Aradigm Announces First Quarter 2013 Financial Results

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Aradigm Announces First Quarter 2013 Financial Results

HAYWARD, Calif.--(BUSINESS WIRE)-- Aradigm Corporation (OTCBB: ARDM.OB) (the "Company")today announced financial results for the first quarter and three months ended March 31, 2013.

Total revenue was $0.3 million for the first quarter of 2013, compared with $0.3 million in revenue for the first quarter of 2012. Revenue for both quarters reflects the quarterly royalty payment from Zogenix, Inc. for SUMAVEL* product sales.


Total operating expenses for the first quarter of 2013 were $3.2 million, compared with total operating expenses of $1.9 million for the first quarter of 2012. The increase in operating expenses was primarily due to higher R&D expenses from the initiation of the 9 month inhalation study in dogs associated with the Company's inhaled ciprofloxacin program. The Company's net loss for the first quarter of 2013 was $3.3 million, or $0.01 per share, compared with a net loss of $2.0 million, or $0.01 per share, for the same period in 2012.

As of March 31, 2013, cash, cash equivalents and short-term investments totaled $4.6 million.

About Aradigm

Aradigm is an emerging specialty pharmaceutical company focused on the development and commercialization of drugs delivered by inhalation for the prevention and treatment of severe respiratory diseases. The Company has product candidates addressing the treatment of bronchiectasis, cystic fibrosis, inhalation tularemia and anthrax infections, and prevention of respiratory and other diseases in tobacco smokers through smoking cessation.

More information about Aradigm can be found at www.aradigm.com.

Forward-Looking Statements

Except for the historical information contained herein, this news release contains forward-looking statements that involve risk and uncertainties, including the payment of royalties, as well as the other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC on March 27, 2013, and the Company's Quarterly Reports on Form 10-Q.

Aradigm and the Aradigm Logo are registered trademarks of Aradigm Corporation.

* Other names and brands may be claimed as the property of others.

  

ARADIGM CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except per share data)

(Unaudited)

Three months ended

March 31,

20132012
 
Revenues$279  $282 
Operating expenses:
Research and development1,984786
General and administrative1,2201,083
Restructuring and asset impairment79
       
Total operating expenses 3,211   1,878 
 
Loss from operations(2,932)(1,596)
 
Interest income24
Interest expense(394)(370)
Other income (expense), net(1)2
       
Net loss$( 3,325) $(1,960)
Change in unrealized gains (losses) on available-for-sale securities -   (1)
Comprehensive loss$(3,325) $(1,961)
Basic and diluted net loss per common share$(0.01) $(0.01)
 
Shares used in computing basic and diluted net loss per common share 249,941   197,923 
 
  

ARADIGM CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

March 31,

2013

December 31,

2012

(Unaudited) *
ASSETS
Current assets:
Cash and cash equivalents$2,126$7,414
Short-term investments2,490203
Receivables4241
Prepaid and other current assets195106
       
Total current assets4,8537,764
Property and equipment, net635727
Other assets449475
       
Total assets$5,937  $8,966 
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable204330
Accrued clinical and cost of other studies541500
Accrued compensation245184
Facility lease exit obligation149144
Other accrued liabilities 290   127 
 
Total current liabilities1,4291,285
Deferred rent144144
Facility lease exit obligation, non-current428465
Note payable and accrued interest8,6078,513
Shareholders' deficit(4,671)(1,441)
       
Total liabilities and shareholders' deficit$5,937  $8,966 
 

* The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date.



Aradigm Corporation
Nancy Pecota, 510-265-8800
Chief Financial Officer

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

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