Adolor Corporation (NasdaqGM: ADLR) today reported a net loss of
$27.3 million, or $(0.59) per basic and diluted share, for the year
ended December 31, 2010, compared to a net loss of $47.9 million,
or $(1.03) per basic and diluted share, for the year ended December
31, 2009.
“2010 was a year of continued progress for Adolor,” said Michael
R. Dougherty, President and Chief Executive Officer. “The year was
highlighted by the advancement of our OIC program with the
initiation of Phase 2 clinical evaluation of ADL5945.” Mr.
Dougherty continued, “In 2010, we also saw steady growth in ENTEREG
sales and reductions in our cash burn from operations. We look
forward to continued growth for ENTEREG and to completing our Phase
2 OIC trials in the third quarter of this year.”
Operating Highlights
Net product sales of ENTEREG for the year ended December 31,
2010 were $25.4 million compared to $14.6 million for the year
ended December 31, 2009, primarily driven by an increase in the
number of ordering hospitals and increased penetration within
existing hospital customers. Net product sales of ENTEREG were $7.3
million for the three months ended December 31, 2010; for the same
period in 2009, net product sales were $7.5 million, which included
$2.6 million of product shipped to hospitals prior to that quarter,
but not recognized as revenue at the time of shipment under the
Company’s previous revenue recognition policy. Effective as of the
beginning of the fourth quarter of 2009, the Company began to
recognize net product sales upon the shipment of ENTEREG to the
hospital. Net sales of ENTEREG for the fourth quarter of 2010
increased 12% over the third quarter of 2010.
Contract revenues were $17.9 million and $22.8 million for the
years ended December 31, 2010 and 2009, respectively, and $3.7
million and $5.5 million for the three months ended December 31,
2010 and 2009, respectively. The decreases in 2010 were driven
primarily by reduced reimbursements under our GSK and Pfizer
collaboration agreements.
Research and development expenses were $33.2 million and $43.9
million for the years ended December 31, 2010 and 2009,
respectively, and $6.7 million and $8.5 million for the three
months ended December 31, 2010 and 2009, respectively. Research and
development expenses decreased compared to the 2009 periods
primarily due to reductions in expenses associated with our
restructurings in June 2009 and July 2010 as well as reduced
spending in our delta and certain other programs. These decreases
were partially offset by higher expenditures on our opioid-induced
constipation (OIC) program.
Selling, general and administrative expenses were $34.1 million
and $36.9 million for the years ended December 31, 2010 and 2009,
respectively. The decrease in 2010 was driven primarily by a
reduction in general and administrative expenses as a result of our
June 2009 and July 2010 restructurings and lower marketing
expenses, offset partially by higher ENTEREG profit-sharing
expenses under the collaboration agreement with GSK. Profit-sharing
expenses for the years ended December 31, 2010 and 2009 were $7.9
million and $2.1 million, respectively. For the three months ended
December 31, 2010 and 2009, selling, general and administrative
expenses were $8.1 million and $10.9 million respectively.
Net loss for the three months ended December 31, 2010 was $3.3
million, or $(0.07) per basic and diluted share, compared to a net
loss for the three months ended December 31, 2009 of $7.1 million,
or $(0.15) per basic and diluted share.
Cash, cash equivalents and short-term investments at December
31, 2010 were $46.6 million.
Conference Call Information
Adolor's management will discuss the Company's fourth quarter
and full year 2010 results in a conference call with investors
beginning at 8:30 a.m. ET today, February 23, 2011.
To participate in the audio portion and have the opportunity to
pose questions, dial 866-383-7989 for domestic callers or
617-597-5328 for international callers, and enter Conference ID #
15265996. Investors also can listen to the call live by logging on
to the Company’s website at www.adolor.com and clicking on
“Investor Insights,” then "Calendar of Events."
A replay of the call will be available beginning approximately
two hours after the event. To listen to a replay of the conference
call, dial 888-286-8010 (domestic) or 617-801-6888 (international)
and enter Conference ID # 55975035 or listen via Adolor’s website.
The replay will be available for one week.
About Adolor
Adolor Corporation is a biopharmaceutical company specializing
in the discovery, development and commercialization of novel
prescription pain and pain management products.
Adolor’s first approved product in the United States is ENTEREG,
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 research and development pipeline includes:
ADL5945 and ADL7445, novel mu opioid receptor antagonists
undergoing clinical development for chronic OIC; and several
earlier-stage compounds under development for the management of
pain and CNS disorders.
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 OIC
program 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 Year Ended
December 31, December 31, 2010
2009 2010 2009 Revenues: Product sales,
net $ 7,308,287 $ 7,450,343 $ 25,386,285 $ 14,609,022 Contract
revenues 3,706,242 5,503,724 17,916,233
22,751,584 Total revenues, net 11,014,529
12,954,067 43,302,518 37,360,606 Operating
expenses incurred: Cost of product sales 878,931 810,800 2,876,503
1,515,073 Research and development 6,671,105 8,529,827 33,210,404
43,930,303 Selling, general and administrative 8,073,215 10,891,327
34,053,247 36,947,749 Restructuring charge (reversal) -
(125,939) 1,918,701 3,932,582 Total
operating expenses 15,623,251 20,106,015
72,058,855 86,325,707 Loss from operations
(4,608,722) (7,151,948) (28,756,337) (48,965,101) Interest and
other income, net 1,273,094 95,893 1,482,269
1,050,787 Net loss $ (3,335,628) $ (7,056,055) $
(27,274,068) $ (47,914,314) Basic and diluted net loss per
share $ (0.07) $ (0.15) $ (0.59) $ (1.03) Shares used in
computing basic and diluted net loss per share 46,355,973
46,296,235 46,338,538 46,296,235
CONSOLIDATED BALANCE
SHEET DATA (Unaudited) December 31,
2010 2009 Cash, cash equivalents and short-term
investments $ 46,586,537 $ 83,205,976 Working capital 38,344,823
66,989,322 Total assets 52,757,664 91,459,434 Total stockholders’
equity 19,658,324 44,053,673
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