Acura Pharmaceuticals, Inc. ACUR -36.36% , a specialty pharmaceutical company developing products intended to address medication abuse and misuse, announced today financial results for the three and six months ended June 30, 2012.
The Company reported a net loss of $2.2 million for the second quarter 2012 or $0.05 per diluted share, compared to net income of $17.0 million or $0.35 per diluted share for the same period in 2011. Prior year results included $20 million in milestone revenue from Pfizer Inc. following the U.S. Food and Drug Administration's approval of a New Drug Application for OXECTA(R) (oxycodone HCl, USP) Tablets CII.
Research and development expenses associated with product candidates utilizing the company's AVERSION(R) and IMPEDE(TM) Technologies were $0.9 million in the second quarter 2012, compared to $1.1 million for the same period in 2011. Marketing, general and administrative expenses were $1.3 million in the first quarter 2012, versus $1.7 million in the same period last year.
As of June 30, 2012, the Company had cash and cash equivalents of $31.2 million and no long term debt.
For the six months ended June 30, 2012, Acura recorded no revenue compared with revenue of $20.5 million in the same period in 2011. Research and development expenses were $1.8 million in the six months ended June 30, 2012, compared to $2.3 million in the same period in 2011. General and administrative expenses were $2.7 million in the six months ended June 30, 2012, versus $3.7 million in the same period last year. The Company reported a net loss of $4.5 million or $0.10 per diluted share, for the six months ending June 30, 2012, compared to a net income of $14.2 million or $0.30 per diluted share for the same period in 2011.
In the second quarter, the Company completed the commercial scale-up of our manufacturing process for NEXAFED(R), an over-the-counter immediate-release pseudoephedrine (PSE) tablet that is intended to impede the illicit manufacture of methamphetamine from PSE. NEXAFED will be the first marketed product utilizing Acura's proprietary IMPEDE technology. The Company expects to commence manufacturing process validation in the near future and make NEXAFED commercially available to pharmacies later this year.
On July 26, 2012 Pfizer, Inc. provided notice that it is exercising its right to terminate the license to three development stage products using Acura's AVERSION(R) Technology and return such products to Acura. The termination will become effective in 12-months under the terms of our License Agreement with a subsidiary of Pfizer. A fourth product utilizing Acura's AVERSION Technology, OXECTA(R) (oxycodone hydrochloride) Tablets CII, is being commercialized by Pfizer and Pfizer will retain all rights and obligations to OXECTA under the License Agreement.
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