UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 11, 2012
Aradigm Corporation
(Exact name of registrant as specified in its charter)
California | 0-28402 | 94-3133088 | ||
(State or other jurisdiction | (Commission | (I.R.S. Employer | ||
of incorporation) | File Number) | Identification No.) | ||
3929 Point Eden Way, Hayward, California |
94545 | |||
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (510) 265-9000
Not Applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On May 11, 2012, Aradigm Corporation (the Company) announced via press release the Companys financial results for its first quarter ended March 31, 2012. A copy of the Companys press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in the report, including Exhibit 99.1 attached hereto, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 | Press Release of Aradigm Corporation dated May 11, 2012. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Aradigm Corporation | ||||
May 14, 2012 | By: | /s/ Nancy E. Pecota | ||
Name: Nancy E. Pecota | ||||
Title: Vice President, Finance and Chief Financial Officer |
Exhibit 99.1
Aradigm Announces First Quarter 2012 Financial Results
Hayward, CA May 11, 2012 Aradigm Corporation (OTC BB: ARDM.OB) (the Company) today announced financial results for the first quarter and three months ended March 31, 2012.
Total revenue was $0.3 million for the first quarter of 2012, compared with $0.2 million in revenue for the first quarter of 2011. Revenue for both quarters reflects the quarterly royalty payment from Zogenix, Inc. for SUMAVEL* product sales.
Total operating expenses for the first quarter of 2012 were $1.9 million, compared with total operating expenses of $2.6 million for the first quarter of 2011. The decrease in operating expenses was primarily due to lower expenses from the Companys inhaled ciprofloxacin clinical trials. The Companys net loss for the first quarter of 2012 was $2.0 million, or $0.01 per share, compared with a net loss of $2.4 million, or $0.01 per share, for the same period in 2011.
As of March 31, 2012, cash, cash equivalents and short-term investments totaled $7.0 million.
First Quarter 2012 Highlights
| March 2012: received clearance from the FDA for BE IND. On March 12, 2012, the Company announced that its Investigational New Drug Application (IND) to conduct a pivotal Phase 3 clinical trial of Pulmaquin (dual release ciprofloxacin for inhalation) in non-cystic fibrosis bronchiectasis (BE) was cleared by the U.S. Food and Drug Administration (FDA). |
| February 2012: patent issued for Pulmaquin. On February 21, 2012, the Company announced that the United States Patent and Trademark Office (USPTO) issued an important composition of matter patent covering formulations of liposomal and free ciprofloxacin, including its lead product candidate, Pulmaquin. The Company expects that the patent will provide exclusivity for Pulmaquin until October 22, 2028. |
About Aradigm
Aradigm is an emerging specialty pharmaceutical company focused on the development and commercialization of drugs delivered by inhalation for the prevention and treatment of severe respiratory diseases by pulmonologists. The Company has product candidates addressing the treatment of bronchiectasis, cystic fibrosis, inhalation tularemia and anthrax infections, and prevention of respiratory and other diseases in tobacco smokers through smoking cessation.
More information about Aradigm can be found at www.aradigm.com.
Forward-Looking Statements
Except for the historical information contained herein, this news release contains forward-looking statements that involve risk and uncertainties, including the payment of royalties, as well as the other risks detailed from time to time in the Companys filings with the Securities and
Exchange Commission (SEC), including the Companys Annual Report on Form 10-K for the year ended December 31, 2011 filed with the SEC on March 28, 2012, and the Companys Quarterly Reports on Form 10-Q.
Aradigm, Pulmaquin and the Aradigm Logo are registered trademarks of Aradigm Corporation.
* | Other names and brands may be claimed as the property of others. |
SOURCE: Aradigm Corporation
Contact: Nancy Pecota, Chief Financial Officer, 510-265-8800
ARADIGM CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data)
(Unaudited)
Three months ended March 31, |
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2012 | 2011 | |||||||
Revenues |
$ | 282 | $ | 182 | ||||
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Operating expenses: |
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Research and development |
786 | 1,480 | ||||||
General and administrative |
1,083 | 1,135 | ||||||
Restructuring and asset impairment |
9 | 10 | ||||||
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|
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Total operating expenses |
1,878 | 2,625 | ||||||
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Loss from operations |
(1,596 | ) | (2,443 | ) | ||||
Interest income |
4 | 2 | ||||||
Interest expense |
(370 | ) | (7 | ) | ||||
Other income, net |
2 | 1 | ||||||
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Net loss |
$ | (1,960 | ) | $ | (2,447 | ) | ||
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Change in unrealized gains (losses) on available-for-sale securities |
(1 | ) | | |||||
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Comprehensive loss |
$ | (1,961 | ) | $ | (2,447 | ) | ||
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Basic and diluted net loss per common share |
$ | (0.01 | ) | $ | (0.01 | ) | ||
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Shares used in computing basic and diluted net loss per common share |
197,923 | 170,135 | ||||||
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ARADIGM CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March
31, 2012 (Unaudited) |
December 31, 2011 * |
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ASSETS | ||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 1,953 | $ | 2,148 | ||||
Short-term investments |
5,037 | 6,516 | ||||||
Receivables |
49 | 36 | ||||||
Prepaid and other current assets |
230 | 161 | ||||||
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Total current assets |
7,269 | 8,861 | ||||||
Property and equipment, net |
1,012 | 1,113 | ||||||
Notes receivable |
| 29 | ||||||
Other assets |
537 | 553 | ||||||
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Total assets |
$ | 8,818 | $ | 10,556 | ||||
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LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
Current liabilities: |
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Accounts payable |
183 | 196 | ||||||
Accrued clinical and cost of other studies |
253 | 247 | ||||||
Accrued compensation |
250 | 195 | ||||||
Facility lease exit obligation |
126 | 120 | ||||||
Other accrued liabilities |
159 | 86 | ||||||
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Total current liabilities |
971 | 844 | ||||||
Deferred rent |
138 | 132 | ||||||
Facility lease exit obligation, non-current |
577 | 609 | ||||||
Other non-current liabilities |
| 75 | ||||||
Note payable and accrued interest |
8,273 | 8,207 | ||||||
Shareholders equity (deficit) |
(1,141 | ) | 689 | |||||
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Total liabilities and shareholders equity (deficit) |
$ | 8,818 | $ | 10,556 | ||||
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* | The balance sheet at December 31, 2011 has been derived from the audited financial statements at that date. |
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