PRINCETON, N.J., March 31 /PRNewswire-FirstCall/ -- DOR BioPharma, Inc. (OTC Bulletin Board: DORB) (DOR or the Company), a late-stage biopharmaceutical company, today announced its financial results for 2008.
DOR's revenues for 2008 were approximately $2.3 million compared to $1.3 million in 2007. The increase was due primarily to progress with DOR's September 2006 NIH grant and the resulting achievement of certain research and development milestones with our subcontractors.
DOR's net loss for 2008 was approximately $3.4 million, or $0.03 per share, compared to $6.2 million, or $0.07 per share, for 2007. This decrease in net loss is primarily attributed to lower research and development costs associated with Food and Drug Administration (FDA) and European regulatory matters as well as a reduction in general and administrative expenses. Research and development expenses for 2008 were approximately $1.6 million, compared with $3.1 million for 2007. General and administrative expenses for 2008 were approximately $1.9 million, compared with $2.9 million for 2007.
'2009 is off to a strong start for DOR,' stated Christopher J. Schaber, PhD, President and CEO of DOR. 'To start the year off, we announced FDA clearance under its Special Protocol Assessment (SPA) procedure to begin our confirmatory Phase 3 clinical trial of orBec(R) for the treatment of acute GI GVHD. This, in part, has enabled us to shore up our balance sheet significantly as a result of our partnership with Sigma-Tau Pharmaceuticals. We now have an experienced partner in the HSC transplant arena, regulatory clarity with regard to the Phase 3 development of orBec(R), and a relatively clean capital structure. We have also begun adding key personnel to execute new clinical trials in GI GVHD and radiation enteritis. We are looking forward to initiating the confirmatory Phase 3 clinical trial and are optimistic that 2009 will be a year of substantial growth and progress for DOR.'
DOR's Recent News Highlights:
On March 25, 2009, DOR announced that it entered into a $400,000 common stock equity investment agreement priced at market with its clinical trials management partner, Numoda Corporation.
On March 16, 2009, DOR announced the appointment of Gregg A. Lapointe, CPA, MBA to its Board of Directors.
On March 13, 2009, DOR announced the appointment of Brian L. Hamilton, MD, PhD as its Chief Medical Officer.
