BOTHELL, Wash., May 1 /PRNewswire-FirstCall/ -- SCOLR Pharma, Inc.
(NYSE Amex: DDD) reported financial results for the three months
ended March 31, 2009. The Company will host a live conference call
on May 1, 2009, at 11:30 a.m. (Eastern Daylight Time). Bruce S.
Morra, SCOLR Pharma's President and CEO, stated, "Our top
priorities continue to be the advancement of our two lead product
candidates, ibuprofen and pseudoephedrine, and the support of our
existing alliances and collaborations. We are engaged in partnering
discussions with a number of potential partners concerning our
novel formulations of ibuprofen and pseudoephedrine. We remain
optimistic that we will be able to reach agreement with suitable
partner(s) to commercialize these products. We recently announced
that we retained HealthPro BioVentures LLC ("HealthPro"), a life
science investment bank and strategic advisory firm, to assist us
in our partnership activities. We continue to be very encouraged
and enthusiastic about our programs and collaborations using our
CDT(R) technologies". Total revenues consisting of royalty income,
decreased 35%, or $93,783 to $171,772 for the three months ended
March 31, 2009, compared to $265,555 for the same period in 2008.
This decrease was primarily due to reduced participation in the net
profits on sales in an effort to increase sales of our nutritional
products by Perrigo. Royalty payments from Perrigo are based on
Perrigo's net profits from sales of CDT-based products. Marketing
and selling expenses decreased 55%, or $131,110 to $106,583 for the
three months ended March 31, 2009, compared to $237,693 for the
same period in 2008. The decrease was primarily due to lower
personnel, advertising, tradeshow, and commission expenses.
Research and development expenses decreased 7%, or $61,278 to
$821,934 for the three months ended March 31, 2009, compared to
$883,212 for the same period in 2008. The decrease was primarily
due to proceeds of $85,267 from an insurance settlement for damaged
equipment, and a decrease in personnel related expenses of $81,096
due to a reduction in personnel. These decreases were offset by an
increase of $73,406 related to our ibuprofen clinical trial and
associated outside consulting expenses. General and administrative
expenses decreased 6%, or $78,633 to $1.154 million for the three
months ended March 31, 2009, compared to $1.232 million for the
same period in 2008, due to a reduction in personnel, travel and
insurance expense. Other income decreased 93%, or $89,364 to $6,642
for the three months ended March 31, 2009, compared to $96,006 for
the same period in 2008 due to lower interest rates and cash
balances. Net loss decreased 4%, or $87,874, to $1.904 million for
the three months ended March 31, 2009, compared to $1.992 million
for the same period in 2008. The decrease was primarily due to
reduced operating expenses. The Company had approximately $4.7
million in cash and cash equivalents, and $473,711 in restricted
cash as of March 31, 2009. The Company is investing its cash and
cash equivalents in government-backed securities. The Company will
require substantial additional investment that has not yet been
secured to complete development of its current product candidates.
The Company is currently seeking to raise capital and is pursuing
partnering opportunities. The Company's current operating plan
reflects reductions taken in operating expenses. The Company is
actively managing liquidity by limiting clinical and development
expenses to its lead products and supporting existing alliances and
collaborations. The Company has deferred all significant
expenditures on projects pending additional financing or
partnership support. SCOLR Conference Call As previously announced,
SCOLR Pharma will host a conference call on May 1, 2009, at 11:30
a.m. (Eastern Daylight Time). Shareholders and other interested
parties may participate in the conference call by dialing +1 888
713 4217 (domestic) or +1 617 213 4869 (international) and entering
access code 55195099, a few minutes before 11:30 a.m. EDT on May 1,
2009. The call will also be broadcast live on the Internet at
http://www.streetevents.com/, http://www.fulldisclosure.com/ and
http://www.scolr.com/. A replay of the conference call will be
accessible two hours after its completion through May 15, 2009, by
dialing +1 888 286 8010 (domestic) or +1 617 801 6888
(international) and entering access code 86289597. The call will
also be archived for 90 days at http://www.streetevents.com/,
http://www.fulldisclosure.com/, and http://www.scolr.com/. About
SCOLR Pharma: Based in Bothell, Washington, SCOLR Pharma, Inc. is a
specialty pharmaceutical company. SCOLR Pharma's corporate
objective is to combine its formulation expertise and its patented
CDT platform to develop novel pharmaceutical, over-the-counter
(OTC), and nutritional products. Our CDT drug delivery platforms
are based on multiple issued and pending patents and other
intellectual property for the programmed release or enhanced
performance of active pharmaceutical ingredients and nutritional
products. For more information on SCOLR Pharma, please call
425.368.1050 or visit http://www.scolr.com/. This press release
contains forward-looking statements (statements which are not
historical facts) within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
involve risks and uncertainties, including activities, events or
developments that we expect, believe or anticipate will or may
occur in the future. A number of factors could cause actual results
to differ from those indicated in the forward-looking statements,
including our ability to advance development of our potential
products and complete research and development, including
pre-clinical and clinical studies, our ability to raise additional
funds, the continuation of arrangements with our product
development partners and customers, competition, government
regulation and approvals, and general economic conditions. For
example, we may not obtain regulatory approval for our products,
which would materially impair our ability to generate revenue.
Additional assumptions, risks and uncertainties are described in
detail in our registration statements, reports and other filings
with the Securities and Exchange Commission. Such filings are
available on our website or at http://www.sec.gov/. You are
cautioned that such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those set forth in the forward-looking statements.
We undertake no obligation to publicly update or revise
forward-looking statements to reflect subsequent events or
circumstances. SCOLR Pharma, Inc. CONDENSED BALANCE SHEETS March
31, December 31, 2009 2008 (Unaudited) ASSETS Current Assets Cash
and cash equivalents $4,713,909 $6,363,243 Accounts receivable
163,364 177,253 Interest and other receivables 1,225 1,157 Prepaid
expenses 219,953 286,539 Total current assets 5,098,451 6,828,192
Property and Equipment - net of accumulated depreciation of
$1,251,100 and $1,289,844, respectively 801,703 790,947 Intangible
assets - net of accumulated amortization of $452,935 and $465,724,
respectively 495,052 557,639 Restricted cash 473,711 473,711
$6,868,917 $8,650,489 LIABILITIES AND STOCKHOLDERS' EQUITY Current
Liabilities Accounts payable $247,332 $238,701 Accrued liabilities
473,209 668,694 Current portion of term loan 89,917 87,850 Total
current liabilities 810,458 995,245 Long-term portion of term loan
- 23,269 Deferred rent 301,517 310,010 Total liabilities 1,111,975
1,328,524 Commitments and Contingencies Stockholders' Equity
Preferred stock, authorized 5,000,000 shares, $.01 par value, none
issued or outstanding - - Common stock, authorized 100,000,000
shares, $.001 par value 41,098,270 and 41,130,270 issued and
outstanding as of March 31, 2009 and December 31, 2008,
respectively 41,098 41,130 Additional paid-in capital 71,594,664
71,255,901 Accumulated deficit (65,878,820) (63,975,066) Total
stockholders' equity 5,756,942 7,321,965 $6,868,917 $8,650,489
SCOLR Pharma, Inc. CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
Three months ended March 31, 2009 2008 Revenues Royalty $171,772
$265,555 Total revenues 171,772 265,555 Operating expenses
Marketing and selling 106,583 237,693 Research and development
821,934 883,212 General and administrative 1,153,651 1,232,284
Total operating expenses 2,082,168 2,353,189 Loss from operations
(1,910,396) (2,087,634) Other income (expense) Interest income
9,072 100,319 Interest expense (2,430) (4,313) 6,642 96,006 Net
Loss $(1,903,754) $(1,991,628) Net loss per share, basic and
diluted $(0.05) $(0.05) Shares used in computing basic and diluted
net loss per share 41,098,270 41,072,978 Contacts: Investor
Relations: Cameron Associates Kevin McGrath 212.245.4577
DATASOURCE: SCOLR Pharma, Inc. CONTACT: Investor Relations -
Cameron Associates, Kevin McGrath, +1-212-245-4577, Web Site:
http://www.scolr.com/
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