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Adolor Corp (ADLR) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Adolor Corp

CIK: 1076167 Ticker: ADLR

Exhibit 99.1

 

FOR IMMEDIATE RELEASE
 

Contact:

Adolor Corporation

 

Sam Brown, Inc. (media)

Stephen W. Webster

 

Mike Beyer (773) 463-4211

Senior Vice President, Finance and CFO

 

 

(484) 595-1500

 

 

 

ADOLOR CORPORATION REPORTS

 

YEAR-END 2008 FINANCIAL RESULTS

 

EXTON, PA, February 25, 2009

— Adolor Corporation (Nasdaq: ADLR) today reported financial results for the fourth quarter and year ended December 31, 2008.

 

Net product sales of ENTEREG® (alvimopan) recognized for the quarter and year ended December 31, 2008 were approximately $1.1 million and $1.2 million, respectively.  Under Adolor’s current revenue recognition policy, revenue related to a customer shipment is deferred until subsequent re-orders by that customer.  For the year ended December 31, 2008, net product sales were recognized based on re-orders from approximately 185 hospitals.  Total net shipments for the quarter and year ended December 31, 2008 were approximately $1.6 million and $2.2 million, respectively.

 

For the three months ended December 31, 2008, the company reported a net loss of approximately $15.3 million, or $0.33 per basic and diluted share, compared to a net loss of $10.1 million, or $0.22 per basic and diluted share, in the three months ended December 31, 2007.  For the year ended December 31, 2008, the company reported a net loss of approximately $30.1 million, or $0.65 per basic and diluted share, compared to a net loss of $48.4 million, or $1.05 per basic and diluted share, for the same period in 2007.

 

“With the approval and launch of our first product, 2008 was a year of transformation for Adolor,” said Michael R. Dougherty, President and Chief Executive Officer.  “We enter 2009 energized by the opportunity to bring ENTEREG forward to an increasing number of patients and healthcare providers.  We also remain focused on our developing pipeline, and look ahead to Phase 2 proof of concept studies in our delta opioid receptor agonist program with our partner Pfizer and the filing of an IND for ADL7445 for opioid bowel dysfunction later in 2009.”

 

Contract revenues were approximately $7.3 million and $3.7 million for the three months ended December 31, 2008 and 2007, respectively, and were approximately $48.2 million and $9.1 million for the years ended December 31, 2008 and 2007, respectively.  The increase in contract revenues in 2008 over 2007 principally reflects a $20.0 million milestone payment received from GlaxoSmithKline (GSK) in conjunction with the U.S. Food and Drug Administration (FDA) approval of ENTEREG for the management of postoperative ileus (POI) following bowel resection surgery and contract revenues associated with the Pfizer collaboration.

 


The following information was filed by Adolor Corp (ADLR) on Wednesday, February 25, 2009 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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SEC Filing Tools
Ticker: ADLR
CIK: 1076167
Form Type: 10-K Annual Report
Accession Number: 0001193125-09-038442
Submitted to the SEC: Thu Feb 26 2009 11:26:09 AM EST
Accepted by the SEC: Thu Feb 26 2009
Period: Wednesday, December 31, 2008
Industry: Pharmaceutical Preparations

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