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): August 9, 2012
Aradigm Corporation
(Exact name of registrant as specified in its charter)
California | 0-28402 | 94-3133088 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer 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 August 9, 2012, Aradigm Corporation (the Company) announced via press release the Companys financial results for its second quarter ended June 30, 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 August 9, 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 | ||||||
August 13, 2012 | By: | /s/ Nancy E. Pecota | ||||
Name: Nancy E. Pecota | ||||||
Title: Vice President, Finance and Chief Financial Officer |
Exhibit 99.1
Aradigm Announces Second Quarter 2012 Financial Results
Hayward, CA August 9, 2012 Aradigm Corporation (OTC BB: ARDM.OB) (the Company) today announced financial results for the second quarter and six months ended June 30, 2012.
Total revenue was approximately $0.2 million for both the second quarter of 2012 and the second quarter of 2011. Revenue in both quarters reflects the quarterly royalty payment from Zogenix for product sales of SUMAVEL® DosePro needle-free delivery system for treatment of acute migraine and cluster headaches.
The Companys net loss for the second quarter of 2012 was approximately $1.8 million, or $0.01 per share, compared with a net loss of approximately $2.9 million, or $0.02 per share, for the second quarter of 2011. Total operating expenses for the second quarter of 2012 were approximately $1.6 million, compared with total operating expenses of approximately $3.0 million for the second quarter of 2011. The decrease in operating expenses was primarily due to lower clinical costs for the inhaled ciprofloxacin program versus the prior year period.
As of June 30, 2012, cash, cash equivalents and short-term investments totaled approximately $5.6 million.
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, including, but not limited to, statements regarding the product development efforts for the inhaled ciprofloxacin program and continued receipt of royalties from Zogenix, Inc. These forward-looking statements involve risk and uncertainties, 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 and the Aradigm Logo are registered trademarks of Aradigm Corporation.
SOURCE: Aradigm Corporation
Contact: Nancy Pecota, Chief Financial Officer, 510-265-8800
ARADIGM CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three months
ended June 30, |
Six months ended June 30, |
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2012 | 2011 | 2012 | 2011 | |||||||||||||
Revenues |
$ | 240 | $ | 184 | $ | 522 | $ | 366 | ||||||||
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Operating expenses: |
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Research and development |
700 | 1,584 | 1,486 | 3,064 | ||||||||||||
General and administrative |
913 | 1,440 | 1,996 | 2,575 | ||||||||||||
Restructuring and asset impairment |
9 | 10 | 18 | 20 | ||||||||||||
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Total operating expenses |
1,622 | 3,034 | 3,500 | 5,659 | ||||||||||||
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Loss from operations |
(1,382 | ) | (2,850 | ) | (2,978 | ) | (5,293 | ) | ||||||||
Interest income |
3 | 1 | 7 | 3 | ||||||||||||
Interest expense |
(382 | ) | (46 | ) | (752 | ) | (53 | ) | ||||||||
Other income (expense), net |
| 1 | 2 | 2 | ||||||||||||
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Net loss |
$ | (1,761 | ) | $ | (2,894 | ) | $ | (3,721 | ) | $ | (5,341 | ) | ||||
Change in unrealized losses on available-for-sale securities |
| | (1 | ) | | |||||||||||
Comprehensive loss |
$ | (1761 | ) | $ | (2,894 | ) | $ | (3,722 | ) | $ | (5,341 | ) | ||||
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Basic and diluted net loss per common share |
$ | (0.01 | ) | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.03 | ) | ||||
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Shares used in computing basic and diluted net loss per common share |
198,406 | 170,731 | 198,166 | 170,435 | ||||||||||||
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ARADIGM CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, 2012 |
December 31, 2011 |
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(Unaudited) | * | |||||||
ASSETS | ||||||||
Current assets: |
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Cash and cash equivalents |
$ | 3,808 | $ | 2,148 | ||||
Short-term investments |
1,794 | 6,516 | ||||||
Receivables |
53 | 36 | ||||||
Prepaid and other current assets |
212 | 161 | ||||||
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Total current assets |
5,867 | 8,861 | ||||||
Property and equipment, net |
913 | 1,113 | ||||||
Notes receivable |
| 29 | ||||||
Other assets |
518 | 553 | ||||||
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Total assets |
$ | 7,298 | $ | 10,556 | ||||
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LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
Current liabilities: |
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Accounts payable |
$ | 195 | $ | 196 | ||||
Accrued clinical and cost of other studies |
241 | 247 | ||||||
Accrued compensation |
292 | 195 | ||||||
Facility lease exit obligation |
132 | 120 | ||||||
Other accrued liabilities |
78 | 86 | ||||||
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Total current liabilities |
938 | 844 | ||||||
Deferred rent |
144 | 132 | ||||||
Facility lease exit obligation, non-current |
545 | 609 | ||||||
Other non-current liabilities |
| 75 | ||||||
Note payable, net of discount and accrued interest |
8,387 | 8,207 | ||||||
Shareholders equity (deficit) |
(2,716 | ) | 689 | |||||
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Total liabilities and shareholders equity (deficit) |
$ | 7,298 | $ | 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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