Joshua Drumm, Ph.D. / Jason Rando
Tiberend Strategic Advisors, Inc.
|Unigene Announces Financial Results For Third Quarter 2008|
BOONTON, N.J.–(BUSINESS WIRE)–Nov. 10, 2008–Unigene Laboratories, Inc. (OTCBB: UGNE, http://www.unigene.com) has reported its financial results for the quarter ended September 30, 2008.
Revenue for the three months ended September 30, 2008 was $5,084,000, compared to $6,343,000 for the three months ended September 30, 2007. Revenue for both periods primarily consisted of Fortical sales and royalties, which were $4,277,000 for the three months ended September 30, 2008, and $5,771,000 for the three months ended September 30, 2007.
Revenue for the nine months ended September 30, 2008 was $14,376,000, compared to $17,390,000 for the nine months ended September 30, 2007. Revenue for both periods primarily consisted of Fortical sales and royalties, which were $12,178,000 for the nine months ended September 30, 2008, and $13,607,000 for the nine months ended September 30, 2007. The nine months ended September 30, 2007 included Fortical royalties for the ten-month period of December 2006 through September 2007 and also included $2,500,000 in revenue from Novartis under a 2007 supply agreement, consisting of $2,200,000 in product sales and $300,000 in development service fees.
Total operating expenses were $5,418,000 for the three months ended September 30, 2008, a decrease of $886,000 from $6,304,000 for the three months ended September 30, 2007.
Total operating expenses were $17,125,000 for the nine months ended September 30, 2008, a decrease of $1,141,000 from $18,266,000 for the nine months ended September 30, 2007.
Net loss for the three months ended September 30, 2008 was $687,000, or $.01 per share, compared to a net loss of $240,000, or $.00 per share, for the three months ended September 30, 2007.
Net loss for the nine months ended September 30, 2008 was $3,741,000, or $.04 per share, compared to a net loss of $1,778,000, or $.02 per share, for the nine months ended September 30, 2007.
Cash at September 30, 2008 was $14,705,000, an increase of approximately $11,027,000 from December 31, 2007. Accounts receivable at September 30, 2008 were $2,459,000.
Following are recent highlights of, and developments during, the third quarter ended September 30, 2008:
– Sales and royalties from Fortical(R), which continue to
– The company’s net loss for the third quarter was $687,000, a
– Unigene’s cash at September 30, 2008 was $14.7 million, an
– According to IMS, by September 2008, Fortical had captured
– Unigene is also developing its own oral calcitonin product for
– Novartis’ development partner has completed recruiting for two
– Last month Unigene initiated a Phase I study with its
Unigene will host a conference call tomorrow morning, Tuesday, November 11, 2008 at 9:00 AM EDT, to discuss its third quarter 2008 financial results and to provide a company update. The Company invites all those interested in hearing management’s discussion to join the call by dialing 877-407-0782 for participants in the United States and 201-689-8567 for international participants. A replay will be available for seven days after the call and can be accessed by dialing 877-660-6853 for participants in the United States and 201-612-7415 for international participants. When prompted, enter account #286 and conference ID #301594. The conference call may also be accessed via the Web at www.unigene.com and a link will be provided for listeners to join the call.
UNIGENE LABORATORIES, INC.
September 30, 2008 December 31, 2007
Total current assets 22,828,424 11,055,290
Noncurrent inventory 664,666 627,020
LIABILITIES AND STOCKHOLDERS’
Notes payable – stockholders 15,737,517 15,737,517
Commitments and contingencies
Total stockholders’ deficit (16,756,345) (16,670,744)
UNIGENE LABORATORIES, INC.
Three months ended Nine months ended
5,083,820 6,343,470 14,375,771 17,389,954
5,417,948 6,303,956 17,125,392 18,265,778
Loss per share -
Unigene Laboratories, Inc. is a biopharmaceutical company focusing on the oral and nasal delivery of large-market peptide drugs. Due to the size of the worldwide osteoporosis market, Unigene is targeting its initial efforts on developing calcitonin and PTH-based therapies. Fortical(R), Unigene’s nasal calcitonin product for the treatment of postmenopausal osteoporosis, received FDA approval and was launched in August 2005. Unigene has licensed the U.S. rights for Fortical to Upsher-Smith Laboratories, worldwide rights for its oral PTH technology to GlaxoSmithKline and worldwide rights for its calcitonin manufacturing technology to Novartis. Unigene’s patented oral delivery technology has successfully delivered, in preclinical and/or clinical trials, various peptides including calcitonin, PTH and insulin. Unigene’s patented manufacturing technology is designed to cost-effectively produce peptides in quantities sufficient to support their worldwide commercialization as oral or nasal therapeutics. For more information about Unigene, call (973) 265-1100 or visit www.unigene.com. For information about Fortical, visit www.fortical.com.
Safe Harbor statements under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements regarding us and our business, financial condition, results of operations and prospects. Such forward-looking statements include those which express plans, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical fact. We have based these forward-looking statements on our current expectations and projections about future events and they are subject to risks and uncertainties known and unknown which could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward-looking statements include statements about the following: general economic and business conditions, our financial condition, competition, our dependence on other companies to commercialize, manufacture and sell products using our technologies, the ability of our products to gain market acceptance and increase market share, the uncertainty of results of animal and human testing, the risk of product liability and liability for human trials, our dependence on patents and other proprietary rights, dependence on key management officials, the availability and cost of capital, the availability of qualified personnel, changes in, or the failure to comply with, governmental regulations, the failure to obtain regulatory approvals for our products and other risk factors discussed in our Securities and Exchange Commission filings. Words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “potential,” “continue,” and variations of these words (or negatives of these words) or similar expressions, are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various risk factors.
CONTACT: The Investor Relations Group
SOURCE: Unigene Laboratories, Inc.