Adolor Corporation (NasdaqGM: ADLR) today reported net sales of
ENTEREG® (alvimopan) of $8.2 million for the three months ended
June 30, 2011, a 31% increase compared to net sales of $6.3 million
for the three months ended June 30, 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 sales of ENTEREG were $15.7 million and $11.5
million for the six months ended June 30, 2011 and 2010,
respectively.
Net loss for the three months ended June 30, 2011 was $1.8
million, or $(0.04) per basic and diluted share, down from a net
loss of $8.3 million, or $(0.18) per basic and diluted share, for
the three months ended June 30, 2010. Net loss for the six months
ended June 30, 2011 was $9.1 million, or $(0.20) per basic and
diluted share, down from a net loss of $17.9 million, or $(0.39)
per basic and diluted share, for the six months ended June 30,
2010. The net loss in the three and six months ended June 30, 2011
was favorably impacted by the accelerated amortization of deferred
revenue under the Collaboration Agreement with Glaxo Group Limited
(GSK) following Adolor’s agreement to terminate the Collaboration
Agreement and to reacquire GSK’s rights to ENTEREG. The increase in
non-cash contract revenues due to this change was $4.4 million, or
$0.09 per share, for the three and six months ended June 30, 2011.
As a result of this change, we also expect to record the remaining
deferred revenue balance of $16.8 million to contract revenues
during the third quarter of 2011.
“The second quarter was highlighted by continuing growth in
ENTEREG sales and, of course, our agreement with GSK to assume full
ownership of the product,” said Michael R. Dougherty, President and
Chief Executive Officer. “We enter the second half of 2011 with
positive momentum and look ahead to an important milestone for our
Company, the reporting of data in August for ADL5945 in our phase 2
program in chronic OIC.”
Cash, cash equivalents and short-term investments at June 30,
2011 were $32.1 million.
Conference Call Information
Adolor's management will discuss the Company's second quarter
2011 results in a conference call with investors beginning at 8:30
a.m. ET Wednesday, July 27, 2011.
To participate in the audio portion and have the opportunity to
pose questions, dial 866-383-8119 for domestic callers or
617-597-5344 for international callers, and enter Conference ID #
55315042. 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 # 89375697 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 currently 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;
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 June 30, Six Months Ended June
30, 2011 2010
2011 2010
Revenues: Product sales, net $ 8,222,865 $ 6,259,271 $ 15,673,715 $
11,549,502 Contract revenues 5,967,502
4,687,022 7,547,150 10,064,878
Total revenues, net 14,190,367
10,946,293 23,220,865 21,614,380
Operating expenses incurred: Cost of product sales 948,235
677,283 1,818,155 1,267,235 Research and development 6,638,278
9,595,492 13,489,424 20,113,632 Selling, general and administrative
8,555,176 9,002,026 17,252,494
18,229,255 Total operating expenses
16,141,689 19,274,801 32,560,073
39,610,122 Loss from operations
(1,951,322 ) (8,328,508 ) (9,339,208 ) (17,995,742 ) Interest
income 10,374 51,458 31,000 119,153 Other income, net
104,572 — 215,460 —
Net loss $ (1,836,376 ) $ (8,277,050 ) $ (9,092,748 )
$ (17,876,589 ) Basic and diluted net loss per share $ (0.04
) $ (0.18 ) $ (0.20 ) $ (0.39 ) Shares used in computing
basic and diluted net loss per share 46,408,293
46,332,301 46,398,849 46,323,266
CONSOLIDATED BALANCE SHEET DATA
(Unaudited)
June 30, December 31, 2011 2010
Cash, cash equivalents and short-term investments $32,148,818
$46,586,537 Working capital 8,684,257 38,344,823 Total assets
57,458,747 52,757,664 Total stockholders’ equity 11,535,632
19,658,324
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