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Aradigm Announces First Quarter 2013 Financial Results



  Aradigm Announces First Quarter 2013 Financial Results

Business Wire

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.

About Aradigm

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.

Forward-Looking Statements

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.

                                                                  
ARADIGM CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data)
(Unaudited)
                                                     Three months ended

                                                     March 31,
                                                     2013          2012
                                                                              
Revenues                                             $ 279         $ 282      
Operating expenses:
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      )
available-for-sale securities
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
                                                                              

                                                           
ARADIGM CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
                                              March 31,     December 31,

                                              2013          2012
                                              (Unaudited)   *
ASSETS
Current assets:
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
Current liabilities:
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.

Contact:

Aradigm Corporation
Nancy Pecota, 510-265-8800
Chief Financial Officer
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