Acura Pharmaceuticals Reports Second Quarter 2010 Financial Results

PALATINE, Ill., July 29, 2010 (GLOBE NEWSWIRE) -- Acura Pharmaceuticals, Inc. (Nasdaq:ACUR) today reported a second quarter 2010 net loss of $3.2 million or $0.07 per share compared to net loss of $6.5 million, or $0.14 per share for the second quarter of 2009. For the six months ended June 30, 2010, the Company reported a net loss of $7.2 million, or $0.15 per share compared to net loss of $7.8 million, or $0.17 per share for the same period in 2009. At July 29, 2010 we had cash and cash equivalents of approximately $26.5 million with no term indebtedness.

The results include revenues relating to our License, Development and Commercialization Agreement with King Pharmaceuticals Research and Development, Inc. ("King"), a wholly-owned subsidiary of King Pharmaceuticals, Inc. For the six months ending June 30, 2010, we recognized revenues of $2.6 million, of which $0.6 million was from the amortized portion of the $30.0 million upfront cash payment received from King in December, 2007 and $2.0 million was from King's reimbursement of our research and development ("R&D") expenses for Acurox ^® with Niacin (oxycodone HCl/niacin) Tablets and Acurox ^® (oxycodone HCL) Tablets. For the same period in 2009 we recognized revenues of $2.3 million, of which $2.1 million was from the amortized portion of the $30.0 million upfront cash payment and $0.2 million was from reimbursement of our R&D expenses.

For the second quarters ending June 30, 2010 and 2009, we recognized revenues of $0.6 million and $0.9 million, respectively, of which $0.2 million and $0.8 million, respectively, was from the amortized portion of the $30 million upfront cash payment and $0.4 million and $0.1 million, respectively, was from reimbursement of our R&D expenses.   

Research and development expenses for the six and three months ended June 30, 2010 increased by $2.0 million and $0.3 million, respectively, over the same periods in 2009 (after excluding share-based compensation expenses) due primarily to costs associated with conducting clinical studies on Acurox ^® with Niacin (oxycodone HCl/niacin) Tablets and other product candidates. Marketing, general and administration expenses for the six and three months ended June 30, 2010 remained relatively unchanged from the same periods in 2009 (after excluding share-based compensation expense). The quarter and six months ended June 30, 2009 included income tax expenses recorded when we increased our deferred income tax asset valuation reserve.

The Company's condensed consolidated balance sheets and statements of operations appear below.  Detailed financial statements are included in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 filed with the Securities and Exchange Commission.

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