Rockwell Medical first-quarter sales up 17.1%

Rockwell MedicalMay 5 2010

Revenues Increase 17.1%; Gross Profit Increases 94%

Conference Call at 8:30am ET to Discuss Results and Review Clinical Development

Rockwell Medical (Nasdaq:RMTI), a fully-integrated biopharmaceutical company offering innovative products and services targeting end-stage renal disease (ESRD), chronic kidney disease (CKD) and iron deficiency anemia, reported first quarter 2010 results today.

First Quarter Financial Highlights

• Sales increased to $15 million, up 17.1% compared to the first quarter of 2009.
• Gross profit increased to $2.3 million, up 94% or $1.1 million compared to the first quarter of 2009.
• Gross profit margins increased to 15.4%, compared to 9.3% in the first quarter of 2009.
• R&D expense was $.5 million, compared to $1.3 million in the first quarter 2009.
• Loss was ($0.4) million, compared to ($1.7) million in the first quarter of 2009.
• Loss per share was ($.02), compared to ($.12) per share in the first quarter of 2009.
• Cash and cash equivalents increased by $1.6 million to $24.6 million at March 31, 2010, from December 31, 2009.

Drug Development and Corporate Progress

• Announced SFP Phase IIb study results demonstrating favorable safety profile and clear dose response.
• Added key consultant and ESA expert, Dr. Ajay Singh, to Scientific Advisory Board.

Mr. Robert L. Chioini, Chairman and CEO stated, "Our positive first quarter results were in line with our expectations. Our gross profits and revenues increased substantially and our business operations generated positive cash flow, supporting our development efforts for SFP. Our major clinical development in the first quarter was the announcement of our Phase IIb study results, which demonstrated exceptional safety data and clear dosing data. We have submitted our request to the FDA for an End-of-Phase-II meeting, which  we expect will take place within 60 days. We  hope to then move into our Phase III clinical trial program later this year.  We are also pleased to have Dr. Ajay Singh join our Scientific Advisory Board, further strengthening our team of expert advisors, doctors, and scientists at Rockwell."