Net loss per share applicable to common stockholders during the second quarter of 2008 was ($0.07), compared to a net loss per share of ($0.26) in the prior quarter, and a net loss per share of ($0.21) in the comparable quarter of last year. Net loss per share applicable to common stockholders during the first half of 2008 was ($0.32), down from a net loss per share of ($0.57) in the first half of 2007.
"Having concluded our strategic review process over the second quarter, we are now working to close the Equity Group transaction and prepare for the potential commercial launch of MOXATAG," stated Edward M. Rudnic, Ph.D., president and CEO of MiddleBrook. "The entire MiddleBrook team is excited to now have the opportunity to introduce once-daily MOXATAG, our first proprietary PULSYS product, into the marketplace by as early as the first half of next year."
Strategic Review Process Concluded with Agreement for $100 Million Equity Investment
On July 1, 2008, MiddleBrook announced that it had concluded its previously announced review of strategic alternatives with an agreement for a $100 million equity investment in the Company by EGI-MBRK L.L.C. (EGI), an affiliate of Equity Group Investments, L.L.C. On July 1, 2008, MiddleBrook entered into a securities purchase agreement with EGI for the sale of 30,303,030 shares of MiddleBrook common stock at $3.30 per share and a five- year warrant to purchase a total of 12,121,212 shares of common stock at an exercise price of $3.90 per share.
As part of the agreement with EGI and as previously announced, a new, commercially-focused executive management team will be appointed. Proceeds from the transaction are expected to allow the Company to move forward with the commercial launch of MOXATAG(TM) and to continue the development of its clinical pipeline.
The issuance of the new shares and the warrant is subject to approval
|SOURCE MiddleBrook Pharmaceuticals, Inc.|
Copyright©2008 PR Newswire.
All rights reserved