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FOR IMMEDIATE RELEASE
Stephen W. Webster
Senior Vice President, Finance and CFO
ADOLOR CORPORATION REPORTS
FIRST QUARTER 2011 FINANCIAL RESULTS
- OIC Phase 2 Enrollment Progressing Well -
EXTON, PA, April 28, 2011 Adolor Corporation (NasdaqGM: ADLR) today reported net sales of ENTEREG® (alvimopan) were $7.5 million for the three months ended March 31, 2011, a 42% increase compared to net sales of $5.3 million for the three months ended March 31, 2010. The increase in net sales was driven primarily by an increase in the number of hospitals ordering ENTEREG and increased penetration within existing hospital customers, as well as the impact of pricing changes since the first quarter of 2010.
Net loss for the three months ended March 31, 2011 was $7.3 million, or $(0.16) per basic and diluted share, down from a net loss of $9.6 million, or $(0.21) per basic and diluted share, for the three months ended March 31, 2010.
The first quarter saw steady progress across the board at Adolor, said Michael R. Dougherty, President and Chief Executive Officer. Enrollment has progressed well in our Phase 2 clinical program for ADL5945 in OIC and we are on-track to report the results of our studies in the third quarter of this year. Commercially, ENTEREG net sales growth continued, increasing over 40 percent compared to the same period last year. We expect continued growth in 2011 as independent medication use evaluations and other ENTEREG outcomes studies continue to drive physician interest in this product.
Cash, cash equivalents and short-term investments at March 31, 2011 were $39.3 million.
Conference Call Information
Adolors management will discuss the Companys first quarter 2011 results in a conference call with investors beginning at 8:30 a.m. ET today, April 28, 2011.
The following information was filed by Adolor Corp (ADLR) on Thursday, April 28, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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