Scolr second-quarter revenues up 79%, operating loss increases to $3 million

By Lisa Kerner

Charlotte, N.C., Aug. 7 - Scolr Pharma, Inc. said revenues for the second quarter ended June 30 increased 79% to $279,179 from $155,834 for the comparable period in 2005.

The company's operating loss for the three-month period increased to $3 million from $2 million for the three months ended June 30, 2005.

The net loss of $2.3 million, or $0.06 per share, for second-quarter 2006 was up from a restated net loss of $1.2 million, or $0.04 per share, for second-quarter 2005.

For the six months ended June 30, revenues increased 53% to $372,025 from $243,292 for the same period in 2005. Scolr attributed the increase primarily to sales of CDT-based dietary supplement products marketed by its alliance partner Perrigo Corp.

Scolr's operating loss for the first half of 2006 increased to $6.3 million from $3.9 million for the first half of 2005.

For the six-month period, the company's net loss increased to $5.4 million, or $0.15 per share, from $2.5 million, or $0.08 per share, for the comparable period in 2005.

"We have made significant progress in 2006 advancing our development portfolio of potential CDT-based product applications and are encouraged by positive results from our relationships with Perrigo and Wyeth," president and chief executive officer Daniel O. Wilds said in a company news release.

"We plan to complete clinical evaluations for several of our new and optimized product formulations, submit an abbreviated New Drug Application for our 12-hour CDT pseudoephedrine product candidate and continue to actively pursue additional strategic alliances and collaborations to advance the manufacturing, marketing and distribution of our potential products."

As of June 30, Scolr had $20.9 million in cash, cash equivalents and short-term investments.

The company completed a registered direct offering on April 21 of 2,370,100 shares of its common stock for $11.9 million. Net proceeds of $10.8 million are being used for research and development, for working capital and for general corporate purposes.

Scolr is a specialty pharmaceutical company based in Bellevue, Wash.

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