License and technology fees for the first quarter of 2009 were $128,000 compared to $132,000 in the comparable year ago period. Operating expenses for the first quarter of 2009 were $2.2 million compared to $2.5 million in the comparable 2008 first quarter, a 14% decrease.
“Our first quarter results demonstrate our determination to continue to move the organization forward in today’s difficult economic climate. We are pleased to report that product sales were up 10% and that operating loss declined by 75% in the first quarter of 2009 as compared to the same period in the prior year and our net loss decreased 69% over the year-ago quarter. We continue to focus on improving our financial outlook and work on securing additional financing, and the holders of our convertible debt due in May 2009 have agreed to extend the maturity date of the debt until July 2009,” said Ralph Makar, President and CEO. “Our first quarter focus on advancing our next generation spring-powered device technology with auto-disable syringes has resulted in our successfully meeting a significant milestone of delivering working prototypes for a new companion animal device to Merial Limited and also in gaining FDA 510(k) clearance for our new ZetaJetTM device, which provides unique competitive differentiation for a wide range of human injectables. Our challenge now is to identify and maximize the strategic partnership opportunities going forward,” commented Ralph Makar.
