MiddleBrook Considers its Future...

What is next for MiddleBrook? Another great story by the WBJ staff.

Tuesday, March 4, 2008 - 10:42 AM EST
MiddleBrook narrows loss, considers future
Washington Business Journal - by Tucker Echols Staff Reporter

MiddleBrook Pharmaceuticals Inc. narrowed its loss in the fourth quarter and continues to explore all options for the company's future.

The Germantown company, which won Food and Drug Administration approval for its first developed drug in January, reported a net loss of $9.1 million, 19 cents per share, for the quarter ending Dec. 31, in a statement released Tuesday. That compares with a loss of $13.8 million, 44 cents per share, in the fourth quarter of 2006.

Revenue in the quarter more than doubled to $2.9 million compared with $1.2 million a year ago.

For the year, MiddleBrook reported a loss of net loss of $42.2 million, 96 cents per share, compared with a net loss of $42 million, $1.38 per share, for the full year of 2006. Revenue in 2007 more than doubled to $10.5 million.

Revenue in 2007 was generated by sales of Keflex, a drug whose rights MiddleBrook purchased.

Moxatag is the first drug MiddleBrook has developed. It was approved by the FDA on Jan. 23, and the company's future may well rest on it. Edward M. Rudnic, president and chief executive officer of MiddleBrook, said in the statement, "having received FDA approval for Moxatag and raising more than $20 million in the first quarter of 2008, we believe we are now in a very favorable position to be considering strategic alternatives for the company."

Alternatives under consideration include the sale of some or all of the company's assets.

Shares of MiddleBrook (NASDAQ: MBRK), which have more than tripled since the approval of Moxatag, were down 9 cents to $4.25 in early morning trading.