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Aradigm Announces First Quarter 2012 Financial Results

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May 11, 2012

Aradigm Announces First Quarter 2012 Financial Results

HAYWARD, Calif.--(BUSINESS WIRE)-- Aradigm Corporation (OTC BB:ARDM.OB) (the "Company") today announced financial results for the first quarter and three months ended March 31, 2012.

Total revenue was $0.3 million for the first quarter of 2012, compared with $0.2 million in revenue for the first quarter of 2011. Revenue for both quarters reflects the quarterly royalty payment from Zogenix, Inc. for SUMAVEL* product sales.

Total operating expenses for the first quarter of 2012 were $1.9 million, compared with total operating expenses of $2.6 million for the first quarter of 2011. The decrease in operating expenses was primarily due to lower expenses from the Company's inhaled ciprofloxacin clinical trials. The Company's net loss for the first quarter of 2012 was $2.0 million, or $0.01 per share, compared with a net loss of $2.4 million, or $0.01 per share, for the same period in 2011.

As of March 31, 2012, cash, cash equivalents and short-term investments totaled $7.0 million.

First Quarter 2012 Highlights

  • March 2012: received clearance from the FDA for BE IND. On March 12, 2012, the Company announced that its Investigational New Drug Application (IND) to conduct a pivotal Phase 3 clinical trial of Pulmaquin (dual release ciprofloxacin for inhalation) in non-cystic fibrosis bronchiectasis (BE) was cleared by the U.S. Food and Drug Administration (FDA).
  • February 2012: patent issued for Pulmaquin™. On February 21, 2012, the Company announced that the United States Patent and Trademark Office (USPTO) issued an important composition of matter patent covering formulations of liposomal and free ciprofloxacin, including its lead product candidate, Pulmaquin. The Company expects that the patent will provide exclusivity for Pulmaquin until October 22, 2028.

About Aradigm

Aradigm is an emerging specialty pharmaceutical company focused on the development and commercialization of drugs delivered by inhalation for the prevention and treatment of severe respiratory diseases by pulmonologists. The Company has product candidates addressing the treatment of bronchiectasis, cystic fibrosis, inhalation tularemia and anthrax infections, and prevention of respiratory and other diseases in tobacco smokers through smoking cessation.

More information about Aradigm can be found at www.aradigm.com.

Forward-Looking Statements

Except for the historical information contained herein, this news release contains forward-looking statements that involve risk and uncertainties, including the payment of royalties, as well as the other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K for the year ended December 31, 2011 filed with the SEC on March 28, 2012, and the Company's Quarterly Reports on Form 10-Q.

Aradigm, Pulmaquin and the Aradigm Logo are registered trademarks of Aradigm Corporation.

* Other names and brands may be claimed as the property of others.

ARADIGM CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data)
(Unaudited)

 

Three months ended
March 31,

2012   2011
 
Revenues $ 282   $ 182
Operating expenses:
Research and development 786 1,480
General and administrative 1,083 1,135
Restructuring and asset impairment 9 10
     
Total operating expenses   1,878     2,625
 
Loss from operations (1,596) (2,443)
 
Interest income 4 2
Interest expense (370) (7)
Other income, net 2 1
     
Net loss $ ( 1,960)   $ (2,447)

Change in unrealized gains (losses) on available-for-sale securities

  (1)     -
Comprehensive loss $ (1,961)   $ (2,447)

Basic and diluted net loss per common share

$ (0.01)   $ (0.01)
 

Shares used in computing basic and diluted net loss per common share

  197,923     170,135
 
 

ARADIGM CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

   

March 31,
2012

December 31,
2011

(Unaudited)  

*

ASSETS
Current assets:
Cash and cash equivalents $ 1,953 $ 2,148
Short-term investments 5,037 6,516
Receivables 49 36
Prepaid and other current assets 230 161
     
Total current assets 7,269 8,861
Property and equipment, net 1,012 1,113
Notes receivable - 29
Other assets 537 553
     
Total assets $ 8,818   $ 10,556
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable 183 196
Accrued clinical and cost of other studies 253 247
Accrued compensation 250 195
Facility lease exit obligation 126 120
Other accrued liabilities   159     86
 
Total current liabilities 971 844
Deferred rent 138 132
Facility lease exit obligation, non-current 577 609
Other non-current liabilities - 75
Note payable and accrued interest 8,273 8,207
Shareholders' equity (deficit) (1,141) 689
     
Total liabilities and shareholders' equity (deficit) $ 8,818   $ 10,556
 

* The balance sheet at December 31, 2011 has been derived from the audited financial statements at that date.

Aradigm Corporation
Nancy Pecota, 510-265-8800
Chief Financial Officer

Source: Aradigm Corporation

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