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Adolor reports Q3 loss of $18.2 million, able to fund operations into 2008
By Lisa Kerner
Charlotte, N.C., Oct. 31 - Adolor Corp. said it had a net loss of $18.2 million, or $0.40 per basic and diluted share, for the third quarter ended Sept. 30, compared with a net loss of $15.2 million, or $0.39 per basic and diluted share, for the prior-year period.
The company has had a negative operating cash flow since its inception and has fund operations through the sale of equity securities and from contract revenues, according to a 10-Q report filed with the Securities and Exchange Commission.
Cash, cash equivalents and short-term investments were roughly $202.1 million at Sept. 30, compared with $103.1 million at Dec. 31, 2005.
Adolor believes it has adequate financial resources and sources of liquidity to fund operations into 2008.
The company reported increased research and development expenses of $15.5 million for the third quarter, compared with $14.5 million for the prior-year period. Contract revenues rose to $5.3 million for the quarter from $4.7 million for the third quarter of 2005.
For the nine-month period ended Sept. 30, Adolor reported a net loss of $51.3 million, or $1.16 per basic and diluted share, compared with a net loss of $41.0 million, or $1.05 per basic and diluted share, for the same period in 2005.
Research and development expenses increased to $43.1 million for the nine-month period from $35.3 million for the nine months ended Sept. 30, 2005.
Adolor said contract revenues for the first nine months of 2006 fell to $10.8 million from $11.5 million for the prior-year period. The Exton, Pa.-based biopharmaceutical company attributed the decrease to a reduction in copromotion revenues related to its Arixtra agreement with GlaxoSmithKline plc.
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