Acura Pharmaceuticals Reports 3rd Qtr 2010 Financial Results And Product Development Update
PALATINE, Ill., Nov. 2, 2010 (GLOBE NEWSWIRE) -- Acura Pharmaceuticals, Inc. (Nasdaq:ACUR) today reported a third quarter 2010 net loss of $2.6 million or $0.05 per share compared to net loss of $4.0 million, or $0.09 per share for the third quarter of 2009. For the nine months ended September 30, 2010, the Company reported a net loss of $9.8 million, or $0.21 per share compared to net loss of $11.8 million, or $0.26 per share for the same period in 2009. At November 2, 2010 we had cash and cash equivalents of approximately $25.5 million with no term indebtedness.
Our financial results include revenues relating to our License, Development and Commercialization Agreement (the "King Agreement") with King Pharmaceuticals Research and Development, Inc. ("King"), a wholly-owned subsidiary of King Pharmaceuticals, Inc. For the nine months ending September 30, 2010, we recognized revenues of $3.0 million, of which $0.9 million was from the amortized portion of the $30.0 million upfront cash payment received from King in December, 2007 and $2.1 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 $3.1 million, of which $2.7 million was from the amortized portion of the $30.0 million upfront cash payment and $0.4 million was from reimbursement of our R&D expenses. For the third quarters ending September 30, 2010 and 2009, we recognized revenues of $0.3 million and $0.8 million, respectively, of which $0.2 million and $0.6 million, respectively, was from the amortized portion of the $30 million upfront cash payment and $0.1 million and $0.2 million, respectively, was from reimbursement of our R&D expenses.
R&D expenses, excluding our non-cash share-based compensation expenses,for the nine months ended September 30, 2010 increased by $1.9 million over the same period in 2009 due primarily to costs associated with conducting clinical studies on Acurox ® with Niacin (oxycodone HCl/niacin) Tablets and other product candidates. R&D expenses for the three months ended September 30, 2010 remained essentially unchanged over the same period in 2009. Marketing, general and administration expenses, excluding our non-cash share based compensation expenses, for the nine and three months ended September 30, 2010 decreased $0.7 million and $0.3 million over the same periods in 2009. The nine months ended September 30, 2009 includes income tax expense of $2.5 million associated with an increase in the deferred income tax asset valuation reserve during such period.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 September 30, 2010 filed with the Securities and Exchange Commission.
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