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11-04 :: April/May 2011
nanotimes
Companies Facts
• 10% contract revenue growth over first quarter 2010;
• 22% growth in Large Scale Manufacturing; • 34% royalty growth over first quarter 2010 for Allegra®
;
• 80% organic growth in Discovery and Development/Small Scale Operations in Asia; • 65% growth in contract biology services.
Total revenue for the first quarter of 2011 was $56.9 million, an increase of 15% compared to total reve- nue of $49.3 million reported in the first quarter of 2010. Total contract revenue for the first quarter of 2011 was $42.9 million, an increase of 10% com- pared to total contract revenue of $38.9 million reported in the first quarter of 2010. Total contract revenue encompasses revenue from AMRI’s Disco- very Services, Development and Small Scale Manuf- acturing, and Large Scale Manufacturing business components.
Net loss, as adjusted was $(0.5) million, or $(0.02) per basic and diluted share. Net loss under U.S. GAAP was $(1.5) million, or $(0.05) per basic and diluted share in the first quarter of 2011, compared to a net income of $0.1 million, or $0.00 per basic and diluted share for the first quarter of 2010.
AMRI Chief Financial Officer Mark T. Frost provided contract revenue guidance for the second quarter and full year 2011. “Our book to bill ratio improved from 2010, rising to a level of 1.80 for first quarter 2011. We remain optimistic based on this impro- vement and review of our backlog that AMRI will deliver solid revenue growth in 2011. In the second quarter, we expect contract revenue to range from $43 million to $46 million, an increase of up to 13%
versus 2010. For the full year 2011, we continue to expect contract revenue to range from $179 million to $187 million, an increase of up to 15% versus 2010.”
lopment programs in oncology, obesity and regene- rative medicine, announced that majority-owned subsidiary Ablaris Therapeutics, Inc. has completed a second closing of its Series A financing round for gross proceeds of $1.2 million, with aggregate gross proceeds of $2.9 million to date.
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Arrowhead invested $1.3 million in the offering and holds a 64% stake in the obesity company post closing. Use of proceeds includes upfront licensing payments and expenses associated with preparation for a Phase I clinical trial, expected in the second half of 2011.
Furthermore, Arrowhead Research announced finan- cial results for its fiscal 2011 second quarter ended March 31, 2011. No revenue was recorded for the three months ended March 31, 2011 and 2010. Total operating expenses for the quarter ended Mar- ch 31, 2011 were $1.8 million, compared with $1.4 million for the quarter ended March 2010.
Loss from continuing operations attributable to Ar- rowhead for the fiscal 2011 second quarter was $1.1 million, or $0.01 per share, compared with a loss of $1.5 million, or $0.02 per share in the comparable period in fiscal 2010.
rrowhead Research Corporation (NASDAQ: ARWR), a nanomedicine company with deve-
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