Key Developments For MiddleBrook Pharmaceuticals, Inc.
MiddleBrook Pharmaceuticals, Inc. (MBRK.O) (Consolidated Issue listed on NASDAQ Global Market)
MiddleBrook Pharmaceuticals, Inc. Narrows FY 2009 Revenue Guidance To A Range Below Analysts' Estimates
MiddleBrook Pharmaceuticals, Inc. announced that it has narrowed fiscal 2009 revenue guidance and expects combined 2009 net sales for MOXATAG and KEFLEX to range between $16 and $18 million. According to Reuters Estimates, analysts are expecting the Company to report revenue of $28 million for fiscal 2009.
MiddleBrook Pharmaceuticals, Inc. Announces Sales Force Realignment, Cost-Saving Measures
MiddleBrook Pharmaceuticals, Inc. announced a strategic realignment of its field sales force to more aggressively preserve the Company`s financial resources while maintaining sales coverage of the physicians with the highest potential to prescribe MOXATAG (extended-release amoxicillin) Tablets, 775 mg. MiddleBrook reduced the number of its sales managers and field sales representatives by about 25%, to approximately 225. The Company has also reduced its corporate staff by approximately 20% As a result of these cost-saving measures, MiddleBrook expects to achieve approximately $15 million in annualized savings. The Company now anticipates that its total operating expenses for 2009 will range between $78 and $83 million, versus its previous guidance of operating expenses ranging between $83 and $88 million.
MiddleBrook Pharmaceuticals, Inc. Revises FY 2009 Revenue Outlook
MiddleBrook Pharmaceuticals, Inc. revised its fiscal 2009 outlook and expects combined net sales for MOXATAG and KEFLEX to be less than $25 million due to slower-than-anticipated prescription growth and the projected gross margin impact of the new $20 maximum copay program for MOXATAG.
MiddleBrook Pharmaceuticals, Inc. Secures $10 Million Revolving Line of Credit
MiddleBrook Pharmaceuticals, Inc. announced that it has obtained a two-year $10 million revolving line of credit for working capital needs from Silicon Valley Bank. The revolving line of credit is subject to a borrowing base of trade accounts receivable and inventories and is secured by the Company's assets, excluding intellectual property. The credit facility contains customary covenants, including financial covenants requiring the Company to maintain a minimum tangible net worth.
MiddleBrook Pharmaceuticals, Inc. Launches MOXATAG
MiddleBrook Pharmaceuticals, Inc. announced that it has launched MOXATAG (extended-release amoxicillin) Tablets, 775 mg, the first and only FDA-approved once-daily amoxicillin. MOXATAG is approved for the treatment of pharyngitis/tonsillitis secondary to Streptococcus pyogenes in patients twelve years and older. MOXATAG is dosed once-daily at 775 mg, versus the current most commonly prescribed generic amoxicillin treatment regimen for pharyngitis/tonsillitis which is 500 mg three times per day according to the 2008 IMS Health National Drug Therapeutic Index. There is no AB-rated generic for MOXATAG.
