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Aradigm Announces First Quarter 2009 Financial Results

HAYWARD, Calif., May 12, 2009 (BUSINESS WIRE) -- Aradigm Corporation (OTCBB:ARDM)(the "Company")today announced financial results for the first quarter and three months ended March 31, 2009.

No revenue was recorded for either the first quarter of 2009 or the first quarter of 2008. Research and development reimbursements received in connection with the collaboration with Lung Rx, Inc. for the development of inhaled treprostinil in the AERx(R) delivery system have been recorded as deferred revenue as they cannot be recognized under current revenue recognition rules.

Total operating expenses for the first quarter of 2009 were $5.1 million, compared with total operating expenses of $5.9 million for the first quarter of 2008. The decrease in operating expenses was primarily due to cost control efforts and the timing of research and development expenses associated with the Company's lead product candidate inhaled liposomal ciprofloxacin, partially offset by an increase in R&D expenses associated with the collaboration with Lung Rx, Inc. The Company's net loss for the first quarter of 2009 was $5.2 million, or $0.07 per share, compared with a net loss of $5.6 million, or $0.10 per share, for the same period in 2008.

As of March 31, 2009, cash and cash equivalents totaled $19.8 million.

Recent Highlights

The Company has:

About Aradigm

Aradigm is an emerging specialty pharmaceutical company focused on the development and commercialization of drugs delivered by inhalation for the treatment of severe respiratory diseases by pulmonologists. Current activities include partnered and self-initiated development programs addressing the treatment of cystic fibrosis, bronchiectasis, pulmonary arterial hypertension, COPD, inhalation anthrax infections and smoking cessation.

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

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 advancement of product development, the ability to obtain financing, sell assets, secure grants and enter into collaboration arrangements and the ability to successfully manage and preserve cash, as well as the other risks detailed from time to time in Aradigm Corporation's Securities and Exchange Commission (SEC) Filings, including the Company's Annual Report on Form 10-K, and quarterly reports on Form 10-Q.

ARADIGM CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three months ended

March 31,

20092008
Revenues $ -- $ --

Operating expenses:
Research and development 3,726 4,329
General and administrative 1,398 1,549
Restructuring and asset impairment 17 22
Total operating expenses 5,141 5,900
Loss from operations (5,141 ) (5,900 )
Interest income 28 361
Interest expense (104 ) (98 )
Other income (expense), net (1 ) (1 )
Net loss $ (5,218 ) $ (5,638 )
Basic and diluted net loss per common share $ (0.07 ) $ (0.10 )
Shares used in computing basic and diluted net loss per common share 70,704 54,007

ARADIGM CORPORATION

CONDENSED BALANCE SHEETS

(In thousands)

March 31,

2009

December 31,

2008

(Unaudited) *
ASSETS
Current assets:
Cash and cash equivalents $ 19,784 $ 16,741
Short-term investments

-

2,399

Receivables 27 393
Restricted cash 225 225
Prepaid and other current assets 251 387
Total current assets 20,287 20,145
Property and equipment, net 4,792 5,093
Notes receivable 50 34
Other assets 241 247
Total assets $ 25,370 $ 25,519
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable 773 739
Accrued clinical and cost of other studies 841 94
Accrued compensation 922 1,051
Facility lease exit obligation 282 318
Other accrued liabilities 617 630
Total current liabilities 3,435 2,832
Deferred rent 175 199
Facility lease exit obligation, non-current 996 1,056
Deferred revenue, non-current 4,435 4,122
Other non-current liabilities 79 82
Note payable and accrued interest 8,576 8,472
Shareholders' equity 7,674 8,756
Total liabilities and shareholders' equity $ 25,370 $ 25,519

* The balance sheet at December 31, 2008 has been derived from the audited financial statements at that date.

SOURCE: Aradigm Corporation

Aradigm
Investor Relations
510-265-8850/9370
or
Lippert/Heilshorn & Associates
Don Markley or Bruce Voss, 310-691-7100

Copyright Business Wire 2009

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