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Pacira Pharmaceuticals, Inc. (NASDAQ: PCRX) today announced consolidated financial results for the quarter ended June 30, 2012 and provided updates on the commercial launch of
EXPAREL® (bupivacaine liposome injectable suspension) for postsurgical pain in the United States.
“With our first quarter of EXPAREL sales behind us, we are extremely pleased with the launch trajectory and where we are today,” said Dave Stack, president and chief executive officer of Pacira. “Based on our sales numbers, initial feedback from the physician community and what we believe to be the market potential for EXPAREL, we feel we have only scratched the surface and look forward to updating you on our commercial success as we expand our market share and explore additional therapeutic indications for EXPAREL.”
Recent Highlights and Upcoming Events:
EXPAREL Commercialization: In the second quarter ended June 30, 2012, EXPAREL sales totaled $2.3 million. As of August 3, 2012, 428 accounts had ordered EXPAREL compared to 164 accounts as of May 8, 2012. Among the accounts that have placed an initial order of EXPAREL, 49 percent of the total accounts have now reordered and 55 percent of hospital accounts have reordered.
Exploring Additional Indications for EXPAREL: Based on a recent meeting with the U.S. Food and Drug Administration, Pacira currently expects to launch a Phase 2/3 clinical program in the second half of 2012 to study the safety and efficacy of EXPAREL for a nerve block indication. Bupivacaine is a standard of care in many nerve block procedures, creating what Pacira believes to be a potential customer base already familiar with the drug and injection techniques.
Investor Meetings: Pacira management will present at the Wedbush PacGrow 2012 Life Sciences Management Access Conference on Tuesday August 14, 2012 at 8:35 am ET in New York City. Pacira is also planning its first corporate investor event in mid-October, 2012. Attendance will be by invitation only; however, the presentation will be made available via live webcast.
Second Quarter 2012 Financial Results
Total revenues for the quarter ended June 30, 2012 were $12.3 million compared with $3.6 million for the quarter ended June 30, 2011. Revenues in the second quarter included $2.3 million of net product sales of EXPAREL, which was launched in April 2012, and represents the sale of product shipped directly to end-users, including hospitals and ambulatory surgery centers. Net product sales of DepoCyt(e) in the second quarter increased $1.2 million year over year due to a higher number of lots sold to commercial partners. Collaborative licensing and development revenue in the second quarter of 2012 increased $5.3 million versus the second quarter of 2011 primarily due to the recognition of revenue in connection with the termination by EKR Therapeutics, Inc. of the licensing, distribution and marketing agreement for DepoDur.
Net loss for the quarter ended June 30, 2012 was $8.3 million, or $0.27 per share (based on 31.0 million weighted average shares outstanding) compared to $8.8 million for the quarter ended June 30, 2011. As of June 30, 2012, the Company had 32.4 million shares outstanding.
Total operating expenses for the quarter ended June 30, 2012 were $19.0 million compared with $12.2 million for the quarter ended June 30, 2011. The increase was primarily driven by the commercialization efforts for EXPAREL and manufacturing costs in operating two cGMP facilities.
Pacira ended the second quarter of 2012 with cash and cash equivalents, restricted cash and short-term investments of $86.1 million. In April 2012, the Company received approximately $63 million in net cash proceeds from a secondary common stock offering. Also in April 2012, the Company recorded its first commercial sale of EXPAREL, triggering a $10.0 million contingent payment obligation to SkyePharma Holding, Inc.
Today's Conference Call and Webcast Reminder
The Pacira management team will host a conference call to discuss the Company’s financial results and recent and upcoming developments on Thursday, August 9, 2012, at 9 a.m. ET. The call can be accessed by dialing 1-866-770-7120 (domestic) or 1-617-213-8065 (international) five minutes prior to the start of the call and providing the passcode 32008208. A replay of the call will be available approximately two hours after the completion of the call and can be accessed by dialing 1-888-286-8010 (domestic) or 1-617-801-6888 (international), and providing the passcode 95762478. The replay of the call will be available for two weeks from the date of the live call.