ADMA Biologics reports consolidated net loss of $15.5M in 2013

ADMA Biologics, Inc. (OTCQB:ADMA), a late-stage biopharmaceutical company that develops, manufactures, and intends to market specialty plasma-based biologics for the treatment and prevention of certain infectious diseases, today announced its financial results for the year ended December 31, 2013 and provided recent company developments as well as anticipated milestones for 2014.

"ADMA Biologics achieved several significant milestones during 2013. We commenced and completed patient enrollment in our pivotal Phase III clinical study for RI-002 in patients who suffer from Primary Immune Deficiency Diseases (PIDD). We also completed our Initial Public Offering (IPO) in October 2013, raising gross proceeds of over $29 million, extending our cash runway into 2016. Anticipated milestones for 2014 include announcing preliminary Phase III data for RI-002, seeking to list our common stock on the NASDAQ market and continuing the expansion and ongoing growth of our ADMA BioCenters' facilities which have continued to produce year-over-year revenue increases," stated Adam Grossman, ADMA Biologics President and Chief Executive Officer.

2013 Accomplishments

• Commenced and Completed Enrollment of Pivotal Phase III Clinical Study of RI-002
• Completed IPO Raising Over $29 Million of Gross Proceeds
• Secured $5 Million Loan From Hercules Technology Growth Capital
• Presented Human and Animal, Clinical and Laboratory Data at the RSV Vaccines for the World 2013 Conference
• ADMA BioCenters Received German Health Certification (GHA) for Sale of Source Plasma in Europe

2014 Achievements and Anticipated Milestones

• Expansion Underway of ADMA BioCenters Plasma Collection Operations
• Increased Hercules Technology Growth Capital Loan by $10 Million
• Intend to File Biologics License Application (BLA) for New ADMA BioCenters Plasma Collection Facility
• Intend to Apply to List ADMA Biologics Common Stock on the NASDAQ Market
• Intend to Announce Preliminary Data from Pivotal Phase III Study of RI-002 in PIDD Patients

Financial Results for the Year Ended 2013

At December 31, 2013, the Company had cash, cash equivalents and short-term investments of $29.1 million, as compared to $12.5 million at December 31, 2012. The Company's cash, cash equivalents and short-term investments as of December 31, 2013 are expected to fund operations into 2016.

The consolidated net loss for the year ended December 31, 2013 was $15.5 million, or $(2.38) per share, as compared to a consolidated net loss of $7.3 million, or ($1.39) per share for the year ended December 31, 2012. We had revenues of $3.1 million for the year ended December 31, 2013 compared to $1.1 million for the year ended December 31, 2012. The increased year-over-year net loss was primarily attributed to higher research and development expenses of $9.3 million during the year ended 2013, compared to $3.5 million during the year ended 2012, as a result of fully enrolling our Phase III clinical study and related manufacturing and regulatory costs. Additionally, overall net loss increased from higher costs of product expenses attributed to increased volumes, donor collections and associated costs, increased plasma center operating costs as a result of advertising and promotion expenses, increased headcount and facility capital expenditures, and increased general and administrative costs relating to financing fees, higher stock-based compensation expense, professional fees and increased headcount. Included in the net loss for the year ended December 31, 2013 were non-cash expenses of stock based compensation of $0.9 million and depreciation and amortization of $0.2 million.