May 11 2012
Aradigm Corporation (OTC BB:ARDM.OB) (the "Company") today announced financial results for the first quarter and three months ended March 31, 2012.
Total revenue was $0.3 million for the first quarter of 2012, compared with $0.2 million in revenue for the first quarter of 2011. Revenue for both quarters reflects the quarterly royalty payment from Zogenix, Inc. for SUMAVEL product sales.
Total operating expenses for the first quarter of 2012 were $1.9 million, compared with total operating expenses of $2.6 million for the first quarter of 2011. The decrease in operating expenses was primarily due to lower expenses from the Company's inhaled ciprofloxacin clinical trials. The Company's net loss for the first quarter of 2012 was $2.0 million, or $0.01 per share, compared with a net loss of $2.4 million, or $0.01 per share, for the same period in 2011.
As of March 31, 2012, cash, cash equivalents and short-term investments totaled $7.0 million.
First Quarter 2012 Highlights
- March 2012: received clearance from the FDA for BE IND. On March 12, 2012, the Company announced that its Investigational New Drug Application (IND) to conduct a pivotal Phase 3 clinical trial of Pulmaquin (dual release ciprofloxacin for inhalation) in non-cystic fibrosis bronchiectasis (BE) was cleared by the U.S. Food and Drug Administration (FDA).
- February 2012: patent issued for Pulmaquin™. On February 21, 2012, the Company announced that the United States Patent and Trademark Office (USPTO) issued an important composition of matter patent covering formulations of liposomal and free ciprofloxacin, including its lead product candidate, Pulmaquin. The Company expects that the patent will provide exclusivity for Pulmaquin until October 22, 2028.