A.P. Pharma, Inc. (OTCQB:APPA), a specialty pharmaceutical company, today reported financial results for its first quarter ended March 31, 2011 and highlighted its recent corporate progress.
“A.P. Pharma has made significant strides in 2011, including productive meetings with the Food and Drug Administration and a private placement financing of up to $4.5 million in gross proceeds to fund our continued operations,” said John Whelan, A.P. Pharma's president and chief executive officer. “The entire A.P. Pharma team is highly focused on the work necessary to resubmit the APF530 New Drug Application during the first half of next year. We believe the progress we have made, coupled with the meetings with the Agency, put us in a strong position to successfully meet this new timeline.”
- In February and March 2011, A.P. Pharma management and consultants met with the U.S. Food and Drug Administration (FDA) to discuss certain aspects of the Complete Response Letter issued by the FDA in March 2010 for the APF530 New Drug Application (NDA). The Company is targeting the first half of 2012 to resubmit the APF530 NDA.
- On April 25, 2011, the Company announced the appointment of John B. Whelan as president, chief executive officer and director, and the hiring of Michael Adam, Ph.D., as senior vice president and chief operating officer.
- On May 2, 2011, A.P. Pharma closed a previously announced private placement financing for $1.5 million in convertible notes, with an additional $3.0 million available to the Company at the investors’ discretion within two years of the closing date.
Results of OperationsA.P. Pharma’s net loss for the first quarter of 2011 was $1.4 million, or $0.04 per share, compared with a net loss of $0.5 million, or $0.01 per share, for the first quarter of 2010. The net loss was higher in the current fiscal quarter primarily due to a royalty milestone payment of $2.5 million received in the first quarter of 2010, which was partially offset by $1.4 million of lower spending in the current fiscal quarter related to the NDA submission and from continuing cost containment actions undertaken by the Company.