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PALATINE, Ill., Nov. 13, 2017 (GLOBE NEWSWIRE) -- Acura Pharmaceuticals, Inc. (OTCQB:ACUR), a specialty pharmaceutical company innovating abuse deterrent drugs, announced today financial results for the three and nine months ended September 30, 2017.
The Company reported a net loss of $2.2 million or $0.12 per diluted share for quarter ended September 30, 2017 compared to a net loss of $2.3 million or $0.19 per diluted share for the same period in 2016. For the nine months ended September 30, 2017 the Company reported net loss of $3.9 million or $0.27 per diluted share, compared to net loss of $8.9 million or $0.75 per diluted share for the same period in 2016.
For the nine months ended September 30, 2017, the Company recorded $2.5 million in license fee revenue arising from the NEXAFED® and NEXAFED® SINUS licensing agreement with MainPointe Pharmaceuticals LLC.
Research and development expenses associated with product candidates utilizing the Company’s LIMITx™, AVERSION® and IMPEDE® Technologies were $1.1 million in the third quarter 2017 compared to $0.8 million in the same period in 2016. These expenses were $2.8 million for the nine months ended 2017 compared to $3.3 million for the same period in 2016.
Selling, marketing, general and administrative expenses were $1.1 million in the third quarter 2017 compared to $1.3 million in the same period in 2016. These expenses were $3.4 million for the nine months ended 2017 compared to $5.4 million in the same period in 2016. The decrease in these expenses in 2017 were primarily associated with reductions in NEXAFED product line selling and marketing expenses as well as in patent litigation costs.
At November 10, 2017, the Company had $3.5 million in cash and cash equivalents and $3.2 million in term debt financing.
About Acura Pharmaceuticals
Acura Pharmaceuticals is a specialty pharmaceutical company engaged in the research and development of technologies and products intended to address medication abuse and misuse, utilizing its proprietary LIMITx™, AVERSION® and IMPEDE® Technologies. Our LIMITx™ and AVERSION® Technologies are intended to address methods of product tampering associated with opioid abuse while our IMPEDE® Technology is directed at minimizing the extraction and conversion of pseudoephedrine into methamphetamine.
OXAYDO® (oxycodone HCl immediate-release tablets) which incorporates the AVERSION Technology, is FDA approved and marketed in the U.S. by our partner Egalet Corporation.
NEXAFED® and NEXAFED® Sinus, which are pseudoephedrine containing products that utilize the IMPEDE Technology, are marketed in the U.S. by our partner MainPointe Pharmaceuticals LLC.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements may include, but are not limited to:
In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "indicates," "projects," "predicts," "potential" and similar expressions intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We discuss many of these risks in greater detail in our filings with the Securities and Exchange Commission.
Acura Investor Relations, firstname.lastname@example.org, 847-705-7709
|ACURA PHARMACEUTICALS, INC.|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|September 30,||December 31,|
|Assets - current||$ 4,787||$ 3,410|
|Assets - restricted||-||2,500|
|Property, plant and equipment, net||699||867|
|Total assets||$ 7,269||$ 8,208|
|Liabilities - current||$ 1,382||$ 1,111|
|Debt - current||2,917||2,376|
|Debt - non-current portion, net of discounts||702||2,979|
|Accrued interest - non-current portion||668||559|
|Total liabilities and stockholders' equity||$ 7,269||$ 8,208|
|ACURA PHARMACEUTICALS, INC.|
|CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (INCOME)|
|(in thousands, except per share amounts)|
Three Months Ended
Nine Months Ended
|License fee revenue||$ -||$ -||$2,500||$ -|
|Product sales, net||-||105||107||306|
|Total revenues, net||83||218||2,892||699|
|Cost and expenses:|
|Cost of sales (excluding inventory provisions)||-||108||128||309|
|Research and development||1,077||841||2,808||3,258|
|Selling, marketing, general and administrative||1,068||1,338||3,427||5,392|
|Total cost and expenses||2,145||2,287||6,363||8,985|
|Non-operating income (expense):|
|Interest and investment income||1||11||3||59|
|Total other expense, net||(138||)||(181||)||(473||)||(636||)|
|Loss before provision for income taxes||(2,200||)||(2,250||)||(3,944||)||(8,922||)|
|Provision for income taxes||-||-||-||-|
|Other comprehensive income:|
|Unrealized (losses) gains on marketable securities||-||(26||)||-||65|
|Loss per share:|
|Weighted average number of shares outstanding:|
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