Third-quarter fiscal 2009 results announced by Adolor

Oct 29 2009

Adolor Corporation (NasdaqGM:ADLR) today reported a net loss of approximately $11.1 million, or ($0.24) per basic and diluted share, for the three months ended September 30, 2009 compared to a net loss of $13.3 million, or ($0.29) per basic and diluted share, for the three months ended September 30, 2008. For the nine months ended September 30, 2009, the Company reported a net loss of approximately $40.9 million, or ($0.88) per basic and diluted share, compared to a net loss of $14.8 million, or ($0.32) per basic and diluted share, for the nine months ended September 30, 2008. The prior year nine month period was favorably impacted by a $20.0 million milestone payment received from GlaxoSmithKline (GSK) in the second quarter of 2008 upon the approval of ENTEREG® (alvimopan) by the U.S. Food and Drug Administration.

The Company reported net shipments of ENTEREG for the three and nine months ended September 30, 2009 of approximately $4.0 million and $8.9 million, respectively, of which the Company recognized approximately $3.3 million and $7.2 million, respectively, as net product sales. Under Adolor’s current revenue recognition policy, revenue related to a customer shipment is deferred until subsequent re-orders by that customer. As of September 30, 2009, there were approximately 625 repeat-order hospitals for ENTEREG, up from 450 at June 30, 2009.

During the quarter, hospitals registered under the ENTEREG Access Support and Education (E.A.S.E.™) Program increased by 125 to approximately 1,550 hospitals. Inclusion of ENTEREG on hospital formularies also increased during the quarter by 125, or 21%, to approximately 725 hospitals as of September 30, 2009, which number includes approximately 435 of the 1,400 hospitals that perform approximately 80% of the bowel resection surgeries in the United States.

Adolor also reported significant progress in its delta opioid receptor agonist and opioid bowel dysfunction (OBD) clinical development programs. Highlights from the quarter included:

• Initiation with Pfizer, Inc. of a Phase 2a proof-of-concept study for the two delta compounds, ADL5859 and ADL5747, in patients suffering from osteoarthritis;
• The filing of the Company’s Investigational New Drug Application for ADL7445 in OBD and preparation for the initiation of a Phase 1 clinical trial; and
• The acquisition from Eli Lilly and Company of ADL5945, a clinical stage mu opioid receptor antagonist with the potential to address gastrointestinal disorders such as OBD associated with the chronic use of opioid analgesics.

“The third quarter saw continued progress with ENTEREG, with net shipments increasing by nearly 40% from the second quarter of 2009 to $4.0 million and growth in hospital registrations and formulary approvals,” said Michael R. Dougherty, President and Chief Executive Officer. “We also continue to see validation of the benefits of ENTEREG as more hospitals report the results of their independent evaluations of ENTEREG. Finally, we are very pleased to report the progress in our clinical development pipeline, with multiple compounds now under development in both our delta and OBD programs.”

SOURCE Adolor Corporation