Full Press Release Details
Transdel Pharmaceuticals Reports First Quarter 2010 Results
LA JOLLA, CA May 13, 2010 Transdel Pharmaceuticals, Inc. (OTCBB: TDLP), a specialty pharmaceutical company focused
on developing topically administered products using its proprietary transdermal delivery platform, today announced
financial results for the quarter ended March 31, 2010. The Company also highlighted recent achievements.
We continue to focus our efforts on licensing discussions with potential pharmaceutical partners for Ketotransdel ,
our lead transdermal product for pain, and on preparing for the continuation of the clinical program for
Ketotransdel , stated John Lomoro, Acting Chief Executive Officer and Chief Financial Officer. We are very pleased
that the full results from the first Phase 3 Ketotransdel study will be presented at the upcoming World Congress on
First Quarter 2010 Financial Results
As of March 31, 2010, the Company had cash and cash equivalents of approximately $1.0 million, compared to $1.6 million
at December 31, 2009. The cash and cash equivalents balance as of March 31, 2010 does not include the proceeds from
the recent $1 million financing completed in early April 2010.
Transdel reported a net loss of approximately $0.9 million, or $0.06 per share, for the first quarter ended March 31,
2010, compared to a net loss of approximately $1.6 million, or $0.10 per share, for the same period last year.
Research and development expenses totaled approximately $0.1 million and $1.1 million for the first quarter 2010 and
2009, respectively. The decrease in research and development costs compared to 2009 was primarily due to expenses
incurred for the Phase 3 clinical study of Ketotransdel that was in progress during the first quarter 2009.
General and administrative expenses totaled approximately $0.8 million and $0.5 million for the first quarter ended
March 31, 2010 and 2009, respectively. The increase is due to a one-time charge of approximately $0.4 million for
accrued expenses relating to the separation agreement between the Company and our former chief executive officer who
resigned in February 2010.
About Transdel Pharmaceuticals, Inc.
Transdel Pharmaceuticals, Inc. (OTCBB: TDLP) is a specialty pharmaceutical company developing non-invasive, topically
delivered products. The Company s innovative-patented Transdel cream formulation technology is designed to facilitate
the effective penetration of a variety of products through the tough skin barrier. Ketotransdel , the Company s lead
pain product, has successfully completed a Phase 3 clinical trial and utilizes the Transdel technology to deliver the
active drug, ketoprofen, a non-steroidal anti-inflammatory drug through the skin directly into the underlying tissues
where the drug exerts its well-known anti-inflammatory and analgesic effects. The Company intends to leverage its
Transdel platform technology to expand and create a portfolio of topical products for a variety of indications. The
Company is actively pursuing partnerships with companies to expand its product portfolio for pharmaceutical and
cosmetic/cosmeceutical products. For more information, please visit http://www.transdelpharma.com.
Safe Harbor Statement
The Company cautions you that the statements included in this press release that are not a description of historical
facts are forward-looking statements. These include statements regarding: the Company s interpretation of the results
of its Phase 3 clinical trial for Ketotransdel ; the Company s ability to obtain regulatory approval to
market Ketotransdel; and the Company s ability to complete additional development activities for products utilizing its
proprietary transdermal delivery platform. Actual results may differ materially from those set forth in this press
release due to the risks and uncertainties inherent in the Company s business, including, without limitation: the
outcome of the final analyses of the data from the Phase 3 clinical trial may vary from the Company s initial
conclusions; the FDA may not agree with the Company s interpretation of such results or may challenge the adequacy of
the Company s clinical trial design or the execution of the clinical trial; the FDA may continue to require the Company
to complete additional clinical trials for Ketotransdel before the Company can submit a 505(b)(2) NDA
application; the results of any future clinical trials may not be favorable and the Company may never receive
regulatory approval for Ketotransdel ; and the Company s current need to raise additional funding to
complete its product development plans. More detailed information about the Company and the risk factors that may
affect the realization of forward-looking statements is set forth in the Company s filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q filed with the
SEC. Such documents may be read free of charge on the SEC s web site at www.sec.gov. You are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking
statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to
revise or update this press release to reflect events or circumstances after the date hereof. This caution is made
under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
John Lomoro, Chief Financial Officer and Acting Chief Executive Officer
Transdel Pharmaceuticals, Inc.