Deerfield Management pursuant to the Keflex transaction, resulting from
MiddleBrook's consolidation of the two affiliates under Financial
Accounting Standards Board Interpretation No. 46 (revised 2003)
"Consolidation of Variable Interest Entities."
-- Net loss per share applicable to common stockholders for the fourth
quarter of 2007 was ($0.19), compared to a loss per common share of
($0.22) in the prior quarter and ($0.44) in the fourth quarter of 2006.
For the fiscal year of 2007, net loss per share applicable to common
stockholders was ($0.96), down from ($1.38) for the fiscal year of
Per share figures were computed on the basis of an average of 46.7
million shares outstanding in the fourth quarter of 2007, 46.7 million
shares outstanding in the third quarter of 2007, 31.5 million shares
outstanding in the fourth quarter of 2006; and 43.8 million shares
outstanding for the full year of 2007 and 30.5 million shares
outstanding for the full year of 2006.
-- Cash and marketable securities decreased by $4.0 million during the
fourth quarter. Changes were composed of $6.9 million of operating
losses, $4.9 million in loan payments, and $2.3 million for working
capital changes and other items; offset by $7.0 million raised from the
Deerfield Management Keflex transaction and $3.1 million for non-cash
-- The Balance Sheet at the end of 2007 reflected $2.0 million of
unrestricted cash, cash equivalents and marketable securities, compared
to $15.4 million as of year-end 2006. Following the fourth quarter of
2007, MiddleBrook completed a private placement of common stock and
warrants resulting in the addition of $19.9 million of net proceeds to
|SOURCE MiddleBrook Pharmaceuticals, Inc.|
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