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United States
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-Q
 
[X] Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934.
 
For the quarterly period ended September 30, 2004
 
Or
 
[_] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.
 
For the transition period from ______ to ______
 
Commission File Number 33-35938
 
PAINEWEBBER R&D PARTNERS III, L.P.
(Exact name of registrant as specified in its charter)
 
 
Delaware
 
13-3588219
 (State or other jurisdiction of Incorporation or organization)
(I.R.S. Employer Identification No.)
 
1285 Avenue of the Americas, New York, New York
 
10019
(Address of principal executive offices)
(Zip code)
 
Registrant’s telephone number, including area code: (212) 713-2000
 
 
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 [_]        
  
 Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes [_] No [X]
.

 
     


SPECIAL NOTE REGARDING
FORWARD LOOKING STATEMENTS
 

 
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Except for the historical information contained herein, the matters discussed herein are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of PaineWebber R&D Partners III, L.P. or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions; fluctuations in the value of securities for which only a limited, or no, public market exists; dependence on the development of new technologies; dependence on timely development and introduction of new and competitively priced products; the need for regulatory approvals; the Sponsor Companies (hereinafter defined) having insufficient funds to commercialize products to their maximum potential; the restructuring of Sponsor Companies; the dependence of PaineWebber R&D Partners III, L.P. on the skills of certain scientific personnel; and the dependence of PaineWebber R&D Partners III, L.P. on the General Partner (hereinafter defined).
 




 
     

PAINEWEBBER R&D PARTNERS III, L.P.
(a Delaware Limited Partnership)
 
Form 10-Q
September 30, 2004


 
Table of Contents
  
     
PART I.
FINANCIAL INFORMATION
Page
     
Item 1.
Financial Statements
  
 
Statements of Financial Condition (unaudited) at September 30, 2004 and December 31, 2003
2
 
Statements of Operations
(unaudited) for the three months and nine months ended September 30, 2004 and 2003
3
 
Statement of Changes in Partners’ Capital (Deficit) (unaudited) for the nine months ended September 30, 2004
4
 
Statements of Cash Flows
(unaudited) for the nine months ended September 30, 2004 and 2003
5
 
Notes to Financial Statements
(unaudited)
6-9
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
10-11
Item 3.
Quantitative and Qualitative Disclosures about Market Risks
12
Item 4.
Controls and Procedures
12
     
PART II.
OTHER INFORMATION
  
Item 6.
Exhibits and Reports on Form 8-K
13
 
Signatures
14
 
Certifications
15-18
 
 
All schedules are omitted either because they are not applicable or the information required to be submitted has been included in the financial statements or notes thereto.



 
     


PART I. FINANCIAL INFORMTAION

Item 1.    Financial Statements
 
PAINEWEBBER R&D PARTNERS III, L.P.
(a Delaware Limited Partnership)
 
Statements of Financial Condition
(unaudited)

   
September 30,
  
December 31,
  
   
2004
  
2003
  
Assets:
          
           
Marketable securities, at market value
  
$
1,812,864
  
$
2,533,265
  
Receivable from securities transaction
    
54,814
   
—
 
Total assets
  
$
1,867,678
  
$
2,533,265
  
               
Liabilities and partners' capital:
              
Accrued liabilities
  
$
132,438
  
$
89,482
  
Due to bank
    
—
   
4,230
 
     
132,438
   
93,712
 
               
Partners' capital
    
1,735,240
   
2,439,553
 
Total liabilities and partners' capital
  
$
1,867,678
  
$
2,533,265
  
               
See notes to financial statements.
    


  2  
 


PAINEWEBBER R&D PARTNERS III, L.P.
(a Delaware Limited Partnership)
 
Statements of Operations
(unaudited)

For the three months ended September 30,
  
2004
  
2003
  
Revenues:
          
Interest income
  
$
10
  
$
151
  
Unrealized appreciation of marketable securities
    
86,114
   
201,698
 
Realized loss on sale of marketable securities
    
(42,912
)
  
—
 
     
43,212
   
201,849
 
               
Expenses:
              
General and administrative costs
    
62,399
   
83,161
 
               
Net income (loss)
  
$
(19,187
)
$
118,688
  
               
Net income (loss) per partnership unit:
              
Limited partners (based on 50,000 units)
  
$
(0.38
)
$
2.35
  
General partner
  
$
(191.87
)
$
1,186.88
  
               

For the nine months ended September 30,
  
2004
  
2003
  
Revenues:
          
Interest income
  
$
25
  
$
865
  
Unrealized (depreciation) appreciation of marketable securities
    
(478,005
)
  
1,071,568
 
Loss on sale of marketable securities
    
(66,501
)
  
-
 
     
(544,481
)
  
1,072,433
 
               
Expenses:
              
General and administrative costs
    
159,832
   
178,473
 
               
Net income (loss)
  
$
(704,313
)
$
893,960
  
               
Net income (loss) per partnership unit:
              
Limited partners (based on 50,000 units)
  
$
(13.95
)
$
17.70
  
General partner
  
$
(7,043.13
)
$
8,939.60
  
               
See notes to financial statements.
      


 
  3  
 


PAINEWEBBER R&D PARTNERS III, L.P.
(a Delaware Limited Partnership)
 
Statement of Changes in Partners' Capital (Deficit)
(unaudited)

   
Limited
  
General
      
For the nine months ended September 30, 2004
  
Partners
  
Partner
  
Total
  
               
Balance at January 1, 2004
  
$
3,969,722
  
$
(1,530,169
)
$
2,439,553
  
Net loss
    
(697,270
)
  
(7,043
)
  
(704,313
)
Balance at September 30, 2004
  
$
3,272,452
  
$
(1,537,212
)
$
1,735,240