Adolor Corporation (NasdaqGM: ADLR) today reported a net loss of
$8.3 million, or $(0.18) per basic and diluted share, for the three
months ended June 30, 2010, compared to a net loss of $16.5
million, or $(0.36) per basic and diluted share, for the three
months ended June 30, 2009. For the six months ended June 30, 2010,
Adolor reported a net loss of $17.9 million, or $(0.39) per basic
and diluted share, compared to a net loss of $29.7 million, or
$(0.64) per basic and diluted share, for the six months ended June
30, 2009.
As previously announced, net product sales of ENTEREG®
(alvimopan) were $6.3 million and $2.4 million for the three months
ended June 30, 2010 and 2009, respectively, and $11.5 million and
$3.8 million for the six months ended June 30, 2010 and 2009,
respectively. The increase in net product sales during the three
and six months ended June 30, 2010 as compared to the prior year
periods resulted from an increase in the number of hospitals
ordering ENTEREG and increased penetration within existing hospital
customers. Net product sales for the three and six months ended
June 30, 2010 were recognized at the time of shipment as compared
to net product sales for the three and six months ended June 30,
2010, which were recognized on a reorder basis under the Company’s
previous revenue recognition policy. Net shipments of ENTEREG for
the three and six months ended June 30, 2009 were $2.9 million and
$4.9 million, respectively.
Cash, cash equivalents and short-term investments at June 30,
2010 were $62.3 million, which the Company believes will fund
currently anticipated operating activities through 2012.
“The second quarter saw continued progress with ENTEREG and the
advancement of our OBD compounds in early clinical evaluation,”
said Michael R. Dougherty, President and Chief Executive Officer.
“Following our recently announced restructuring, Adolor enters the
second half of 2010 well positioned with a growing commercial
product, a promising clinical development program and a reduced
burn rate.”
Operating Highlights
Contract revenues were $4.7 million and $6.7 million in the
three months ended June 30, 2010 and 2009, respectively, and $10.1
million and $11.9 million in the six months ended June 30, 2010 and
2009, respectively. Contract revenues decreased for the three and
six months ended June 30, 2010 compared to the same periods in 2009
due primarily to lower Glaxo contract revenues as a result of
reduced reimbursements under the collaboration agreement, offset
partially by increased cost reimbursement under the Pfizer delta
agonist collaboration resulting from costs related to the
osteoarthritis and post-herpetic neuralgia clinical trials incurred
during the three and six months ended June 30, 2010.
Research and development expenses were $9.6 million and $12.0
million for the three months ended June 30, 2010 and 2009,
respectively, and $20.1 million and $24.3 million for the six
months ended June 30, 2010 and 2009, respectively. These decreases
were driven primarily by reductions in expenses associated with the
Company’s restructuring in June 2009, offset partially by higher
costs of clinical studies incurred during the three and six months
ended June 30, 2010 in the Company’s delta and OBD programs.
The Company’s selling, general and administrative expenses were
$9.0 million and $9.5 million for the three months ended June 30,
2010 and 2009, respectively. The decrease in the three months ended
June 30, 2010 compared to the same period in 2009 was primarily
driven by lower general and administrative expenses as a result of
the June 2009 restructuring and lower marketing expenses, offset
partially by higher ENTEREG profit-sharing expenses under the
collaboration agreement with Glaxo. For the six months ended June
30, 2010 and 2009, the Company’s selling, general and
administrative expenses were $18.2 million and $17.4 million,
respectively. The increase in the six months ended June 30, 2010
compared to the same period in 2009 was primarily driven by higher
ENTEREG profit-sharing expenses under the collaboration agreement
with Glaxo and higher marketing expenses, offset partially by lower
general and administrative expenses period-over-period as a result
of the restructuring.
For the three and six months ended June 30, 2009, the Company
recorded a $4.2 million restructuring charge, consisting of $2.2
million of employee severance and benefit related costs and a
$2.0 million non-cash impairment charge primarily related to
leasehold improvements and laboratory equipment used for activities
that were eliminated pursuant to its restructuring. There were no
restructuring charges for the three or six months ended June 30,
2010; however, the Company expects to record a restructuring charge
of approximately $2.0 million for the three months ended September
30, 2010 as a result of the restructuring announced in July
2010.
About Adolor Corporation
Adolor Corporation is a biopharmaceutical company specializing
in the discovery, development and commercialization of novel
prescription pain management products.
Adolor’s first approved product in the United States is ENTEREG®
(alvimopan), which is indicated to accelerate the time to upper and
lower gastrointestinal recovery following partial large or small
bowel resection surgery with primary anastomosis. ENTEREG is
available for short-term use in hospitals registered under the
E.A.S.E.™ Program. For more information on ENTEREG, including its
full prescribing information, visit www.ENTEREG.com. In
collaboration with GSK, the Company launched ENTEREG in
mid-2008.
The Company’s development pipeline includes: two novel delta
opioid receptor agonists, currently in mid-stage clinical
development in collaboration with Pfizer Inc. for chronic pain, and
two opioid receptor antagonists, ADL7445 and ADL5945, in
development for chronic OBD.
For more information, visit www.adolor.com.
Forward-Looking Statements
This press release, and oral statements made with respect to
information contained in this release, may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements provide Adolor’s
current expectations or forecasts of future events. These may
include statements regarding market prospects for ENTEREG,
including whether growth in net product sales will continue;
anticipated scientific progress on Adolor’s research programs;
development of potential pharmaceutical products, including the
delta opioid receptor agonist and OBD programs and the timing and
results of any clinical studies of Adolor’s compounds;
interpretation of clinical results; prospects for regulatory
approvals; and other statements regarding matters that are not
historical facts. You may identify some of these forward-looking
statements by the use of words in the statements such as
“anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe” or other words and terms of similar meaning or that
otherwise express contingencies, goals, targets or future
development. These statements are based upon management’s current
expectations and are subject to risks and uncertainties, known and
unknown, that could cause actual results and developments to differ
materially from those expressed or implied in such statements due
to general financial, economic, regulatory and political conditions
affecting the biotechnology and pharmaceutical industries, as well
as more specific risks and uncertainties facing Adolor such as
those set forth in its reports on Forms 8-K, 10-Q and 10-K
filed with the U.S. Securities and Exchange Commission. Adolor
urges you to carefully review and consider the disclosures found in
its filings which are available at www.sec.gov and from Adolor at
www.adolor.com. Given the uncertainties affecting pharmaceutical
companies such as Adolor, any or all of these forward-looking
statements may prove to be incorrect. Therefore, you should not
rely on any such factors or forward-looking statements. Adolor
undertakes no obligation to publicly update or revise the
statements made herein or the risk factors that may relate thereto
whether as a result of new information, future events, or
otherwise, except as may be required by law.
This press release is available on the website
http://www.adolor.com.
ADOLOR CORPORATION AND
SUBSIDIARY
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
Three Months Ended June 30, Six
Months Ended June 30, 2010
2009 2010
2009 Revenues: Product sales, net $ 6,259,271 $
2,382,549 $ 11,549,502 $ 3,814,732 Contract revenues
4,687,022 6,681,389 10,064,878
11,928,866 Total revenues, net
10,946,293 9,063,938 21,614,380
15,743,598 Operating expenses incurred: Cost
of product sales 677,283 230,258 1,267,235 383,562 Research and
development 9,595,492 11,972,191 20,113,632 24,294,814 Selling,
general and administrative 9,002,026 9,505,266 18,229,255
17,382,940 Restructuring charge - 4,206,521
- 4,206,521 Total
operating expenses 19,274,801 25,914,236
39,610,122 46,267,837
Loss from operations (8,328,508 ) (16,850,298 ) (17,995,742 )
(30,524,239 ) Interest income 51,458 308,451
119,153 795,052 Net loss
$ (8,277,050 ) $ (16,541,847 ) $ (17,876,589 ) $ (29,729,187 )
Basic and diluted net loss per share $ (0.18 ) $ (0.36 ) $
(0.39 ) $ (0.64 ) Shares used in computing basic and diluted
net loss per share 46,332,301 46,296,235
46,323,266 46,296,235
CONSOLIDATED BALANCE SHEET DATA
(Unaudited)
June 30, December 31, 2010 2009
Cash, cash equivalents and short-term investments $ 62,315,105 $
83,205,976 Working capital 48,579,130 66,989,322 Total assets
69,388,423 91,459,434 Total stockholders’ equity 27,751,672
44,053,673
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