HAYWARD, Calif.--(BUSINESS WIRE)--Aradigm Corporation (Nasdaq:ARDM) (the “Company”) today announced financial results for the third quarter and nine months ended September 30, 2015.
Total revenue was $4.7 million for the third quarter of 2015, compared with $6.6 million in revenue for the third quarter of 2014. The decrease in revenue primarily resulted from a decrease in the amount of the reimbursement of Pulmaquin® project-related expenses under the Grifols collaboration arrangement. As of September 30, 2015, the Company has fully utilized the Grifols-funded budget of $65 million provided under the License Agreement.
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