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FOR IMMEDIATE RELEASE
|Adolor Corporation||Sam Brown, Inc. (media)|
|Thomas P. Hess, CPA||Mike Beyer (773) 463-4211|
|Vice President, Finance and CFO|
ADOLOR CORPORATION REPORTS
YEAR END 2006 FINANCIAL RESULTS
EXTON, PA, February 27, 2007 Adolor Corporation (Nasdaq: ADLR) today reported financial results for the year and fourth quarter ended December 31, 2006.
For the twelve months ended December 31, 2006, the company reported a net loss of $69.7 million or $1.56 per basic and diluted share, compared to a net loss of $56.8 million or $1.45 per basic and diluted share for the same period in 2005. For the three months ended December 31, 2006, the Company reported a net loss of $18.4 million or $0.40 per basic and diluted share, compared to a net loss of $15.8 million or $0.41 per basic and diluted share in the three months ended December 31, 2005.
We remain focused on the development of our lead compound Entereg for the management of the gastrointestinal side effects associated with opioid use, said Michael R. Dougherty, president and chief executive officer of Adolor. In the second quarter of this year, we plan to submit a complete response to the FDA approvable letter received in November 2006 for the postoperative ileus indication. Additionally, GlaxoSmithKline and Adolor are currently planning potential next steps in the development of Entereg in opioid-induced bowel dysfunction. We expect to provide an update on these plans later this quarter.
Finally, we are pleased to have recently initiated a Phase 1 multi-dose safety study for our novel delta opioid agonist and are targeting completion of this study in the third quarter of this year, concluded Dougherty.
Contract revenues for the twelve months ended December 31, 2006 were $15.1 million compared to $15.7 million in the same period in 2005. This decrease was primarily the result of a reduction in co-promotion revenues of $1.8 million relating to the Arixtra co-promotion with Glaxo. This decrease was partially offset by an increase in revenues of $1.2 million resulting from increased expenses incurred by the Company relating to
The following information was filed by Adolor Corp (ADLR) on Tuesday, February 27, 2007 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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