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Oct 31 2006, 12:30 PM EST

Barrier Therapeutics Announces Third Quarter 2006 Financial Results

MARKETWIRE

Oct 31, 2006 PRINCETON, NJ MARKET WIRE

Barrier Therapeutics, Inc. (NASDAQ: BTRX), a pharmaceutical company developing and commercializing products in the field of dermatology, today announced its financial results for the third quarter ended September 30, 2006.

Financial Highlights:

--  Total revenue for the quarter was $2.1 million, an increase of $1.5
    million as compared to the same period in 2005. Net product revenues of
    $2.0 million represent an increase of $1.8 million over the same period in
    2005. Current quarter revenues are comprised of sales of Vusion in the
    U.S., Solage(R) in the U.S. and Canada, and VANIQA(R) in Canada.
    
--  Net loss was $12.7 million, or $0.50 per share, compared to a net loss
    of $12.1 million, or $0.50 per share, for the same period in 2005. Results
    for the current quarter included $926,000 in stock compensation expense
    related to FAS 123(R).
    
--  Cash, cash equivalents and marketable securities as of September 30,
    2006 were $70.5 million, which includes $24.0 million in net cash proceeds
    from our September 2006 public offering. Net cash usage was $11.4 million
    for the quarter.
    

"We delivered a solid performance for the quarter and are encouraged by the positive revenue results which are attributable to our Vusion sales in the U.S.," commented Geert Cauwenbergh, Ph.D., Chief Executive Officer. "We have initiated shipments to the trade of Xolegel, our topical gel for the treatment of seborrheic dermatitis, and look forward to our second new product launch this year. At the same time, we have made significant progress with our major clinical development programs including our Phase 3 trial with Hyphanox(TM) in toe nail onychomycosis, and our Phase 2b trials with oral Rambazole(TM) in psoriasis and Azoline in tinea versicolor."

Third Quarter Financial Results

For the quarter ended September 30, 2006, the Company reported a net loss of $12.7 million, or $0.50 per share, as compared to a net loss of $12.1 million for the third quarter of 2005, which represented a loss per share of $0.50.

Total revenue for the quarter was $2.1 million, an increase of $1.5 million as compared to the same period in 2005. Net product revenues increased $1.8 million from the same period in 2005 due primarily to the sales of Vusion, which was approved in February 2006, as well as increased sales from our other commercial products in both the U.S. and Canada. Total grant and contract revenue decreased $318,000 as compared to the same period last year.

Total cost of product revenues, including cost of finished goods, distribution expenses, and amortization expense, was $351,000 for the quarter as compared to $163,000 for the same period in 2005. This increase of $188,000 was a result of higher product sales volume.

Research and development expenses for the quarter ended September 30, 2006 totaled $6.3 million, a decrease of $1.4 million as compared to the same period in 2005. Project spending decreased by $1.2 million in comparison to 2005 primarily due to the absence of expenses related to clinical trials and the NDA filing for Xolegel, which was approved in July 2006. Internal research and development expenses of $2.2 million for the period were relatively flat compared to the same period of the prior year. Included in these expenses for the current quarter was $277,000 of stock compensation expense under FAS 123(R). We anticipate that research and development expenses will increase as we further advance our Hyphanox, Rambazole and Azoline product candidates through clinical development.

Selling, general and administrative expenses for the

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