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Sucampo Pharmaceuticals, Inc. Reports Second Quarter And Six Months 2012 Financial And Operating Results

Stocks in this article: SCMP

Operating Expenses

R&D expenses were $5.2 million for the second quarter of 2012, compared to $7.9 million for the second quarter of 2011. For the first six months of 2012, R&D expenses were $8.6 million, compared to $17.1 million for the same period of 2011. For both periods, the decrease was primarily due to higher expenses in 2011 associated with the additional phase 3 trial of lubiprostone for OBD patients.

G&A expenses were $8.0 million for the second quarter of 2012, compared to $11.7 million for the second quarter of 2011. G&A expenses were $15.3 million for the first six months of 2012, compared to $21.4 million for the prior year period. For both periods, the decrease in G&A expense is primarily due to the previously announced conclusion of our arbitration with our U.S. and Canadian partner and a separate lawsuit with a clinical research organization.

Selling and marketing expenses were $6.1 million for second quarter of 2012, compared to $2.0 million for the second quarter of 2011. Selling and marketing expenses were $10.2 million for the six months ended June 30, 2012 compared to $4.4 million for the prior year period. The increase in selling and marketing expenses relates primarily to some non-recurring pre-commercialization, pre-arbitration decision planning activities for AMITIZA, many of which will now be used for the RESCULA commercialization efforts.

Non-Operating Income (Expense)

Non-operating expenses were $1.1 million for the second quarter of 2012, compared to $3.7 million for the same period in 2011. The second quarter of 2012 includes a foreign exchange loss of $0.6 million compared to a loss of $3.1 million in the same period in 2011. Non-operating expenses were $0.4 million for the six months ended June 30, 2012, compared to $4.4 million for the same period in 2011. Non-operating expenses for the six months ended June 30, 2012, included a foreign exchange gain of $0.7 million, compared to foreign exchange loss of $3.3 million for the same period 2011.

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