Transdel Pharmaceuticals reports lower net loss of $0.9 million for first-quarter 2010

Transdel Pharmaceuticals, Inc. (OTC Bulletin Board: TDLP), a specialty pharmaceutical company focused on developing topically administered products using its proprietary transdermal delivery platform, today announced financial results for the quarter ended March 31, 2010.  The Company also highlighted recent achievements.

"We continue to focus our efforts on licensing discussions with potential pharmaceutical partners for Ketotransdel®, our lead transdermal product for pain, and on preparing for the continuation of the clinical program for Ketotransdel®," stated John Lomoro, Acting Chief Executive Officer and Chief Financial Officer.  "We are very pleased that the full results from the first Phase 3 Ketotransdel® study will be presented at the upcoming World Congress on Pain."  

Recent Achievements

• The Company raised $1 million from an existing shareholder through a private debt financing.  The financing provides the Company with additional resources to continue to plan the second Phase 3 clinical study to evaluate Ketotransdel®, as well as to continue partnering discussions.
• The Company's abstract entitled "Efficacy And Safety Of Ketoprofen 10% Cream In The Treatment Of Pain Associated With Acute Soft Tissue Injuries (Phase 3 Study TDLP-110-001)" was accepted for presentation at the 13th World Congress on Pain to be held August 29 to September 2, 2010 in Montreal, Canada. The poster is to be presented by lead author Dr. Evan Ekman, President of Southern Orthopaedic Sports Medicine in Columbia, SC.

First Quarter 2010 Financial Results

As of March 31, 2010, the Company had cash and cash equivalents of approximately $1.0 million, compared to $1.6 million at December 31, 2009.  The cash and cash equivalents balance as of March 31, 2010 does not include the proceeds from the recent $1 million financing completed in early April 2010.  

Transdel reported a net loss of approximately $0.9 million, or $0.06 per share, for the first quarter ended March 31, 2010, compared to a net loss of approximately $1.6 million, or $0.10 per share, for the same period last year.

Research and development expenses totaled approximately $0.1 million and $1.1 million for the first quarter 2010 and 2009, respectively. The decrease in research and development costs compared to 2009 was primarily due to expenses incurred for the Phase 3 clinical study of Ketotransdel® that was in progress during the first quarter 2009.

General and administrative expenses totaled approximately $0.8 million and $0.5 million for the first quarter ended March 31, 2010 and 2009, respectively.  The increase is due to a one-time charge of approximately $0.4 million for accrued expenses relating to the separation agreement between the Company and our former chief executive officer who resigned in February 2010.