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EXHIBIT 99.1
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11755 Wilshire Blvd., 20th Floor Los Angeles, CA 90025 |
News Release
ABRAXIS BIOSCIENCE REPORTS 2009 FIRST QUARTER
FINANCIAL RESULTS
Company Highlights:
|
ABRAXANE® Revenue of $71 Million for the First Quarter Since Re-acquiring Exclusive U.S. Marketing Rights |
| Company Reports Net Loss for Common Shareholders of $23 Million, or $0.57 Per Share, or Adjusted Net Loss for Common Shareholders of $6 Million, or $0.14 Per Share |
| ABRAXANE Data to be Presented at ASCO 2009 Includes Biomarker SPARC Correlative Data and Results of Combination Therapy Trials |
LOS ANGELES, Calif. May 7, 2009 Abraxis BioScience, Inc. (NASDAQ: ABII), a fully integrated biotechnology company, today reported unaudited financial results for the first quarter ended March 31, 2009.
As of January 2, 2009, the company re-acquired the exclusive rights to market ABRAXANE® (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) in the U.S. As a result, beginning in 2009, the company no longer recognizes deferred revenue related to the original co-promotion agreement.
Net revenue for the first quarter of 2009 was $72.6 million compared with $82.1 million for the first quarter of 2008. Net revenue for the first quarter of 2009 included $0.8 million of recognized deferred revenue compared with $10.2 million for the same period last year. Revenue from sales of ABRAXANE for the first quarter of 2009 was $70.6 million compared with $79.9 million for the same period in 2008, which included recognition of deferred revenue of $9.1 million. Excluding the recognition of deferred revenue, total ABRAXANE revenue for the first quarter of 2009 was $70.6 million compared with $70.8 million for the comparable period in 2008.
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