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PALATINE, Ill., June 07, 2018 (GLOBE NEWSWIRE) -- Acura Pharmaceuticals, Inc. (OTC PINK:ACUR), a specialty pharmaceutical company innovating abuse deterrent drugs, announced today financial results for the three and twelve months ended December 31, 2017.
The Company reported a net loss of $5.7 million or $0.36 per diluted share for 2017 compared to a net loss of $7.3 million or $0.62 per diluted share for 2016. For the fourth quarter 2017 the Company reported a net loss of $1.7 million or $0.08 per diluted share, compared to net income of $1.5 million or $0.13 per diluted share for the same period in 2016.
For the twelve month period ended December 31, 2017, the Company recorded $2.5 million in license fee revenue derived from the March 2017 license agreement with MainPointe Pharmaceuticals, LLC, whereas we licensed our NEXAFED product line to them. For the twelve month period ended December 31, 2016, the Company recorded $3.5 million in license fee revenue from the October 2016 license agreement with KemPharm Inc. We recorded $0.1 million in NEXAFED® product line net sales in 2017 as compared with $0.4 million for 2016. We recorded collaboration revenue of $0.1 million and $0.4 million for the twelve months ended December 31, 2017 and 2016, respectively and no collaboration revenue for the three months ended December 31, 2017 versus $0.1 million for the three months ended December 31, 2016. We also recorded royalty revenue of $0.3 million and $0.1 million for the twelve month periods ended December 31, 2017 and 2016, respectively, and $0.1 million and $0.1 million in royalty revenue for the three months ended December 31, 2017 and 2016, respectively.
Research and development expenses associated with product candidates utilizing the Company’s LIMITX™, AVERSION® and IMPEDE® Technologies were $3.7 million for the twelve month period ended December 31, 2017, compared to $4.0 million for the same period in 2016. These expenses were $0.9 million for the fourth quarter 2017, compared to $0.8 million for the same period in 2016.
Selling, marketing, general and administrative expenses were $4.3 million for the twelve month period ended December 31, 2017, versus $6.5 million in the same period last year. These expenses were $0.9 million for the fourth quarter 2017, compared to $1.1 million for the same period in 2016. The decrease in these expenses in 2017 was from the elimination of NEXAFED selling and marketing expenses as well as for expenses of patent litigation costs.
At June 6, 2018, the Company had cash, cash equivalents, and refundable deposits of $0.5 million, term debt financings of $2.5 million, and accrued term debt interest of $0.7 million. Our cash position reflects a $1.0 million loan we recently completed.
About Acura Pharmaceuticals
Acura Pharmaceuticals is a specialty pharmaceutical company engaged in the research, development and commercialization of product candidates intended to address medication abuse and misuse. We have discovered and developed three proprietary platform technologies which can be used to develop multiple products. Our LIMITX™ Technology is intended to address methods of product tampering associated with opioid abuse by retarding the release of active drug ingredients when too many tablets are accidentally or purposefully ingested. Our AVERSION® Technology is intended to address methods of product tampering associated with opioid abuse by incorporating gelling ingredients and irritants into tablets to discourage abuse by snorting and provide barriers to abuse by injection. 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.
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.
for Acura Investor Relations
|ACURA PHARMACEUTICALS, INC.|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|December 31,||December 31,|
|Assets - current||$||2,566||$||5,910|
|Property, plant and equipment, net||679||867|
|Liabilities - current||$||1,237||$||1,111|
|Accrued interest - current portion||700||-|
|Debt – current, net||2,694||2,376|
|Accrued interest - non-current portion||-||559|
|Debt - non-current portion, net||-||2,979|
|Stockholders' (deficit) equity||(27||)||1,183|
|Total liabilities and stockholders' (deficit) equity||$||4,604||$||8,208|
|ACURA PHARMACEUTICALS, INC.|
|CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (INCOME)|
|(in thousands, except per share amounts)|
Twelve Months Ended
Three Months Ended
|License fee revenue||$2,500||$3,500||$-||$3,500|
|Product sales, net||107||423||-||117|
|Total revenues, net||2,966||4,464||74||3,765|
|Cost and expenses:|
|Cost of sales (excluding inventory provisions)||128||451||-||142|
|Research and development||3,721||4,028||913||770|
|Selling, marketing, general and administrative||4,342||6,516||915||1,124|
|Total cost and expenses||8,191||11,021||1,828||2,036|
|Operating (loss) income||(5,225||)||(6,557||)||(1,754||)||1,729|
|Non-operating income (expense):|
|Interest and investment income||4||60||1||1|
|Total other expense, net||(592||)||(831||)||(119||)||(195||)|
|(Loss) income before provision for income taxes||(5,817||)||(7,388||)||(1,873||)||1,534|
|Provision (benefit) for income taxes||(135||)||-||(135||)||-|
|Net (loss) income||$(5,682||)||$(7,388||)||$(1,738||)||$1,534|
|Other comprehensive income:|
|Unrealized gains on marketable securities||-||65||-||-|
|Comprehensive (loss) income||$(5,682||)||$(7,323||)||$(1,738||)||$1,534|
|(Loss) income per share:|
|Weighted average number of shares outstanding:|
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