PRINCETON, N.J., Aug. 14 /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 second quarter of 2009.
DOR's revenues, which primarily relate to receipts from National Institutes of Health (NIH) grants, for the second quarter of 2009 were approximately $0.3 million compared to $0.5 million for the second quarter of 2008. Revenues for the first half of 2009 were approximately $0.9 million compared to $1.2 million for the first half of 2008. The decreased revenues were primarily attributable to lower support amounts drawn from DOR's Biodefense grants with the NIH.
DOR's net loss for the second quarter of 2009 was approximately $1.8 million, or $0.01 per share, compared to $1.3 million, or $0.01 per share, for the second quarter of 2008. The net loss for the first half of 2009 was approximately $3.9 million compared to $2.6 million for the first half of 2008. These larger net losses were primarily attributed to increased research and development (R&D) spending of $1.4 million for the first half of the year (or $391,000 for the second quarter) 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).
R&D expenses for the second quarter of 2009 were approximately $1.1 million, compared to $0.7 million for the second quarter of 2008. R&D expenses for the first half of 2009 were approximately $2.7 million, compared to $1.3 million for the first half of 2008.
General and administrative (G&A) expenses for the second quarter of 2009 and 2008 were essentially flat year over year at $0.6 million, while G&A expenses for the first half of 2009 decreased to $1.1 million from $1.4 million for the first half of 2008.
"This year continues to be very eventful for DOR," stated Christopher J. Schaber, PhD, President and CEO of DOR. "With our new partnership with Sigma-Tau, we are working 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. Once the clinical trial is initiated, we expect to receive a $1 million milestone payment from Sigma-Tau in accordance with our collaboration agreement."
DOR's Recent Highlights:
On August 4, 2009, DOR announced that the Office of Orphan Products Development of the FDA granted Orphan Drug Designation to Oral BDP (beclomethasone 17,21-dipropionate, or orBec(R)) for the treatment of gastrointestinal symptoms associated with chronic Graft-versus-Host disease.
On July 8, 2009, DOR announced that it received a European patent addressing its Lipid Polymer Micelle (LPM(TM)) technology for the improved oral delivery of drugs.
