Aradigm Announces First Quarter 2013 Financial Results
HAYWARD, Calif. -- May 14, 2013
Aradigm Corporation (OTCBB: ARDM.OB) (the “Company”) today announced
financial results for the first quarter and three months ended March 31, 2013.
Total revenue was $0.3 million for the first quarter of 2013, compared with
$0.3 million in revenue for the first quarter of 2012. Revenue for both
quarters reflects the quarterly royalty payment from Zogenix, Inc. for
SUMAVEL* product sales.
Total operating expenses for the first quarter of 2013 were $3.2 million,
compared with total operating expenses of $1.9 million for the first quarter
of 2012. The increase in operating expenses was primarily due to higher R&D
expenses from the initiation of the 9 month inhalation study in dogs
associated with the Company’s inhaled ciprofloxacin program. The Company’s net
loss for the first quarter of 2013 was $3.3 million, or $0.01 per share,
compared with a net loss of $2.0 million, or $0.01 per share, for the same
period in 2012.
As of March 31, 2013, cash, cash equivalents and short-term investments
totaled $4.6 million.
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. 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.
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, 2012 filed with the SEC on March 27, 2013, 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data)
Three months ended
Revenues $ 279 $ 282
Research and development 1,984 786
General and administrative 1,220 1,083
Restructuring and asset impairment 7 9
Total operating expenses 3,211 1,878
Loss from operations (2,932 ) (1,596 )
Interest income 2 4
Interest expense (394 ) (370 )
Other income (expense), net (1 ) 2
Net loss $ ( 3,325 ) $ (1,960 )
Change in unrealized gains (losses) on - (1 )
Comprehensive loss $ (3,325 ) $ (1,961 )
Basic and diluted net loss per common share $ (0.01 ) $ (0.01 )
Shares used in computing basic and diluted net 249,941 197,923
loss per common share
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
Cash and cash equivalents $ 2,126 $ 7,414
Short-term investments 2,490 203
Receivables 42 41
Prepaid and other current assets 195 106
Total current assets 4,853 7,764
Property and equipment, net 635 727
Other assets 449 475
Total assets $ 5,937 $ 8,966
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts payable 204 330
Accrued clinical and cost of other studies 541 500
Accrued compensation 245 184
Facility lease exit obligation 149 144
Other accrued liabilities 290 127
Total current liabilities 1,429 1,285
Deferred rent 144 144
Facility lease exit obligation, non-current 428 465
Note payable and accrued interest 8,607 8,513
Shareholders' deficit (4,671 ) (1,441 )
Total liabilities and shareholders' deficit $ 5,937 $ 8,966
* The balance sheet at December 31, 2012 has been derived from the audited
financial statements at that date.
Nancy Pecota, 510-265-8800
Chief Financial Officer
Press spacebar to pause and continue. Press esc to stop.