MiddleBrook Pharmaceuticals Announces Sales Force Realignment, Cost-Saving Measures
01 Setembro 2009 - 10:05AM
Business Wire
MiddleBrook Pharmaceuticals, Inc. (NASDAQ: MBRK) today announced
a strategic realignment of its field sales force to more
aggressively preserve the Company’s financial resources while
maintaining sales coverage of the physicians with the highest
potential to prescribe MOXATAG® (extended-release amoxicillin)
Tablets, 775 mg. MiddleBrook reduced the number of its sales
managers and field sales representatives by about 25 percent, to
approximately 225. The Company has also reduced its corporate staff
by approximately 20 percent.
As a result of these cost-saving measures, MiddleBrook expects
to achieve approximately $15 million in annualized savings. The
Company now anticipates that its total operating expenses for 2009
will range between $78 and $83 million, versus its previous
guidance of operating expenses ranging between $83 and $88
million.
“Our field sales force territory realignment is based on
cumulative MOXATAG prescription data and will allow us to
concentrate our resources in markets where we have best
demonstrated prescription volume access,” said John Thievon,
MiddleBrook president and CEO. “We continue to seek opportunities
to co-promote, in-license or acquire another product to further
utilize our nationwide field sales force more effectively.”
MiddleBrook Pharmaceuticals Reports Inducement
Grants
Under
NASDAQ Marketplace Rule 4350
MiddleBrook Pharmaceuticals also announced today that on August
31, 2009, it granted options to purchase a total of 17,500 shares
of MiddleBrook's common stock to four (4) new employees as a
material inducement for them to join MiddleBrook. The options were
granted pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv) and
under MiddleBrook's New Hire Stock Incentive Plan, which was
approved by MiddleBrook's Board of Directors on Sept. 26, 2008 and
further ratified by the Company’s Compensation Committee on August
20, 2009. The options have a per share exercise price equal to the
closing price of MiddleBrook's common stock on the NASDAQ Global
Market on the business day immediately preceding the grant date, a
ten-year term and vesting over four years, with 25 percent of the
options vesting one year from the grant date and 1/48th of the
options vesting monthly thereafter. The options have a grant date
of August 31, 2009.
About MiddleBrook
Pharmaceuticals:
MiddleBrook Pharmaceuticals, Inc. (NASDAQ: MBRK) is a
pharmaceutical company focused on developing and commercializing
anti-infective products that fulfill unmet medical needs.
MiddleBrook’s proprietary delivery technology - PULSYS - enables
the pulsatile delivery, or delivery in rapid bursts, of certain
drugs. MiddleBrook’s near-term corporate strategy includes
improving dosing regimens and/or reducing frequency of dosing to
enhance patient dosing convenience and compliance for antibiotics
that have been used and trusted by physicians and patients for
decades. MiddleBrook currently markets KEFLEX (cephalexin, USP),
the immediate-release brand of cephalexin, and MOXATAG – the first
and only FDA-approved once-daily amoxicillin. For more information
about MiddleBrook, please visit www.middlebrookpharma.com.
About MOXATAG:
MOXATAG (amoxicillin extended-release) Tablets, 775mg, is a
once-a-day extended-release formulation of amoxicillin for oral
administration consisting of three components: one
immediate-release component and two delayed-release components. The
three components of MOXATAG are combined in a specific ratio to
prolong the release of amoxicillin compared to immediate-release
amoxicillin. MOXATAG is intended to provide a lower treatment dose,
once-daily alternative to currently approved penicillin and
amoxicillin regimens for the treatment of adults and pediatric
patients 12 years and older with tonsillitis and/or pharyngitis.
For more information about MOXATAG, please visit MOXATAG.com.
FORWARD-LOOKING
STATEMENTS
Some of the statements contained in this press release contain
forward-looking statements within the meaning of the Securities
Exchange Act of 1934 and the Securities Act of 1933, such as
statements about the financial and operational impact of the
strategic realignment and staff reduction and MiddleBrook’s
near-term corporate strategy, including its efforts to co-promote,
in-license or acquire other products. In some cases,
forward-looking statements are identified by words such as
“anticipate,” “expect,” “will,” “continue to” and similar
expressions. Such forward-looking statements reflect MiddleBrook’s
current plans, beliefs, estimates and views and involve a number of
known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. These factors include,
but are not limited to, the failure to successfully commercialize
MOXATAG or to successfully develop the KEFLEX PULSYS product
candidate, MiddleBrook’s inability to meet anticipated operating
needs with revenues, existing cash and the revolving line of credit
or to obtain additional financing, a further decline in market
conditions, MiddleBrook’s inability to manage expenses, and other
risks identified in the sections titled “Risk Factors” in
MiddleBrook’s Annual Report on Form 10-K for the year ended
December 31, 2008 and Quarterly Report on Form 10-Q for the quarter
ended June 30, 2009. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. MiddleBrook undertakes no obligation to update
publicly or review any of the forward-looking statements made in
this press release, whether as a result of new information, future
developments or otherwise.
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