FRANKLIN, Tenn.--(BUSINESS WIRE)--BioMimetic Therapeutics, Inc. (NASDAQ: BMTI) today reported its financial results as of and for the three and nine months ended September 30, 2008. For the three months ended September 30, 2008, the Company reported a net loss of $18.0 million, or $(0.97) per diluted share, compared to a net loss of $5.6 million, or $(0.31) per diluted share, for the same period in 2007. For the nine months ended September 30, 2008, the Company reported net income of $4.2 million, or $0.22 per diluted share, compared to a net loss of $17.7 million, or $(0.99) per diluted share, for the same period in 2007. The net loss for the three and nine months ended September 30, 2008 includes a $10.2 million non-cash impairment charge on the Company’s investments in auction-rate securities. The impairment charge, which was previously recorded on the Company’s condensed consolidated balance sheet as of June 30, 2008 as a $10.2 million direct charge to accumulated other comprehensive loss, was reclassified to other-than-temporary investment impairment loss in the condensed consolidated statements of operations for the three and nine months ended September 30, 2008. The Company ended the quarter with $69.7 million of cash and cash equivalents and long-term investments.
