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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV