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SCOLR Pharma, Inc. First Quarter 2011 Financial Results
Date:5/9/2011

BOTHELL, Wash., May 9, 2011 /PRNewswire/ -- SCOLR Pharma, Inc. (OTC Bulletin Board: SCLR) today reported financial results for the three months ended March 31, 2011 and also provided updates on a number of key corporate objectives.

Corporate updates include the following:

  • The Company amended its lease with the landlord of the Company's principal office in Bothell, Washington.  The Company and the landlord agreed to reduce the term of the lease so that it will expire on March 31, 2012 rather than January 31, 2016; to reduce the amount of monthly rent and common area maintenance charges from approximately $38,756 to $11,050; and to forgive all past due amounts for unpaid rent and common area maintenance charges.  

  • Stephen J. Turner, President and Chief Executive Officer, and Richard M. Levy, Executive Vice President and Chief Financial Officer, amended their employment agreements to reduce their severance benefits. 

  • Turner said: "Based on anticipated sales of our nutritional products and our reduced expenses we project that our nutritional business will become profitable earlier than previously thought possible. We intend to use any future profits from our nutritional products business to continue development and expansion of that business and to advance our ibuprofen product and pursue licensing or collaborations with pharmaceutical companies and retailers."

    "We are encouraged by the progress of this new business and continue to receive positive feedback from retailers. As evidenced by the amended executive employment agreements and the recent decision by our board of directors to defer payment of cash compensation for 2011, everyone at our company is committed to the success of our strategic objectives."  

    First Quarter 2011 compared to First Quarter 2010 Financial ResultsTotal revenues for the quar
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    SOURCE SCOLR Pharma, Inc.
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