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MiddleBrook Pharmaceuticals Reports Third Quarter 2007 Results
Date:11/14/2007

ne 30, 2007, and

$12.6 million as of September 30, 2006. Following the third quarter of

2007, MiddleBrook entered into an agreement with Deerfield Management

resulting in the addition of $7.5 million of gross proceeds to the

Company. MiddleBrook used a portion of the proceeds from this

financing to retire the Company's outstanding credit facility of

approximately $4.6 million.

-- Deferred product revenue. Due to the Company's corporate name change on

June 28, 2007, inventories of products on hand at that time were

required to be relabeled. At the end of the second quarter 2007, the

Company offered a one-time incentive to wholesalers to purchase up to a

two-month supply of Keflex products, to avoid stock-out situations at

wholesalers during the relabeling process. This incentive offer

resulted in orders of approximately $2.0 million of gross sales.

Revenue recognition for this transaction was deferred as of June 30,

2007, and the Company recognized net revenue of $1.8 million during the

third quarter of 2007, the period when the related product was sold by

the wholesalers.

FINANCIAL GUIDANCE AND FUTURE CASH REQUIREMENTS

As previously announced, in order to preserve corporate resources, the Company has undertaken cost reductions during 2007, including personnel reductions, postponement of PULSYS clinical development programs other than Amoxicillin PULSYS for adults, and elimination of other discretionary spending.

Total revenue for 2007 is expected to be approximately $10 million to $12 million, resulting from Keflex product sales. Total cash used in operating activities and capital expenditures in 2007 is estimated to be between $33 and $35 million.

Assuming the Company's expectations for continued sales of its Keflex 750 mg product and anticipated level of R&D spending and other obligations, M
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SOURCE MiddleBrook Pharmaceuticals, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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