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MiddleBrook Pharmaceuticals Reports First Quarter 2008 Results
Date:5/13/2008

s in the quarter

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,

$0.7 million
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SOURCE MiddleBrook Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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