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Rockwell Medical Reports 2012 Fourth Quarter And Full Year Results

Stocks in this article: RMTI

WIXOM, Mich., March 18, 2013 (GLOBE NEWSWIRE) -- Rockwell Medical, Inc. (Nasdaq:RMTI), a fully-integrated biopharmaceutical company targeting end-stage renal disease (ESRD) and chronic kidney disease (CKD) with innovative products and services for the treatment of iron deficiency, secondary hyperparathyroidism and hemodialysis, reported financial results for the three and twelve months ended December 31, 2012.

Q4' 2012 Highlights

  • Sales were $13.0 million, increasing 9.3% over Q4 2011.
  • Gross profit increased 10.2% or $0.2 million over Q4 2011.
  • Cash and investments aggregated $4.7 million December 31, 2012.

Full-year 2012 Financial Highlights

  • Sales were $49.8 million, up 1.8% over 2011.
  • Gross profit margins increased to 13.4%, compared to 11.5% in 2011.
  • Gross profit increased 18.6% or $1.1 million, compared to 2011.

Drug Development Highlights

  • PRIME study successfully demonstrated a statistically significant 37.1% reduction in ESA use.
  • PRIME study successfully met primary efficacy endpoint of % change in ESA from baseline.
  • CRUISE-1 top line results projected in Q3 2013 and CRUISE-2 results in early Q4 2013.
  • Four successful clinical safety reviews of Phase 3 CRUISE efficacy studies.
  • Calcitriol (active vitamin D) 90-day stability data period completed.

For the year ended December 31, 2012, Rockwell incurred a loss of ($54.0) million vs. a loss of ($21.4) million in 2011, due primarily to clinical development expense. Clinical development expense was $48.3 million compared to $17.8 million in 2011

Mr. Robert L. Chioini, Founder, Chairman and CEO stated, "We achieved solid operating performance and continue to make progress in areas that are important to both our near and long term strategic plan. We believe Rockwell is uniquely positioned for growth in its core operating business, and we expect Calcitriol will generate significant additional sales and profit revenue once launched into the commercial market."

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