This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs