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Rockwell Medical Reports Fourth Quarter And Full Year 2010 Results

Stocks in this article: RMTI

2010 Gross Profit up $2 Million; Net Loss Decreased $2.8 Million

 Conference call at 8:30am ET to discuss results

WIXOM, Mich., March 3, 2011 (GLOBE NEWSWIRE) -- Rockwell Medical (Nasdaq:RMTI), a fully-integrated biopharmaceutical company offering innovative products and services targeting end-stage renal disease (ESRD), chronic kidney disease (CKD) and iron deficiency anemia, reported today fourth quarter and full-year 2010 results:

Fourth Quarter Financial Highlights

  • Sales were $14.3 million, a 3% decrease compared to the fourth quarter of 2009.
  • Gross profit margin increased to 16.6%, compared to gross profit margin of 16.4% in the fourth quarter of 2009.
  • R&D expense was $1.7 million, compared to $1.1 million in the fourth quarter 2009.
  • Net loss of ($1.7) million, compared to a net loss of ($0.5) million in the fourth quarter 2009.

2010 Financial Highlights

  • Sales were $59.6 million, an increase of $4.8 million or 8.8%, compared to 2009.
  • Gross profit margins were 16.6%, an increase of 2.2 percentage points compared to gross profit margin of 14.4% in 2009.
  • Gross profit increased $2 million or 25% to $9.9 million compared to $7.9 million in 2009.
  • R&D expense was $3.4 million compared to $6.5 million in 2009.
  • Net loss of ($2.7) million, compared to a net loss of ($5.5) million in 2009.
  • Net loss includes non-cash equity compensation charges of $ 4.0 million.
  • Year-end cash position of $24.2 million.

Drug Development & Corporate Progress

  • Commenced patient screening for Phase III CRUISE clinical trials.
  • Submitted Phase III study protocol to FDA and completed site feasibility study.
  • Confirmed acceptable Phase III primary efficacy endpoint with FDA.
  • Commenced patient enrollment for ESA-sparing PRIME study.
  • Presented new ESA sparing and iron repletion data at ASN 2010.
  • Received U.S. patent for proprietary SFP formula extending intellectual property protection to 2029.
  • Appointed Dr. Ajay Singh and Dr. Ian Macdougall to Scientific Advisory Board.
  • Hired VP of Business Development/Investor Relations.

Mr. Robert L. Chioini, Chairman and CEO stated, "We had a very productive year. We moved our SFP clinical development significantly forward and we expect to begin enrolling patients into our Phase III CRUISE studies this quarter. We have also begun enrolling patients into our PRIME study, which is designed to capture ESA dose reduction for patients receiving SFP-iron during dialysis. Regarding our operating business, which provides a ready-made channel to sell SFP into the dialysis provider market upon FDA approval, both sales and margins continued to improve. Moving into 2011, we look forward to continuing to build both our operating and drug businesses, progressing SFP through Phase III and closer to commercialization."

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