance that the final allocation of purchase price will not differ materially from the preliminary allocation reflected in the Unaudited Pro Forma Condensed Combined Financial Information.
The Unaudited Pro Forma Condensed Combined Financial Information should be read in conjunction with the notes thereto as well as the historical consolidated financial statements of Mymetics, as filed with the United States Securities and Exchange Commission (SEC) and those of Bestewil, included within this Form 8-K filing.
The Unaudited Pro Forma Condensed Combined Financial Information was prepared utilizing the historical information of Mymetics and Bestewil in accordance with U.S. GAAP.

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MYMETICS CORPORATION
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET
As of March 31, 2009
                                 
                    Pro Forma        
                    Adjustments     Pro Forma  
    Mymetics     Bestewil     Acquisition     Combined  
    Corporation     Holding B.V.     of Bestewil     Mymetics  
(in thousands of Euros)   Historical     Historical     Holding B.V.     and Bestewil  
    (Note 2a)     (Note 2b)     (Note 3)          
Current assets
                               
Cash and cash equivalents
  € 100     € 57     € —     € 157  
Trade accounts receivable
    —       32       —       32  
Prepaid expenses and other current assets
    45       —       —       45  
 
                       
Total current assets
    145       89               234  
 
                               
Goodwill
    —       1,999       7,092 a     9,091  
Intangible assets, net
    —       —       —       —  
Property, plant and equipment, net
    168       98       —       266  
Other assets
    —       7       —       7  
 
                       
Total assets
  € 313     € 2,193     € 7,092     € 9,598  
 
                       
 
                               
Current liabilities
                               
Trade accounts payable
  € 2,947     € —     € —     € 2,947  
Accrued expenses and other liabilities
    1,551       175       5,000 b     6,726  
 
                       
Total current liabilities
    4,498       175       5,000       9,673  
 
                               
Long-term debt, net of current portion
    9,178       —       2,500 b     11,678  
Other long-term obligations
    —       —       1,450 b     1,450  
 
                       
Total liabilities
    13,676       175       8,950       22,801  
 
                               
Shareholders’ and invested equity
                               
Common stock
    1,751       —       —       1,751  
Additional paid-in capital
    20,191       —       160 b     20,351  
Deficit accumulated during the development stage
    (35,942 )     —       —       (35,942 )
Accumulated other comprehensive income
    637       —       —       637  
Invested equity
    —       2,018       (2,018 )a     —  
 
                       
Total liabilities and equity
  € 313     € 2,193     € 7,092     € 9,598  
 
                       
See accompanying notes to Unaudited Pro Forma Condensed Combined Financial Information

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MYMETICS CORPORATION
UNAUDITED PRO FORMA CONDENSED COMBINED INCOME STATEMENT
For the three months ended March 31, 2009
                                 
                    Pro Forma        
                    Adjustments     Pro Forma  
    Mymetics     Bestewil     Acquisition     Combined  
    Corporation     Holding B.V.     of Bestewil     Mymetics  
(in thousands of Euros, except share data)   Historical     Historical     Holding B.V.     and Bestewil  
    (Note 2c)     (Note 2d)     (Note 4)          
 
                               
Revenues
                               
Licensing agreements
  € —     € 54     € —     € 54  
Government grants
    —       28       —       28  
 
                       
Total revenues
    —       82       —       82  
 
                               
Operating expenses
                               
Research and development
    2,802       40       —       2,842  
General and administrative
    984       42       (160 )a     866  
Depreciation and amortization
    18       8       —       26  
Other expense
    —       —       —       —  
 
                       
Operating loss before interest and income taxes
    (3,804 )     (8 )     160       (3,652 )
 
                               
Interest expense
    227       6       531 b     764  
Income tax expense (benefit)
    7               (371 )c     (364 )
 
                       
Net loss
  € (4,038 )   € (14 )   € —     € (4,052 )
 
                       
 
                               
Earnings-per-share:
                               
Basic and diluted
  € (0.02 )   € —     € —     € (0.02 )
 
                               
Weighted average shares outstanding:
                               
Basic and diluted
    195,563,630       —       —       195,563,630  
See accompanying notes to Unaudited Pro Forma Condensed Combined Financial Information

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MYMETICS CORPORATION
UNAUDITED PRO FORMA CONDENSED COMBINED INCOME STATEMENT
For the year ended December 31, 2008
                                 
                    Pro Forma        
                    Adjustments     Pro Forma  
    Mymetics     Bestewil     Acquisition     Combined  
    Corporation     Holding B.V.     of Bestewil     Mymetics  
(in thousands of Euros, except share data)   Historical     Historical     Holding B.V.     and Bestewil  
    (Note 2e)     (Note 2f)     (Note 4)          
 
                               
Revenues
                               
Licensing agreements
  € —     € 342     € —     € 342  
Government grants
    65       78       —       143  
 
                       
Total revenues
    65       420       —       485  
 
                               
Operating expenses
                               
Research and development
    2,692       379       —       3,071  
General and administrative
    3,693       165       (6 )a     3,852  
Depreciation and amortization
    17       32       —       49  
Other expense
    —       1       —       1  
 
                       
Operating loss before interest and income taxes
    (6,337 )     (157 )     6       (6,488 )
 
                               
Interest expense
    583       24       2,125 b     2,732  
Income tax expense (benefit)
    18       —       (2,119 )c     (2,101 )
 
                       
Net loss
  € (6,938 )   € (181 )   € —     € (7,119 )
 
                       
 
                               
Earnings-per-share:
                               
Basic and diluted
  € (0.04 )   € —     € —     € (0.04 )
 
                               
Weighted average shares outstanding:
                               
Basic and diluted
    191,949,000       —       —       191,949,000  
See accompanying notes to Unaudited Pro Forma Condensed Combined Financial Information

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MYMETICS CORPORATION
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
(Euros in thousands, unless otherwise noted, except share data)
Note 1 — Basis of Pro Forma Presentation
The Unaudited Pro Forma Condensed Combined Income Statements for the three months ended March 31, 2009 and for the year ended December 31, 2008 reflect adjustments as if the acquisition of Bestewil, accounted for using the purchase method of accounting, had occurred on January 1, 2008. The Unaudited Pro Forma Condensed Combined Balance Sheet reflects adjustments as if the acquisition of Bestewil had occurred as of March 31, 2009.
The acquisition has been recorded in the Unaudited Pro Forma Condensed Combined Financial Information as a business combination in accordance with SFAS No. 141(R) under U.S. GAAP. In a business combination, the purchase price of an acquired entity is allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The pro forma condensed combined balance sheet allocates the entire excess of purchase price over the carrying value of Bestewil’s net assets to in process research and development and goodwill.
The Unaudited Pro Forma Condensed Combined Financial Information is presented for illustrative purposes only and does not purport to indicate the results of operations or the combined financial position that would have resulted had the transactions been completed as of the dates indicated, nor is it intended to be indicative of expected results of operations in future periods or the future financial position of Mymetics. Likewise, the pro forma combined provision for income taxes and the pro forma combined balances of deferred taxes may not represent the amounts that would have resulted had the entities filed consolidated income tax returns during the periods presented. In addition, they do not reflect cost savings or other synergies resulting from the acquisitions that may be realized in future periods.
The Unaudited Pro Forma Condensed Combined Financial Information should be read in conjunction with the notes thereto as well as the historical consolidated financial statements of Mymetics, as filed with the SEC and of Bestewil, included within this Form 8-K filing.
The Unaudited Pro Forma Condensed Combined Financial Information was prepared utilizing the historical information of Mymetics and Bestewil in accordance with U.S. GAAP.
The Unaudited Pro Forma Condensed Combined Financial Information has been prepared on the basis of assumptions described in these notes. Mymetics has not completed its final estimation of the purchase consideration or the purchase price allocation for its acquisition of Bestewil, and the actual amounts may materially differ from the preliminary estimates. The receipt of the final valuation and the impact of ongoing integration activities could cause material differences between actual and pro forma results in the information presented. For the purposes of the Unaudited Pro Forma Condensed Combined Financial Information, the excess of purchase price over the preliminary fair value of the net assets acquired, including identified intangible assets, has been allocated to goodwill. As Mymetics completes the purchase price allocation for Bestewil, the excess may be allocated to other identified intangible assets.
Note 2 — Historical Financial Statements
Represents the historical financial statements of Mymetics and Bestewil in accordance with U.S. GAAP.
  a)   Represents the historical unaudited condensed consolidated balance sheet of Mymetics as of March 31, 2009.
 
  b)   Represents the historical unaudited condensed combined balance sheet of Bestewil as of March 31, 2009.
 
  c)   Represents the historical unaudited condensed consolidated income statement of Mymetics for the three months ended March 31, 2009.
 
  d)   Represents the historical unaudited condensed combined income statement of Bestewil for the three months ended March 31, 2009.
 
  e)   Represents the historical condensed consolidated income statement of Mymetics for the year ended December 31, 2008.
 
  f)   Represents the historical condensed combined income statement of Bestewil for the year ended December 31, 2008.

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MYMETICS CORPORATION
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
(Euros in thousands, unless otherwise noted, except share data)
Note 3 — Acquisition of Bestewil
On April 1, 2009, Mymetics acquired 100% of the outstanding share capital of Bestewil. The acquisition has been recorded in the Unaudited Pro Forma Condensed Combined Financial Information as a business combination in accordance with SFAS No. 141(R) under U.S. GAAP. In a business combination, the purchase price of an acquired entity is allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition.
The preliminary estimate of the fair value of the purchase consideration for the Bestewil acquisition is determined as follows:
         
    Amount  
 
       
Cash paid to security holders
  € 5,000  
Estimated fair value of convertible bond issued
    2,500  
Estimated fair value of equity options issued
    160  
Estimated fair value of contingent consideration
    1,450  
 
     
Total purchase consideration
  € 9,110  
 
     
The estimate of the fair value of the purchase consideration represents a preliminary estimate of the consideration issued for the acquisition of Bestewil. As the Company finalizes their fair value estimates of the purchase price consideration, the final fair values may be materially different.
Under SFAS No. 141(R), transactions costs incurred on business combinations are no longer capitalized as part of the overall purchase consideration, but are expensed as incurred.
  a)   The following table presents the preliminary amounts assigned to the net assets acquired based on their estimated fair values at March 31, 2009:
                         
            Preliminary        
            Purchase     Preliminary  
    Bestewil     Accounting     Purchase Price  
    Historical     Adjustments     Allocation  
Assets:
                       
Current assets
  € 89     €       € 89  
Goodwill
    1,999       7,092       9,091  
Intangible assets, net
    —       —       —  
Property, plant and equipment, net
    98       —       98  
Other non-current assets
    7       —       7  
 
                 
Total assets
    2,193       7,092       9,285  
 
                       
Liabilities and net assets:
                       
Current liabilities
    175       —       175  
Long-term loan
    —       —       —  
Other long-term liabilities
    —       —       —  
 
                 
Total liabilities
  € 175     € —     € 175  
 
                 
 
                       
Total estimated purchase consideration
                  € 9,110  
 
                     
The above purchase price allocation represents a preliminary estimate of the fair values of the assets acquired and liabilities assumed. As the Company finalizes their purchase price allocation, the estimated fair values and estimated allocations may be materially different from the values assigned above.
This Bestewil historical net assets of € 2,018 will be eliminated as a result of the combination of Mymetics and Bestewil, in the Unaudited Pro Forma Condensed Combined Balance Sheet.
Approximately € 9,091 has been preliminary allocated to goodwill. As Mymetics completes the purchase price allocation, this excess may be allocated to other identified tangible or intangible assets, including in-process research and

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MYMETICS CORPORATION
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
(Euros in thousands, unless otherwise noted, except share data)
development, patents, employment agreements, and other assets, which could be depreciable or amortizable. If this amount had been allocated to assets with estimated useful lives of 10-25 years, amortization expense would increase by approximately € 909 to € 363 per annum, before income taxes, respectively.
  b)   The acquisition of Bestewil was financed with the following instruments:
         
    Amount  
 
       
Short-term debt incurred
  € 5,000  
Long-term debt incurred
    2,500  
Long-term liabilities incurred related to contingent consideration
    1,450  
Equity instruments issued
    160  
 
     
Total estimated financing
  € 9,110  
 
     
Mymetics incurred € 5,000 of short term debt to fund the acquisition. The debt is due in July 2009, and bears an interest rate of 40.0% per annum.
Mymetics issued € 2,500 of convertible debt, due on March 31, 2012. The convertible debt bears interest of 5.0% per annum.
As part of the consideration, Mymetics issued contingent consideration with an estimated fair value of € 1,450. Under SFAS No. 141(R), this contingent consideration must be re-measured by the Company at fair value as of each reporting date, with any changes in the fair value recognized in the income statement.
Mymetics also issued common stock equity warrants with an estimated fair value of € 160.
The estimates of the fair value of the financing instruments described above represents a preliminary estimate. As the Company finalizes their fair value estimates, the resulting values may be materially different from those noted above.
Note 4 — Acquisition of Bestewil (Income Statement)
Mymetics acquired control of Bestewil on April 1, 2009. See Note 3 for a description of the transaction.
  a)   Represents the elimination of € 160 and € 6 of costs directly incurred by Mymetics related to the acquisition that were expensed during the three month period ended March 31, 2009 and the year ended December 31, 2008, respectively. The costs are primarily composed of legal and other professional non-recurring fees associated with the acquisition. Assuming the acquisition took place January 1, 2008, these costs would not have been expensed during the periods presented.
 
  b)   Represents the incremental interest expense related to the borrowings noted above, for the three month period ending March 31, 2009 and the year ended December 31, 2008. Interest is calculated based on the assumptions described in note 3b above. Interest expense has been estimated at approximately € 2,125 per annum. A 0.5% or 50 basis point change in the interest rate would increase or decrease net income by approximately € 38 per annum, before tax.
 
  c)   Represents the tax benefit resulting from the above adjustments, assuming the Company continues to operate in a net loss position.
Note 5 — Other information
Within the Unaudited Pro Forma Condensed Combined Financial Information, Mymetics has not included any pro forma adjustments related to the re-financing of the € 5,000 in short term funding provided to the Company in April 2009. The Company is currently considering various funding alternatives for the re-financing of this short term debt, which may include an equity transaction, a debt transaction, a combination of debt and equity transactions, collaboration agreements, licensing arrangements, or other capital market transactions. Due to the uncertainty involved around any future financing transaction, the Company has not included any adjustments in the Unaudited Pro Forma Condensed Combined Financial Information.

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MYMETICS CORPORATION
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
(Euros in thousands, unless otherwise noted, except share data)
Furthermore, within the Unaudited Pro Forma Condensed Combined Financial Information, Mymetics has not included any pro forma adjustments for the subsequent re-valuation of the contingent consideration issued, as Mymetics is still finalizing their initial estimate of the fair value of the contingent consideration.

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