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 $19.8 million.
The Company has:
Aradigm is an emerging specialty pharmaceutical company focused on the development and commercialization of drugs delivered by inhalation for the treatment of severe respiratory diseases by pulmonologists. Current activities include partnered and self-initiated development programs addressing the treatment of cystic fibrosis, bronchiectasis, pulmonary arterial hypertension, COPD, inhalation anthrax infections and smoking cessation.
Aradigm, AERx, and the Aradigm Logo are registered trademarks of Aradigm Corporation.
More information about Aradigm can be found at www.aradigm.com.
Except for the historical information contained herein, this news release contains forward-looking statements that involve risk and uncertainties, including the advancement of product development, the ability to obtain financing, sell assets, secure grants and enter into collaboration arrangements and the ability to successfully manage and preserve cash, as well as the other risks detailed from time to time in Aradigm Corporation's Securities and Exchange Commission (SEC) Filings, including the Company's Annual Report on Form 10-K, and quarterly reports on Form 10-Q.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
|Three months ended|
|Research and development||3,726||4,329|
|General and administrative||1,398||1,549|
|Restructuring and asset impairment||17||22|
|Total operating expenses||5,141||5,900|
|Loss from operations||(5,141||)||(5,900||)|
|Other income (expense), net||(1||)||(1||)|
|Basic and diluted net loss per common share||$||(0.07||)||$||(0.10||)|
|Shares used in computing basic and diluted net loss per common share||70,704||54,007|
CONDENSED BALANCE SHEETS
|Cash and cash equivalents||$||19,784||$||16,741|
|Prepaid and other current assets||251||387|
|Total current assets||20,287||20,145|
|Property and equipment, net||4,792||5,093|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Accrued clinical and cost of other studies||841||94|
|Facility lease exit obligation||282||318|
|Other accrued liabilities||617||630|
|Total current liabilities||3,435||2,832|
|Facility lease exit obligation, non-current||996||1,056|
|Deferred revenue, non-current||4,435||4,122|
|Other non-current liabilities||79||82|
|Note payable and accrued interest||8,576||8,472|
|Total liabilities and shareholders' equity||$||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
Lippert/Heilshorn & Associates
Don Markley or Bruce Voss, 310-691-7100
Copyright Business Wire 2009