Drug maker with successful anti-biotic seeks partner.
MiddleBrook Pharmaceuticals (NASDAQ: MBRK, Stock Forum) posted a quarter with complex financial results.
MiddleBrook reported first quarter 2008 revenue of $2.4 million compared to $1.8 million in the first quarter of 2007. The net loss was $13.8 million for the first quarter, compared to a net loss of $13.7 million in the first quarter of 2007. But, the loss was not entirely operational. MBRK recorded a $7.4 million noncash warrant expense for the period.
The market did not seem to mind. The shares hit $3.85, with a 15% increase on Friday alone.
Middlebrook continued to do well selling its 750 mg strength Keflex capsules. It also received FDA approval of a New Drug Application for its once-daily amoxicillin PULSYS® product. There is no reasonable estimate of how much revenue this will bring in over the next year or two.

Middlebrook raised almost $20 million in the first quarter and also retained Morgan Stanley to find a partner or buyer for the company. Right now MBRK has enough cash to operate for a year.
If the firm does not find a buyer, these shares will collapse.