PALATINE, Ill., March 1, 2011 (GLOBE NEWSWIRE) -- Acura Pharmaceuticals, Inc. (Nasdaq:ACUR) today reported a 2010 net loss of $12.7 million or $0.27 per share compared to net loss of $15.8 million or $0.35 per share for 2009. For the quarter ended December 31, 2010, we had a net loss of $2.9 million or $0.06 per share compared to a net loss of $4.1 million or $0.09 per share for the same quarter in 2009. As of February 28, 2011, we had cash and cash equivalents of approximately $22.2 million with no term indebtedness.
The 2010 and 2009 results include revenues relating to our License, Development, and Commercialization Agreement (the "Agreement") with King Pharmaceuticals Research and Development, Inc. ("King"), a wholly-owned subsidiary of King Pharmaceuticals, Inc. In 2010, we recognized revenues of $3.3 million, of which $1.1 million was the amortized portion of the $30.0 million upfront cash payment received from King in December 2007 and $2.2 million was King's reimbursement of our research and development expenses for Acurox ® Tablets. In 2009, we recognized revenues of $3.8 million, of which $3.0 million was the amortized portion of the $30.0 million upfront cash payment received from King in December 2007 and $0.8 million was King's reimbursement of our research and development expenses for Acurox ® Tablets.
Research and development (the "R&D") expense during 2010 and 2009 were primarily focused on product candidates utilizing our Aversion ® and Impede™ Technologies, including costs of clinical trials and related formulation and laboratory costs, salaries and other personnel related expenses, and R&D facility costs. Included in the 2010 and 2009 R&D results are non-cash stock-based compensation charges of $1.7 million and $1.9 million, respectively, associated with the grant of stock options and restricted stock units. Excluding the stock-based compensation expense, in 2010 there was a $1.7 million increase in R&D expenses compared to 2009 primarily attributable to our ongoing development activities for our benzodiazepine product candidate, the initiation of early stage development of an extended release opioid product candidate, and the development of our Impede™ pseudoephedrine hydrochloride tablet product.Marketing expenses during 2010 and 2009 consisted primarily of Aversion ® Technology customized market research. Our general and administrative expenses primarily consisted of legal, audit and other professional fees, corporate insurance, and payroll. Included in the 2010 and 2009 results are non-cash stock-based compensation charges of $5.1 million and $7.3 million, respectively, associated with the grant of stock options and restricted stock units. Excluding the stock-based compensation expense, there was a decrease of $0.6 million in marketing, general and administrative expenses in 2010 compared to 2009. Results for the year and quarter ended December 31, 2009 include an income tax charge of $2.5 million arising from changes in the deferred income tax asset valuation reserve associated with net operating loss carryforwards.
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