Warner Chilcott Reports Operating Results for the Quarter Ended Septembe...(submission for TACLONEX Scalp Gel. Exclu...),Health

Date:11/9/2007

submission for TACLONEX Scalp Gel. Excluding the $14.0 million of payments during the quarter ended September 30, 2007, our internal R&D costs increased $5.3 million, or 110.5%, over the prior year quarter. The increase in our internal R&D activities was mainly due to costs incurred for ongoing clinical studies for two new oral contraceptives. We completed the enrollment of the first clinical study for a low-dose oral contraceptive in July 2007 and began to enroll patients into a clinical study for another novel oral contraceptive during the quarter ended September 30, 2007.

In November 2007, we entered into an agreement with NexMed, Inc. ("NexMed"). Under the terms of the agreement, we obtained the exclusive U.S. rights to develop and market NexMed's topically applied alprostadil cream for the treatment of erectile dysfunction. NexMed submitted an NDA with the FDA on September 21, 2007 and is awaiting confirmation of acceptance of its submission. We paid an upfront fee of $0.5 million which will be recognized in R&D expense in the fourth quarter of 2007.

Interest income and interest expense ("Net Interest Expense")

Net interest expense for the quarter ended September 30, 2007 was $28.3 million, a decrease of $27.4 million, or 49.2%, from $55.7 million in the prior year quarter. Included in net interest expense in the quarters ended September 30, 2007 and 2006 were $1.1 million and $10.7 million, respectively, relating to the write-off of deferred loan costs associated with the optional prepayments of $60.0 million and $405.0 million, respectively, of our senior secured credit facility. The decrease in net interest expense in the quarter ended September 30, 2007 was primarily the result of cumulative reductions in outstanding debt totaling $929.4 million from June 30, 2006 to September 30, 2007, offset partially by higher interest rates in 2007. The $929.4 million of cumulative debt reduction was accomplished through the use of cash generated from
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SOURCE Warner Chilcott Limited Copyright©2007 PR Newswire. All rights reserved

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