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FOR IMMEDIATE RELEASE
|Adolor Corporation||Sam Brown, Inc. (media)|
|Michael R. Dougherty||Nicole McLane (610) 889-9788|
|Senior Vice President, COO and CFO||Stern Investor Relations (investors)|
|(484) 595-1500||Lilian Stern (212) 362-1200|
ADOLOR CORPORATION REPORTS
YEAR END 2004 FINANCIAL RESULTS
EXTON, Pa., March 1, 2005 Adolor Corporation (NASDAQ: ADLR) today reported financial results for the year and fourth quarter ended December 31, 2004.
For the twelve months ended December 31, 2004, the Company reported a net loss of $43.6 million or $1.12 per basic and diluted share, compared to a net loss of $51.2 million or $1.57 per basic and diluted share for the same period in 2003. For the three months ended December 31, 2004, the Company reported a net loss of $11.6 million or $0.30 per basic and diluted share, compared to a net loss of $14.5 million or $0.41 per basic and diluted share in the three months ended December 31, 2003.
In 2004, we made significant progress towards our goal of becoming a fully integrated biopharmaceutical company, stated Bruce A. Peacock, president and chief executive officer of Adolor. We were proud to submit our first NDA to the Food and Drug Administration in June for our lead product, Entereg (TM), in the management of postoperative ileus. The FDA accepted the Entereg NDA for review in September, which triggered the receipt of a $10.0 million milestone payment from GlaxoSmithKline.
Further, GSK advanced Enteregs development in additional indications and we are awaiting data from Phase 2 studies in chronic OBD and chronic constipation, continued Mr. Peacock. Our R&D group continued to make progress in the sterile lidocaine patch and analgesic discovery research programs. We ended 2004 with approximately $162.3 million in cash and investments.
Contract revenues for the twelve months ended December 31, 2004 were $25.5 million compared to $20.7 million in the same period in 2003. This increase is primarily due to the recognition of $10.0 million in milestone revenue received from Glaxo Group Limited (Glaxo) in 2004, partially offset by a reduction in cost reimbursement revenues relating to a decrease in expenses incurred by us which are reimbursable by Glaxo under the collaboration agreement. Contract revenues for the three months ended December 31, 2004 were $4.4 million, compared to $4.1 million in the same period of 2003.
The following information was filed by Adolor Corp (ADLR) on Tuesday, March 1, 2005 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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