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

more than offset savings generated from lower headcount, including the reduced contract sales force and the other cost reduction efforts.

Net loss was $(12.5) million for the third quarter, compared to a net loss of $(10.1) million in the third quarter of 2007. Net loss per share during the third quarter of 2008 was $(0.19), compared to a net loss per share of $(0.22) in the prior- year quarter. The number of shares used in the per share calculation was 64.6 million for the current quarter and includes the weighted average impact of the 30.3 million new shares purchased by EGI in Sept. 2008.

Outlook:

MiddleBrook now expects 2008 net sales to be approximately $9.0 million as a result of declining Keflex prescriptions due to the lower number of physician detail calls made as a result of the reduction in the size of the Company's contract sales force. At the end of 2008, MiddleBrook anticipates that it will have combined cash and marketable securities balance in excess of $70 million. Cash utilization during the fourth quarter 2008 is expected to increase as a result of the new sales infrastructure and the purchase of the initial Moxatag inventory for the upcoming launch.

MiddleBrook's current plan anticipates that 2009 net sales will be in excess of $40 million for Moxatag and Keflex combined, assuming the successful commercial launch of Moxatag in the first quarter of 2009 and no generic competition for Keflex 750mg.

As part of MiddleBrook's current 2009 plan, MiddleBrook will build a field force consisting of about 270 professional field sales representatives at a fully-burdened annual cost of approximately $190 thousand per sales representative.

MiddleBrook's current 2009 plan indicates that the Company expects to advance the Keflex Pulsys development project, contingent upon the success of the Moxatag launch. Additionally, the current MiddleBrook 2010 plan supports the potential for achieving operating profitability witho
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SOURCE MiddleBrook Pharmaceuticals, Inc.
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