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MiddleBrook Pharmaceuticals Reports Third Quarter 2008 Financial Results
Date:11/13/2008

ience team is now complemented with operationally strong executives, many of whom have a shared history of commercial success."

"We will begin recruiting our national field force shortly, and the entire MiddleBrook team is energized and focused on the execution of our plan to successfully launch our first proprietary Pulsys(R) product, Moxatag -- the first and only FDA-approved once-daily amoxicillin -- in first quarter 2009," Thievon continued.

Third Quarter 2008 Financial Results:

MiddleBrook reported third quarter 2008 revenue of $2.3 million, compared to revenue of $3.1 million in the third quarter of 2007. The lower revenue is due primarily to the fact that during 2007 MiddleBrook reduced the size of its contract sales force from 75 to 30 representatives in order to lower expenses.

The Company reported cost of goods sold in the amount of $0.3 million, compared to $1.2 million in the prior year period. The decline is due primarily to the third quarter 2007 write-off of obsolete immediate-release Keflex (cephalexin USP) capsules inventory.

Research and development (R&D) expenses in the third quarter were $6.9 million, compared to third quarter 2007 R&D expenses of $5.5 million. Third quarter 2008 R&D expenses include a loss on R&D equipment sold during the quarter of $1.0 million and a $3.1 million impairment of leasehold improvements related to currently unused leased space which the Company plans to sublease. In 2007, R&D headcount was reduced and all development activities outside of those related to Moxatag were put on hold. These actions partially offset the expense associated with the loss and the impairment.

Selling, general and administrative (SG&A) expense was $7.0 million in the third quarter of 2008, compared to $6.5 million in the prior-year period. Third quarter 2008 SG&A expense includes $2.1 million in severance expense associated with management changes related to the EGI transaction. The severance expense
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SOURCE MiddleBrook Pharmaceuticals, Inc.
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