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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