resulted primarily from lower operating expenses in the first quarter
of 2008 compared to prior periods.
-- Other expenses for the first quarter of 2008 included a $7.4 million
noncash expense for the contractual fair value of warrants issued to
Deerfield Management in the fourth quarter of 2007. The Company
recorded a $2.1 million noncash warrant expense in the fourth quarter
of 2007. There were no such expenses in prior periods.
-- Net loss for the first quarter of 2008 was $13.8 million. This compares
to a net loss of $9.1 million in the fourth quarter of 2007, and $13.7
million in the first quarter of 2007. The net loss for the three months
ended March 31, 2008, was reduced by $0.2 million attributable to the
loss from noncontrolling interest in two companies affiliated with
Deerfield Management pursuant to the fourth quarter 2007 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 first
quarter of 2008 was ($0.26), compared to a loss per common share of
($0.19) in the prior quarter and ($0.38) in the first quarter of 2007.
Per share figures were computed on the basis of an average of 53.3
million shares outstanding in the first quarter of 2008, 46.7 million
shares outstanding in the fourth quarter of 2007, and 36.4 million
shares outstanding in the first quarter of 2007.
-- Cash and marketable securities increased by $16.0 million during the
first quarter. Changes were composed of $19.9 million raised from the
sale of common stock and warrants, $1.5 million for non-cash expenses,
|SOURCE MiddleBrook Pharmaceuticals, Inc.|
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