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Aradigm Announces First Quarter 2011 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, 2011.

Total revenue was $0.2 million for the first quarter of 2011, compared with $4.0 million in revenue for the first quarter of 2010. Revenue for the first quarter of 2010 reflects the receipt of the milestone payment due from Zogenix, Inc. upon the first U.S. sale of SUMAVEL* DosePro* needle-free delivery system for treatment of acute migraine and cluster headaches. Revenue for the first quarter of 2011 reflects the quarterly royalty payment from Zogenix for SUMAVEL product sales.

Total operating expenses for the first quarter of 2011 were $2.6 million, compared with total operating expenses of $4.1 million for the first quarter of 2010. The decrease in operating expenses was primarily due to expense reduction efforts and lower expenses from the Company's inhaled liposomal ciprofloxacin clinical trials. The Company's net loss for the first quarter of 2011 was $2.4 million, or $0.01 per share, compared with a net loss of $0.2 million, or $0.00 per share, for the same period in 2010.

As of March 31, 2011, cash, cash equivalents and short-term investments totaled $3.1 million.

Recent Highlights

"We continue to make focused clinical and regulatory progress with our inhaled liposomal ciprofloxacin treatments ARD-3100 and ARD-3150, now known as Lipoquin™ and Pulmaquin™, and are projecting to report the results from the ORBIT-1 Phase 2b study in non-cystic fibrosis bronchiectasis later in the second quarter of 2011. We are also actively engaged in discussions with potential partners to move the inhaled liposomal ciprofloxacin program forward into Phase 3," said Igor Gonda, CEO and President of Aradigm.

About Aradigm

Aradigm is an emerging specialty pharmaceutical company focused on the development and commercialization of a portfolio of drugs delivered by inhalation for the treatment of severe respiratory diseases by pulmonologists. The Company has product candidates addressing the treatment of bronchiectasis, cystic fibrosis, inhaled bioterrorism infections and 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 timing and results of clinical trials and 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, 2010 filed with the SEC on March 25, 2011, and the Company's Quarterly Reports on Form 10-Q.

Aradigm 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 STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

   
Three months ended

March 31,

2011     2010
 
Revenues $ 182     $ 4,000
Operating expenses:
Research and development 1,480 2,837
General and administrative 1,135 1,253
Restructuring and asset impairment 10 13
       
Total operating expenses   2,625       4,103
 
Loss from operations (2,443) (103)
 
Interest income 2 10
Interest expense (7) (109)
Other income (expense), net 1 (2)
       
Net loss $ ( 2,447)     $ (204)
Basic and diluted net loss per common share $ (0.01)     $ (0.00)
 
Shares used in computing basic and diluted net loss per common share   170,135       99,872
 

ARADIGM CORPORATION

CONDENSED BALANCE SHEETS

(In thousands)

   

March 31,

2011

(Unaudited)

 

December 31,

2010

*

ASSETS
Current assets:
Cash and cash equivalents $ 2,591 $ 5,295
Short-term investments 501 251
Receivables 75 180
Prepaid and other current assets 181 180
     
Total current assets 3,348 5,906
Property and equipment, net 1,431 1,553
Notes receivable 55 54
Other assets 113 115
     
Total assets $ 4,947   $ 7,628
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable 190 257
Accrued clinical and cost of other studies 514 993
Accrued compensation 318 327
Facility lease exit obligation 104 99
Other accrued liabilities   585     450
 
Total current liabilities 1,711 2,126
Deferred rent 110 99
Facility lease exit obligation, non-current 703 729
Other non-current liabilities 75 75
Shareholders' equity 2,348 4,599
     
Total liabilities and shareholders' equity $ 4,947   $ 7,628
 
 
 

* The balance sheet at December 31, 2010 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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