For the year ended December 31, 2008, the company reported a net loss of $22.61 million, or $0.42 per share, compared to a net loss of $24.2 million, or $0.48 per share, in 2007.
The company recorded no revenue for the fourth quarter of 2008, compared with revenue of $18,000 for the fourth quarter of 2007. Revenues for the year ended December 31, 2008 were $251,000, compared with $961,000 in 2007.
Igor Gonda, president and CEO of Aradigm, said: “In our collaboration with Lung Rx, we completed a clinical trial of inhaled treprostinil in our AERx Essence inhaler and received the first milestone payment of $2 million and development costs.
“As a result of the intensive cost control efforts and the additional financing from our existing investors in February 2009 we will be able to advance our lead product candidate for infections associated with severe respiratory diseases.”