Adolor Corporation (NasdaqGM: ADLR) today reported net sales of
ENTEREG® (alvimopan) were $7.5 million for the three months ended
March 31, 2011, a 42% increase compared to net sales of $5.3
million for the three months ended March 31, 2010. The increase in
net sales was driven primarily by an increase in the number of
hospitals ordering ENTEREG and increased penetration within
existing hospital customers, as well as the impact of pricing
changes since the first quarter of 2010.
Net loss for the three months ended March 31, 2011 was $7.3
million, or $(0.16) per basic and diluted share, down from a net
loss of $9.6 million, or $(0.21) per basic and diluted share, for
the three months ended March 31, 2010.
“The first quarter saw steady progress across the board at
Adolor,” said Michael R. Dougherty, President and Chief Executive
Officer. “Enrollment has progressed well in our Phase 2 clinical
program for ADL5945 in OIC and we are on-track to report the
results of our studies in the third quarter of this year.
Commercially, ENTEREG net sales growth continued, increasing over
40 percent compared to the same period last year. We expect
continued growth in 2011 as independent medication use evaluations
and other ENTEREG outcomes studies continue to drive physician
interest in this product.”
Cash, cash equivalents and short-term investments at March 31,
2011 were $39.3 million.
Conference Call Information
Adolor's management will discuss the Company's first quarter
2011 results in a conference call with investors beginning at 8:30
a.m. ET today, April 28, 2011.
To participate in the audio portion and have the opportunity to
pose questions, dial 866-831-6270 for domestic callers or
617-213-8858 for international callers, and enter Conference ID #
40429279. 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 # 38637435 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®
(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 only for short-term (15 doses) use in hospitalized
patients. Only hospitals that have registered in and met all of the
requirements for the ENTEREG Access Support and Education
(E.A.S.E.) program may use ENTEREG. For more information on
ENTEREG, including its full prescribing information, the Boxed
Warning regarding short-term hospital use and the E.A.S.E.®
Program, visit www.ENTEREG.com. The Company co-promotes ENTEREG in
collaboration with GSK.
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 or
physician interest in the product will grow; 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 March 31, 2011
2010 Revenues: Product sales, net $ 7,450,850 $ 5,290,231
Contract revenues 1,579,648 5,377,856
Total revenues, net 9,030,498
10,668,087 Operating expenses incurred: Cost of
product sales 869,920 589,952 Research and development 6,851,146
10,518,140 Selling, general and administrative 8,697,318
9,227,229 Total operating expenses
16,418,384 20,335,321 Loss from
operations (7,387,886 ) (9,667,234 ) Interest income 20,626 67,695
Other income, net 110,888 - Net
loss $ (7,256,372 ) $ (9,599,539 ) Basic and diluted net
loss per share $ (0.16 ) $ (0.21 ) Shares used in computing
basic and diluted net loss per share 46,389,300
46,314,130
CONSOLIDATED BALANCE SHEET
DATA
(Unaudited)
March 31,
December 31,
2011 2010 Cash, cash equivalents and short-term
investments $39,319,656 $46,586,537 Working capital 30,421,903
38,344,823 Total assets 45,919,861 52,757,664 Total stockholders’
equity 12,879,873 19,658,324
Adolor Corp. (MM) (NASDAQ:ADLR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Adolor Corp. (MM) (NASDAQ:ADLR)
Historical Stock Chart
From Jul 2023 to Jul 2024