Sucampo Pharmaceuticals, Inc. Reports Third Quarter and Nine Months 2012 Financial and Operating Results

  Sucampo Pharmaceuticals, Inc. Reports Third Quarter and Nine Months 2012
  Financial and Operating Results

                   Record Royalty Revenue for Third Quarter

                   Conference Call Today at 5:00 pm Eastern

Business Wire

BETHESDA, Md. -- November 08, 2012

Sucampo Pharmaceuticals, Inc. (“Sucampo”), (NASDAQ: SCMP), a global
pharmaceutical company, today reported its consolidated financial results for
the quarter and nine months periods ended September 30, 2012.

For the third quarter of 2012, total revenue grew approximately 8%, to $15.5
million from $14.4 million for the same period in 2011. For the first nine
months of 2012, total revenue grew by 15%, to $46.6 million from $40.5 million
during the same period in 2011. Net sales of AMITIZA^®, as reported to us by
our partner, Takeda, increased 24.2%, to $71.5 million, for the third quarter
of 2012, compared to $57.6 million in the same period of 2011. During the
third quarter of 2012, R&D and G&A expenses declined, while selling and
marketing expenses increased, reflecting continued investment in business
growth and a focus on continued productivity.

“Sucampo accomplished several milestones this quarter that allowed us to
fulfill our mission of bringing prostone-based medicines to patients who need
them around the world. We achieved approval of AMITIZA in Japan, bringing us
one step closer to the launch in the Japanese market. We also were granted
approval of AMITIZA in the U.K., and made progress on our commercialization
plans for that market and Switzerland. Sales of AMITIZA in the United States
grew 24% for the third quarter, indicating that the product continues to grow
steadily six years after launch. We were also excited to receive priority
review status from the FDA for our sNDA filing of AMITIZA for opioid-induced
constipation, or OIC. For RESCULA^®, we moved closer to approval of a revised
label and launch of the product in the United States,” said Ryuji Ueno, M.D.,
Ph.D., Ph.D., Chair of the Board and Chief Executive Officer of Sucampo.
“Sucampo also made significant progress in advancing our deep pipeline of
prostone-based compounds and in lifecycle management of our existing products,
with initiation of a phase 1 trial for cobiprostone and the finalization of
plans for phase 2 and 3 studies for our compound SPI-017 and AMITIZA in
pediatrics, respectively.”

Sucampo reported a net loss of $5.9 million, or $0.14 per diluted share, for
the third quarter of 2012 compared to a net loss of $4.1 million, or $0.10 per
diluted share, for the third quarter of 2011. Sucampo reported a net loss of
$8.7 million, or $0.21 per diluted share, for the first nine months of 2012,
compared to a net loss of $20.0 million, or $0.48 per diluted share, for the
prior year period. The primary driver of the net loss was a tax provision of
$3.8 million for the third quarter of 2012 compared to a tax provision of $0.2
million for the third quarter of 2011. The increase in the tax provision was
primarily driven by tax expense on pre-tax profits in our US & Japanese
subsidiaries, partially offset by a net discrete benefit related to our
intellectual property transfer.

For the third quarter of 2012, income from operations was a loss of $1.6
million, a decrease of $2.9 million or 63%, compared to a loss from operations
of $4.5 million for the third quarter of 2011. For the first nine months of
2012, income from operations was a loss of $4.6 million, a decrease of $16.7
million or 78%, compared to a loss from operations of $21.3 million in the
same period last year.

Recent Operational Highlights –

  *As reported previously, the Japanese Ministry of Health, Labor and Welfare
    approved lubiprostone (AMITIZA) for the treatment of chronic constipation
    (CC) (excluding constipation caused by organic diseases), Japan’s
    first-ever approval of a prescription drug for this indication. Following
    reimbursement negotiations with the Japanese regulatory authorities, we
    expect our partner, Abbott Japan, Ltd., to launch the product later this
    month to primary care and specialist physicians. This event will trigger a
    $15.0 million milestone payment to Sucampo.

  *In July, Sucampo filed a supplemental new drug application (sNDA) with the
    FDA for a new indication for AMITIZA for the treatment of OIC in patients
    with chronic, non-cancer pain. This is the first oral product to be filed
    with the FDA for this indication. In September, the FDA confirmed that the
    filing has been accepted for priority review, with an action date of late
    January 2013.
  *Also as previously reported in September, the United Kingdom approved
    AMITIZA for the treatment of chronic idiopathic constipation (CIC).

  *For RESCULA, during the quarter, Sucampo awaits a complete response letter
    from the FDA, currently anticipated to be received by the end of 2012. The
    FDA’s action will reflect discussions with the FDA concerning updates to
    the product’s label and clearance of the manufacturer’s, R-Tech Ueno, Ltd,
    facility. Sucampo plans to launch RESCULA in the U.S. shortly after the
    approval of the sNDA. We continue to evaluate the opportunities to obtain
    an appropriate label in the E.U. and other European countries, and the
    timing of seeking reauthorization in these countries to commercialize
    unoprostone isopropyl.
  *As mentioned during our September Analyst Meeting, Sucampo initiated a
    phase 1 trial of SPI-8811 (cobiprostone oral spray), whose target
    indication is prevention of oral mucositis. The phase 1 trial is designed
    to investigate the tolerability, safety, and pharmacokinetic profile of an
    oral spray formulation of SPI-8811 after its single oral cavity
    administration in Japanese healthy adult volunteers. The trial is
    continuing and we expect it to conclude in the first quarter of 2013. Oral
    mucositis, an inflammation of the oral mucosa which includes symptoms of
    severe mouth pain, sores, infection, and dehydration, is a common toxicity
    of cancer treatments and is an area of unmet medical need.
  *Additionally, Sucampo continued to plan for the initiation of a phase 2
    study in the first quarter of 2013 for SPI-017. The target indication for
    this compound will be the management of symptoms associated with severe
    lumbar spinal stenosis. Lumbar spinal stenosis is caused by degenerative
    change in the lumbar spine, and is a very common disease observed in the
    growing aging population.
  *As was described at our September Analyst Meeting, we have continued to
    plan for another indication for lubiprostone, or AMITIZA, for pediatric
    functional constipation. In addition, we are undertaking development of a
    new liquid formulation of AMITIZA. This liquid formulation is significant
    because it can potentially allow us to provide AMITIZA to new patient
    populations who may need it but cannot swallow the current gel cap
    formulation. In support of a pediatric indication, in the first quarter of
    2013 we will be initiating a phase 3 pediatric functional constipation
    trial in the US, Canada, and Europe. Takeda will fund a significant amount
    of the development costs for the pediatric indication, and 100% of the
    development costs for the new, liquid formulation.

Key Value Drivers

Sucampo management today reported that it has met four of its 2012
AMITIZA-related value drivers:

1.In September, AMITIZA was approved by the United Kingdom’s Medicines and
    Healthcare products Regulatory Agency for the treatment of CIC.
2.In June, AMITIZA received regulatory approval in Japan for the treatment
    of CC (excluding constipation caused by organic disease).
3.In July, we filed an sNDA with the FDA for the treatment of OIC in
    patients with chronic, non-cancer pain, which has been accepted for
    priority review.
4.In July, we received the binding decision from the International Court of
    Arbitration, International Chamber of Commerce (ICC), which has concluded
    our dispute with Takeda.

Management confirmed that it continues to pursue the following 2012 and early
2013 AMITIZA-related value drivers:

1.In Japan, we expect our partner, Abbott Japan, Ltd., to conduct a
    comprehensive launch of the product later this month to primary care and
    specialist physicians.
2.In Switzerland, we have concluded pricing negotiations with the
    authorities for an appropriate reimbursement price for the treatment of
    CIC and plan to actively market AMITIZA there beginning in early 2013.
3.In the UK, we intend to market AMITIZA in the first quarter of 2013.
4.In the U.K. and Switzerland, we expect to file with regulatory agencies
    for approval of the OIC indication.

Management also confirmed continuing efforts to achieve this 2012 and early
2013 RESCULA-related value driver:

  *In the U.S., we expect to obtain further improvements in the label during
    the fourth quarter of 2012 to fully reflect current scientific
    understanding in advance of the RESCULA launch shortly thereafter.

Financial Results for the Quarter and First Nine Months of 2012

For the third quarter of 2012, Sucampo reported total revenue of $15.5 million
compared to $14.4 million for the same period in 2011, a growth of 7.8%. The
key components of revenue for the third quarter included product royalty
revenue of $13.9 million and R&D revenue of $0.7 million, which compare to
$10.6 million and $2.9 million, respectively, in the same period of 2011. For
the first nine months of 2012, Sucampo reported total revenue of $46.6
million, compared to $40.5 million for the same period in 2011, a growth of
15.0%. The key components of total revenue for the nine month period were
product royalty revenue of $36.5 million and R&D revenue of $6.4 million,
which compares to $30.7 million and $6.6 million, respectively, for the same
period of 2011. The decrease in R&D revenue in the third quarter was primarily
due to lower activity associated with the completion of the phase 3 OIC trial
for AMITIZA. Net sales of AMITIZA, as reported to us by our partner, increased
24.2%, to $71.5 million, for the third quarter of 2012, compared to $57.6
million in the same period of 2011. The increase in AMITIZA net sales was
primarily due to both volume and price increases, compared to the third
quarter of 2011, as reported to us by our partner.

Operating Expenses

R&D expenses were $5.6 million for the third quarter of 2012, compared to $8.7
million for the third quarter of 2011. For the first nine months of 2012, R&D
expenses were $14.2 million, compared to $25.8 million for the same period of
2011. For both periods, the decrease was primarily due to higher expenses in
2011 associated with the phase 3 trial of lubiprostone for OIC patients.

G&A expenses were $7.3 million for the third quarter of 2012, compared to $7.9
million for the third quarter of 2011. G&A expenses were $22.6 million for the
first nine months of 2012, compared to $29.3 million for the prior year
period. For both periods, the decrease in G&A expense was primarily due to
lower legal, consulting and other professional expenses as a result of the
conclusion of certain legal matters, partially offset by increases in
corporate marketing and branding and staff organizations to support business
growth.

Selling and marketing expenses were $4.3 million for third quarter of 2012,
compared to $2.2 million for the third quarter of 2011. Selling and marketing
expenses were $14.5 million for the first nine months of 2012 compared to $6.7
million for the prior year period. The increase in selling and marketing
expenses relates primarily to some non-recurring pre-commercialization
planning activities for AMITIZA and RESCULA.

Income from Operations

For the third quarter of 2012, income from operations was a loss of $1.6
million, a decrease of $2.9 million or 63%, compared to a loss from operations
of $4.5 million for the third quarter of 2011. For the first nine months of
2012, income from operations was a loss of $4.6 million, a decrease of $16.7
million or 78%, compared to a loss from operations of $21.3 million in the
same period last year.

Non-Operating Income (Expense)

Non-operating expenses were $0.5 million for the third quarter of 2012,
compared to income of $0.6 million for the same period in 2011. The third
quarter of 2012 includes a foreign exchange gain of $8,000 compared to a gain
of $1.2 million in the same period in 2011. Non-operating expenses were $0.9
million for the nine months ended September 30, 2012, compared to $3.7 million
for the same period in 2011. Non-operating expenses for the nine months ended
September 30, 2012, included a foreign exchange gain of $0.7 million, compared
to foreign exchange loss of $2.0 million for the same period 2011.

Net Loss

Net loss for the third quarter of 2012 was $5.9 million, compared to net loss
of $4.1 million for the same period in 2011. Net loss for the first nine
months of 2011 was $8.7 million, compared to a net loss of $20.0 million for
the same period in 2011.

Comprehensive Loss

Comprehensive loss for the third quarter of 2012 was $6.1 million, compared to
comprehensive loss of $6.1 million for the same period in 2011. Comprehensive
loss for the first nine months of 2012 was $10.4 million, compared to
comprehensive loss of $18.7 million for the same period in 2011.

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

At September 30, 2012, cash, cash equivalents, restricted cash and investments
were $82.1 million, compared to $93.4 million at December 31, 2011. At
September 30, 2012, notes payable were $61.2 million, compared to $59.6
million at December 31, 2011. These include current notes payable of $20.3
million at September 30, 2012, compared to $20.4 million at December 31, 2011.

Conversion of Class B common stock

On August 30, 2012, Sucampo announced that its majority shareholder and only
holder of its class B common stock, S&R Technology Holdings, LLC, or S&R, had
converted all of its 26,191,050 issued and outstanding shares of Sucampo’s
class B common stock into shares of Sucampo’s class A common stock. S&R held
all of Sucampo’s class B common stock. Class B common stock holders were
entitled to ten votes per share while class A common stock holders were
entitled to one vote per share. Sucampo’s articles of incorporation permit the
holder of class B common stock to convert the shares of class B common stock
into shares of class A common stock at any time and on a one-for-one basis. As
a result of the conversion, there is now only a single class of Sucampo’s
common stock outstanding, totaling 41,905,364 shares, each of which is
entitled to one vote per share.

Board Classification

In accordance with Sucampo’s articles of incorporation, upon the date of the
conversion of the class B stock to class A stock, Sucampo’s Board of Directors
was automatically divided into three classes. All directors within a class
have the same three-year term of office. The class terms expire at successive
annual meetings so that each year a class of directors is elected. The current
terms of director classes expire in 2013 (Class I directors), 2014 (Class II
directors), and 2015 (Class III directors).

Stock Repurchase Plan

In September 2011, the Board of Directors approved a program to repurchase our
class A common stock under the previously approved repurchase plan, up to an
aggregate of $2.0 million. On November 2, 2012, our Board authorized the
increase of the amount of the program up to an aggregate of $5.0 million.
During the third quarter of 2012, we repurchased 123,135 shares at a cost of
$555,809.

Company to Host Conference Call Today

In conjunction with this third quarter financial and operating results press
release, Sucampo will host a conference call today at 5:00 pm Eastern. To
participate on the live call, please dial 866-788-0545 (domestic) or
857-350-1683 (international), and provide the participant passcode 34887168,
five to ten minutes ahead of the start of the call. A replay of the call will
be available within a few hours after the call ends. Investors may listen to
the replay by dialing 888-286-8010 (domestic) or 617-801-6888 (international),
with the passcode 21448920.

Investors interested in accessing the live audio webcast of the teleconference
may do so at http://investor.sucampo.com and should log on before the
teleconference begins in order to download any software required. The archive
of the teleconference will remain available for 30 days.

About unoprostone isopropyl (RESCULA^®)

Sucampo holds development and commercialization rights to unoprostone
isopropyl throughout the world except in Japan, Korea, Taiwan and the People’s
Republic of China. Unoprostone isopropyl (trade named RESCULA) first received
marketing authorization in 1994 in Japan and was subsequently approved in over
40 countries, including approval in 2000 by the FDA.

About lubiprostone (AMITIZA^®)

AMITIZA (lubiprostone) is a prostone, a locally acting chloride channel
activator, indicated for the treatment of CIC (24 mcg twice daily) in adults
and for IBS-C (8 mcg twice daily) in women 18 years of age and older in the
United States. In Japan, lubiprostone (24 mcg twice daily) is indicated for
the treatment of chronic constipation (excluding constipation caused by
organic diseases). In Switzerland, lubiprostone 24 mcg twice daily is
indicated for the treatment of chronic idiopathic constipation. In the U.K.,
lubiprostone 24 mcg twice daily is indicated for the treatment of chronic
idiopathic constipation and associated symptoms in adults.

About Sucampo Pharmaceuticals, Inc.

Sucampo Pharmaceuticals, Inc. is a global pharmaceutical company focused on
innovative research, discovery, development and commercialization of
proprietary drugs based on prostones. The therapeutic potential of prostones
was first discovered by Ryuji Ueno, M.D., Ph.D., Ph.D., Sucampo’s Chairman,
Chief Executive Officer, and co-founder. Prostones, naturally occurring fatty
acid metabolites that have emerged as promising compounds with unique
physiological activities, can be targeted for the treatment of unmet or
underserved medical needs. For more information, please visit www.sucampo.com.

AMITIZA is a registered trademark of Sucampo AG. RESCULA is a registered
trademark of R-Tech Ueno, Ltd, and has been licensed to Sucampo.

Sucampo Forward-Looking Statement

This press release contains "forward-looking statements" as that term is
defined in the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and involve risks
and uncertainties, which may cause results to differ materially from those set
forth in the statements. The forward-looking statements may include statements
regarding product development, product launch or regulatory approval, product
potential, future financial and operating results, and other statements that
are not historical facts. The following factors, among others, could cause
actual results to differ from those set forth in the forward-looking
statements: the impact of pharmaceutical industry regulation and health care
legislation; competitive products entering the markets in which Sucampo’s
products are marketed; Sucampo's ability to accurately predict future market
conditions; dependence on the effectiveness of Sucampo's patents and other
protections for innovative products; the risk of new and changing regulation
and health policies in the U.S. and internationally; and the exposure to
litigation and/or regulatory actions. No forward-looking statement can be
guaranteed and actual results may differ materially from those projected.
Sucampo undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events, or
otherwise. Forward-looking statements in this presentation should be evaluated
together with the many uncertainties that affect Sucampo's business,
particularly those mentioned in the risk factors and cautionary statements in
Sucampo's Form 10-K for the year ended December 31, 2011, which Sucampo
incorporates by reference.


Sucampo Pharmaceuticals, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
(in thousands, except per share data)
                                                          
                                                                             
                    Three Months Ended             Nine Months Ended September
                    September 30,                  30,
                    2012            2011           2012            2011
                                                                             
Revenues:
Research and
development         $  737          $ 2,885        $ 6,418         $ 6,591
revenue
Product royalty        13,890         10,563         36,521          30,724
revenue
Co-promotion           730            769            3,253           2,768
revenue
Contract and
collaboration         139          155          433           463     
revenue
Total revenues        15,496       14,372       46,625        40,546  
                                                                             
Operating
expenses:
Research and           5,615          8,725          14,202          25,838
development
General and            7,256          7,926          22,598          29,317
administrative
Selling and           4,278        2,243        14,474        6,689   
marketing
Total operating       17,149       18,894       51,274        61,844  
expenses
                                                                             
Loss from              (1,653 )       (4,522 )       (4,649  )       (21,298 )
operations
Non-operating
income
(expense):
Interest income        68             35             118             160
Interest               (596   )       (619   )       (1,780  )       (1,844  )
expense
Other income          8            1,224        727           (2,033  )
(expense), net
Total
non-operating         (520   )      640          (935    )      (3,717  )
income
(expense), net
                                                                             
Loss before            (2,173 )       (3,882 )       (5,584  )       (25,015 )
income taxes
Income tax            (3,776 )      (196   )      (3,112  )      5,009   
provision
Net loss            $  (5,949 )     $ (4,078 )     $ (8,696  )     $ (20,006 )
                                                                             
Net loss per
share:
Basic net loss      $  (0.14  )     $ (0.10  )     $ (0.21   )     $ (0.48   )
per share
Diluted net         $  (0.14  )     $ (0.10  )     $ (0.21   )     $ (0.48   )
loss per share
Weighted
average common
shares                41,678       41,877       41,697        41,864  
outstanding -
basic
Weighted
average common
shares                41,678       41,877       41,697        41,864  
outstanding -
diluted
                                                                             
Comprehensive
loss:
Net loss            $  (5,949 )     $ (4,078 )     $ (8,696  )     $ (20,006 )
Other
comprehensive
income (loss):
Unrealized gain
on investments,        28             100            23              108
net of tax
effect
Foreign
currency              (175   )      (2,121 )      (1,767  )      1,161   
translation
Comprehensive       $  (6,096 )     $ (6,099 )     $ (10,440 )     $ (18,737 )
income (loss)
                                                                             


Sucampo Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)

                                                             
                                                September 30,     December 31,
                                                2012              2011
ASSETS:
Current assets:
Cash and cash equivalents                       $  57,246         $  50,662
Investments, current                               6,229             24,452
Product royalties receivable                       13,346            10,795
Unbilled accounts receivable                       571               2,036
Accounts receivable, net                           1,235             4,616
Prepaid and income taxes receivable                3,316             2,845
Deferred tax assets, current                       33                163
Deferred charge, current                           673               3,057
Restricted cash, current                           15,113            15,113
Prepaid expenses and other current assets         2,611           1,177   
Total current assets                               100,373           114,916
                                                                             
Investments, non-current                           -                 998
Property and equipment, net                        1,563             1,669
Intangibles assets, net                            7,660             8,364
Deferred tax assets, non-current                   1,728             2,089
Deferred charge, non-current                       5,381             26,751
Restricted cash, non-current                       3,548             2,129
Other assets                                      878             653     
Total assets                                    $  121,131       $  157,569 
                                                                             
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable                                $  3,455          $  6,978
Accrued expenses                                   8,800             13,648
Deferred revenue, current                          3,841             3,888
Deferred tax liability, current                    51                2,167
Notes payable, current                            20,300          20,400  
Total current liabilities                          36,447            47,081
                                                                             
Notes payable, non-current                         40,883            39,227
Deferred revenue, non-current                      7,101             7,045
Deferred tax liability, non-current                5,125             23,019
Other liabilities                                 2,211           2,603   
Total liabilities                                 91,767          118,975 
                                                                             
                                                                             
                                                                             
Stockholders' equity:
Preferred stock, $0.01 par value; 5,000,000
shares authorized at September 30, 2012 and
December 31, 2011; no shares issued and            -                 -
outstanding at September 30, 2012 and
December 31, 2011
Class A common stock, $0.01 par value;
270,000,000 shares authorized at September
30, 2012 and December 31, 2011; 41,901,785         419               157
and 15,690,780 shares issued and
outstanding at September 30, 2012 and
December 31, 2011, respectively
Class B common stock, $0.01 par value; 0
and 75,000,000 shares authorized at
September 30, 2012 and December 31, 2011; 0        -                 262
and 26,191,050 shares issued and
outstanding at September 30, 2012 and
December 31, 2011, respectively
Additional paid-in capital                         61,723            59,957
Accumulated other comprehensive income             16,110            17,854
Treasury stock, at cost; 310,122 and
186,987 shares at September 30, 2012 and           (1,256   )        (700    )
December 31, 2011,
respectively                                      (47,632  )       (38,936 )
Accumulated deficit                               29,364          38,594  
Total liabilities and stockholders' equity      $  121,131       $  157,569 
                                                                             


Sucampo Pharmaceuticals, Inc.
Key Segment Information (unaudited)
(in thousands)

                                                         
(In thousands)     Americas        Europe          Asia           Consolidated
Three Months
Ended
September 30,
2012
Research and
development        $ 665           $ 72            $ -            $  737
revenue
Product
royalty              13,890          -               -               13,890
revenue
Co-promotion         730             -               -               730
revenue
Contract and
collaboration       141           (15     )      13            139     
revenue
Total revenues       15,426          57              13              15,496
Research and
development          2,239           2,543           833             5,615
expenses
Depreciation
and                  122             242             10              374
amortization
Other
operating           9,677         1,161         322           11,160  
expenses
Income (loss)
from                 3,388           (3,889  )       (1,152 )        (1,653  )
operations
Interest             65              3               -               68
income
Interest             -               (556    )       (40    )        (596    )
expense
Other
non-operating       34            165           (191   )       8       
income
(expense), net
Income (loss)
before income      $ 3,487        $ (4,277  )     $ (1,383 )     $  (2,173  )
taxes
Capital            $ 41           $ -            $ -           $  41      
expenditures
                                                                             
Three Months
Ended
September 30,
2011
Research and
development        $ 2,658         $ -             $ 227          $  2,885
revenue
Product
royalty              10,563          -               -               10,563
revenue
Co-promotion         769             -               -               769
revenue
Contract and
collaboration       141           -             14            155     
revenue
Total revenues       14,131          -               241             14,372
Research and
development          6,552           965             1,208           8,725
expenses
Depreciation
and                  215             167             (6     )        376
amortization
Other
operating           9,014         403           376           9,793   
expenses
Loss from            (1,650  )       (1,535  )       (1,337 )        (4,522  )
operations
Interest             32              2               1               35
income
Interest             -               (576    )       (43    )        (619    )
expense
Other
non-operating       (10     )      1,463         (229   )       1,224   
income
(expense), net
Loss before        $ (1,628  )     $ (646    )     $ (1,608 )     $  (3,882  )
income taxes
Capital            $ 15           $ 3            $ 86          $  104     
expenditures
                                                                             
Nine Months
Ended
September 30,
2012
Research and
development        $ 5,878         $ 74            $ 466          $  6,418
revenue
Product
royalty              36,521          -               -               36,521
revenue
Co-promotion         3,253           -               -               3,253
revenue
Contract and
collaboration       424           (30     )      39            433     
revenue
Total revenues       46,076          44              505             46,625
Research and
development          6,250           5,405           2,547           14,202
expenses
Depreciation
and                  366             709             30              1,105
amortization
Other
operating           32,475        2,576         916           35,967  
expenses
Income (loss)
from                 6,985           (8,646  )       (2,988 )        (4,649  )
operations
Interest             105             12              1               118
income
Interest             -               (1,656  )       (124   )        (1,780  )
expense
Other
non-operating       67            82            578           727     
income
(expense), net
Income (loss)
before income      $ 7,157        $ (10,208 )     $ (2,533 )     $  (5,584  )
taxes
Capital            $ 293          $ 3,445        $ -           $  3,738   
expenditures
                                                                             
Nine Months
Ended
September 30,
2011
Research and
development        $ 5,555         $ -             $ 1,036        $  6,591
revenue
Product
royalty              30,724          -               -               30,724
revenue
Co-promotion         2,768           -               -               2,768
revenue
Contract and
collaboration       424           -             39            463     
revenue
Total revenues       39,471          -               1,075           40,546
Research and
development          19,465          2,352           4,021           25,838
expenses
Depreciation
and                  668             325             33              1,026
amortization
Other
operating           33,232        807           941           34,980  
expenses
Loss from            (13,894 )       (3,484  )       (3,920 )        (21,298 )
operations
Interest             155             3               2               160
income
Interest             -               (1,719  )       (125   )        (1,844  )
expense
Other
non-operating       (21     )      (1,779  )      (233   )       (2,033  )
income
(expense), net
Loss before        $ (13,760 )     $ (6,979  )     $ (4,276 )     $  (25,015 )
income taxes
Capital            $ 93           $ 6,003        $ 188         $  6,284   
expenditures
                                                                             

Contact:

Sucampo Pharmaceuticals, Inc.
Silvia Taylor, 1-240-223-3718
staylor@sucampo.com
or
Kate de Santis, 1-240-223-3834
kdesantis@sucampo.com
 
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