Thursday, MiddleBrook Pharmaceuticals, Inc. (MBRK) said it posted a narrower loss for the first quarter from a year ago, primarily on improved revenues for the quarter.
MiddleBrook Pharma reported a first quarter loss of $10.0 million or 0.12 per share, compared to a loss of $13.8 million or $0.26 per share in the first quarter last year. Net loss per share for the quarter was $0.12, compared to a loss of $0.26 in the prior-year period.
Loss from operations from the first quarter widened to $10.2 million from $6.7 million in the prior-year quarter.
MiddleBrook Pharma's first quarter revenue was $9.0 million, an increase from $2.4 million in the first quarter last year. The company's top selling brands Keflex immediate-release capsules (cephalexin, USP) revenue was $1.5 million, compared to $2.4 million in the prior year quarter. Initial stocking orders for Moxatag accounted for $7.5 million of the first quarter revenue.
Further, MiddleBrook said it plans to advance its Keflex line extension program utilizing its proprietary PULSYS technology, contingent upon the success of the Moxatag launch and FDA agreement with its clinical protocol, to a stage where Phase III clinical enrollment would begin in 2010.
Research and development expense in the first quarter was $1.9 million, down from the first quarter 2008 R&D expense of $3.7 million, due to lower R&D headcount, reduced development project activities, and reduced facility-related expenses after unused laboratory equipment.
Selling, general and administrative expense was $16.5 million in the first quarter of 2009, compared to $4.8 million in the prior-year period.
MBRK is currently trading at $1.42, down $0.04 or 2.74% on the Nasdaq.
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