MiddleBrook Pharmaceuticals Reports First Quarter 20... ( Process to Explore Strategic Altern...)

MiddleBrook Pharmaceuticals Reports First Quarter 2008 Results

Date:5/13/2008

Process to Explore Strategic Alternatives Ongoing; Company Prepares for Potential 2008 Launch of MOXATAG; Keflex Product Sales Total $2.4 Million

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GERMANTOWN, Md., May 13 /PRNewswire-FirstCall/ -- MiddleBrook Pharmaceuticals, Inc. (Nasdaq: MBRK), a pharmaceutical company focused on developing and commercializing novel anti-infective products, today announced financial and operational results for the quarter ended March 31, 2008.

MiddleBrook reported first quarter 2008 revenue of $2.4 million, compared to revenue of $2.9 million in the fourth quarter of 2007 and $1.8 million in the first quarter of 2007. The Company reported research and development (R&D) expenses in the first quarter of $3.7 million, compared to fourth quarter 2007 R&D expenses of $3.5 million and first quarter 2007 R&D expenses of $7.5 million. Total operating expenses for the first quarter of 2008 were $9.1 million, down from $9.8 million in the fourth quarter of 2007 and $15.5 million in the first quarter of 2007.

Net loss was $13.8 million for the first quarter, compared to a net loss of $9.1 million in the fourth quarter of 2007 and a net loss of $13.7 million in the first quarter of 2007. The Company recorded a $7.4 million noncash warrant expense in the first quarter of 2008 resulting from the change in the contractual fair value of outstanding warrants which were marked to market as of quarter-end. The Company incurred a $2.1 million noncash warrant expense in the fourth quarter of 2007; however, there were no such expenses in prior periods.

Net loss per share applicable to common stockholders during the first quarter of 2008 was ($0.26), compared to a net loss per share of ($0.19) in the prio
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