PRINCETON, N.J., May 15 /PRNewswire-FirstCall/ -- DOR BioPharma, Inc. (OTC Bulletin Board: DORB) (DOR or the Company), a late-stage biopharmaceutical company, today announced its financial results for the first quarter of 2009.
DOR's revenues for the first quarter of 2009 were approximately $0.5 million compared to $0.7 million for the first quarter of 2008. The decreased revenues were primarily attributable to decreased research and development amounts drawn down from DOR's NIH Biodefense grants.
DOR's net loss for the first quarter of 2009 was approximately $2.1 million, or $0.01 per share, compared to $1.4 million, or $0.01 per share, for the first quarter of 2008. This increase was primarily attributed to increased spending of $968,996 in research and development in preparation for the initiation of the confirmatory Phase 3 clinical trial of orBec(R) for the treatment of acute gastrointestinal Graft-versus-Host disease (GI GVHD).
Research and development expenses for the first quarter of 2009 were approximately $1.6 million, compared to $0.6 million for the first quarter of 2008. General and administrative expenses for the first quarter of 2009 were approximately $0.5 million, compared to $0.8 million for the first quarter of 2008.
'We are pleased with our progress thus far in 2009,' stated Christopher J. Schaber, PhD, President and CEO of DOR. 'We continue to work diligently towards the initiation of our confirmatory Phase 3 clinical trial of orBec(R) in GI GVHD under a Special Protocol Assessment (SPA) with the FDA. We are also pleased with our new 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. These new factors give us confidence that 2009 will be a year of substantial growth and progress for DOR.'
DOR's First Quarter 2009 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.
On February 12, 2009, DOR announced that it entered into a collaboration agreement with Sigma-Tau Pharmaceuticals, Inc.
