- Total net revenues were $3.8 million, compared to $12.5 million for the first quarter of 2011. The 2011 quarter included $8.4 million of the amortization of the $34 million gain on the sale of the progesterone assets in July 2010 to Watson Pharmaceuticals, Inc. (“Watson”); amortization concluded in the second quarter of 2011.
- Net product revenues were $3.1 million in the first quarter of 2012, compared to $3.5 million in the first quarter of 2011 due to the absence of sales of STRIANT, coupled with relatively flat sales to Merck Serono S.A. (“Merck Serono”) and Watson, in 2012.
- Net income was $5.0 million, including a $6.2 million positive non-cash adjustment, or $0.06 per basic and $(0.02) per diluted share.
- Cash, cash equivalents and short-term investments at March 31, 2012 were $22.7 million.
- Transferred the new drug application (“NDA”) for progesterone vaginal gel 8% for preterm birth to Watson, for which Watson received a Complete Response Letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”).
- Completed a 42% workforce reduction that will generate annual savings of $1.5 million.
- Engaged Cowen and Company as the Company's independent financial advisor to assist in evaluating potential strategic transactions.
Columbia Laboratories, Inc. (Nasdaq: CBRX) today reported financial results for the three-month period ended March 31, 2012. Highlights of the first quarter include: