MiddleBrook Pharma Posts Wider-than-Expected Q4 Loss; Revenue More Than Doubles - Update

(RTTNews) - Tuesday, MiddleBrook Pharmaceuticals Inc. (MBRK | news | PowerRating | PR Charts ), which is exploring strategic alternatives, announced that its fourth quarter net loss narrowed from last year as product sales more than doubled. However, the loss was wider than analysts' expectations.

The company's net loss for the quarter narrowed to $9.1 million or $0.19 per share from $13.8 million or $0.44 per share in the same period a year before. However, the company's loss was wider than analysts' expectations of $0.17 per share. In the third quarter of 2007, MiddleBrook recorded a net loss of $10.1 million or $0.22 per share.

Total revenue resulting entirely from net Keflex product sales for the quarter, jumped to $2.86 million from $1.24 million in the year-ago quarter but fell short of analysts' consensus revenue estimate of $2.95 million.

MiddleBrook's research and development expenses in the latest fourth quarter were $3.5 million, down from $5.5 million in the prior quarter and $6.3 million in the fourth quarter of 2006.

For the year ended December 31, 2007 the company's net loss narrowed to $42.2 million or $0.96 per share from $42.0 million or $1.38 per share in 2006. Analysts polled by Thomson Financial expected the company to lose $0.95 per share.

MiddleBrook's revenue for the full year of 2007 increased to $10.5 million, up 117% from $4.8 million in 2006. Wall Street expected the company to report revenue of $10.55 million.

In late January, MiddleBrook's once-daily MOXATAG received FDA approval for pharyngitis in adults and pediatric patients 12 years or older. The same month, the company raised $21 million in gross proceeds through equity financing. The company intends to use the proceeds from the financing to support the manufacture of MOXATAG, and for working capital and general corporate purposes. In addition, the financing is designed to provide the company with additional financial flexibility in its ongoing strategic discussions.

Looking ahead, the company expects total revenue for 2008 to range between $10 million to $12 million, excluding the financial impact from the company's recently approved MOXATAG product. Wall Street analysts expect the company to report revenue of $22 million.

MBRK closed Monday's regular trade at $4.34.

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