Royalty revenues were $0.9 million and $0.6 million in the three month periods ended September 30, 2012 and 2011, respectively, and were $2.2 million and $1.9 million in the nine month periods ended September 30, 2012 and 2011, respectively. We received royalties from Teva and Ferring related to needle-free injector device sales and/or hGH sales. We also received royalties from Jazz Pharmaceuticals on sales of Elestrin ®. In the third quarter of 2012 we received a partial royalty payment from Watson on sales of Gelnique 3%, which was the primary reason for the increase in royalties in the three and nine-month periods.
Total gross profit was $2.4 million and $2.1 million in the third quarters of 2012 and 2011, respectively, and increased to $9.3 million for the first nine months of 2012 compared to $6.4 million for the first nine months of 2011. The increase in the first nine months of 2012 was mainly a result of an increase in development revenue.
Total operating expenses were approximately $5.9 million and $3.4 million for the three months ended September 30, 2012 and 2011, respectively, and were $15.7 million and $10.7 million for the nine months ended September 30, 2012 and 2011, respectively. The increases were primarily due to increased investment related to development of our proprietary VIBEX Medi-Jet auto injector for delivery of methotrexate for the treatment of rheumatoid arthritis, along with an increase in personnel to support our growing pharmaceutical business.
Net loss per share was $0.03 and $0.01 for the third quarters of 2012 and 2011, respectively, and was $0.06 and $0.04 for the nine month periods of 2012 and 2011.At September 30, 2012, we had approximately $33.2 million in cash and investments, compared to approximately $34.4 million at December 31, 2011. Taking into consideration the recently completed public offering of the Company’s common stock, we currently have approximately $88.0 million in cash and investments.
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