Women First HealthCare Closes Catalog

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Women First HealthCare Inc., a specialty pharmaceutical company, will shut down its As We Change catalog and online business by March 31, the company said March 16.

The San Diego company also said that it is considering selling the company or some or all of its pharmaceutical products or license rights, restructuring its outstanding indebtedness and raising financing. It retained Miller Buckfire Lewis Ying & Co. LLC as its exclusive financial adviser in these efforts.

Women First HealthCare markets pharmaceutical and lifestyle products to women 40 and older and their clinicians.

The company had $2.67 million in cash and cash equivalents as of Feb. 29, and its working capital was in a deficit position of about $58 million. Unless it raises additional financing, it may lack cash to meet its working capital and debt service needs beyond mid-April. The company said that it might file for bankruptcy protection if it cannot sell the company or some assets, or obtain financing.

The company estimates that its net revenue (including revenue from its As We Change subsidiary) for fourth-quarter 2003 was $1.3 million to $2.3 million, compared with $11.6 million in fourth-quarter 2002. Net revenue for the full year was estimated at $9.5 million to $10.5 million, down from $48.6 million in 2002.


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