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ADMA Biologics Reports First Quarter 2016 Results

RAMSEY, N.J., May 13, 2016 (GLOBE NEWSWIRE via COMTEX) --

ADMA Biologics, Inc. ADMA, -1.31% a late-stage biopharmaceutical company that develops, manufactures, and intends to commercialize specialty plasma-based biologics for the treatment and prevention of certain infectious diseases, today announced its financial results for the quarter ended March 31, 2016, and recent accomplishments and anticipated milestones for 2016.

"We are very pleased with our continued progress and quarter-over-quarter revenue growth. We have continued to generate important laboratory and animal testing data for our lead product candidate, RI-002, which was presented at various medical conferences during the first quarter," stated Adam Grossman, President and CEO of ADMA Biologics. "Most recently, we completed a follow-on public offering in May 2016 through which we raised gross proceeds of approximately $14.1 million, and secured an additional $4.0 million of capital from our venture debt partner. ADMA is now in an improved financial position as we approach the anticipated commercial launch of RI-002, which we expect during the second half of 2016, pending U.S. Food and Drug Administration approval."

First Quarter 2016 and Recent Accomplishments

  • Presented various pre-clinical and animal study data demonstrating activity of RI-002's elevated levels of neutralizing antibodies to RSV at multiple medical conferences
  • Completed a follow-on public offering of common stock, with full exercise of the underwriters' over-allotment option
  • Obtained additional venture debt funding

2016 Anticipated Milestones

  • Obtain U.S. Food and Drug Administration (FDA) approval for RI-002
  • Secure first commercial sales of RI-002
  • Initiate new specialty plasma collection programs at ADMA BioCenters

Financial Results for the First Quarter Ended 2016
The consolidated net loss for the first quarter ended March 31, 2016 was $4.6 million, or $(0.43) per share, as compared to a consolidated net loss of $3.6 million, or ($0.37) per share for the first quarter ended March 31, 2015. We had revenues of $2.1 million for the first quarter ended March 31, 2016 compared to $1.5 million for the first quarter ended March 31, 2015, which represents approximately 40% growth quarter-over-quarter. This growth was primarily driven by revenues generated by our second plasma center, which received FDA approval in the third quarter of 2015. The increased quarter-over-quarter net loss was a result of higher research and development costs due to increased testing and validation for RI-002, along with increased headcount and increased plasma center operating expenses, as we continued to scale up operations of our second plasma collection center; increased general and administrative costs associated with the pre-launch, commercial planning activities, including various market research and analysis costs, and commercial new hires, in anticipation of the RI-002 product candidate launch. Included in the net loss for the quarter ended March 31, 2016, were non-cash expenses of stock based compensation of $0.4 million and depreciation and amortization of $0.3 million. At March 31, 2016, the Company had cash, cash equivalents and short-term investments of $11.6 million, as compared to $16.8 million at December 31, 2015. Pro-forma cash, cash equivalents and short-term investments as of March 31, 2016, including approximately $13.0 million of net proceeds from the May 2016 public offering and an additional $4.0 million of funding received in May 2016 from its venture debt partner was approximately $28.6 million.

About ADMA Biologics, Inc. (ADMA)
ADMA is a late-stage biopharmaceutical company that develops, manufactures and intends to commercialize specialty plasma-based biologics for the treatment and prevention of Primary Immune Deficiency Disease (PIDD) and certain infectious diseases. ADMA's mission is to develop and...


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