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FOR IMMEDIATE RELEASE
Stephen W. Webster
Senior Vice President, Finance and CFO
ADOLOR REPORTS YEAR-END 2010 RESULTS
ENTEREG® Net Sales Increase 74% in 2010 over 2009
Phase 2 Clinical Evaluation of ADL5945 in OIC Underway
EXTON, PA, February 23, 2010 Adolor Corporation (NasdaqGM: ADLR) today reported a net loss of $27.3 million, or $(0.59) per basic and diluted share, for the year ended December 31, 2010, compared to a net loss of $47.9 million, or $(1.03) per basic and diluted share, for the year ended December 31, 2009.
2010 was a year of continued progress for Adolor, said Michael R. Dougherty, President and Chief Executive Officer. The year was highlighted by the advancement of our OIC program with the initiation of Phase 2 clinical evaluation of ADL5945. Mr. Dougherty continued, In 2010, we also saw steady growth in ENTEREG sales and reductions in our cash burn from operations. We look forward to continued growth for ENTEREG and to completing our Phase 2 OIC trials in the third quarter of this year.
Net product sales of ENTEREG for the year ended December 31, 2010 were $25.4 million compared to $14.6 million for the year ended December 31, 2009, primarily driven by an increase in the number of ordering hospitals and increased penetration within existing hospital customers. Net product sales of ENTEREG were $7.3 million for the three months ended December 31, 2010; for the same period in 2009, net product sales were $7.5 million, which included $2.6 million of product shipped to hospitals prior to that quarter, but not recognized as revenue at the time of shipment under the Companys previous revenue recognition policy. Effective as of the beginning of the fourth quarter of 2009, the Company began to recognize net product sales upon the shipment of ENTEREG to the hospital. Net sales of ENTEREG for the fourth quarter of 2010 increased 12% over the third quarter of 2010.
Contract revenues were $17.9 million and $22.8 million for the years ended December 31, 2010 and 2009, respectively, and $3.7 million and $5.5 million for the three months ended December 31, 2010 and 2009, respectively. The decreases in 2010 were driven primarily by reduced reimbursements under our GSK and Pfizer collaboration agreements.
The following information was filed by Adolor Corp (ADLR) on Wednesday, February 23, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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