Acura Pharmaceuticals, Inc. (NASDAQ:ACUR), a specialty pharmaceutical company innovating abuse deterrent drugs, announced today financial results for the three and nine months ended September 30, 2016.
The Company reported a net loss of $2.3 million for the third quarter of 2016 or $0.19 per diluted share, compared to net loss of $2.6 million or $0.23 per diluted share for the same period in 2015. Revenues for the quarter were $218 thousand compared to $210 thousand in the third quarter of 2015.
Research and development expenses were $0.8 million in the third quarter of 2016, compared to $0.4 million for the same period in 2015. Research and development expenses were primarily associated with product candidates utilizing the Company’s LIMITX™, and IMPEDE® Technologies. Selling, marketing, general and administrative expenses were $1.3 million in the third quarter of 2016, versus $2.0 million in the same period last year. Selling and marketing expenses primarily consist of advertising and marketing activities for NEXAFED® and NEXAFED® SINUS.
The Company reported a net loss of $8.9 million for the nine months ended September 30, 2016 or $0.75 per diluted share, compared to net loss of $4.1 million or $0.39 per diluted share for the same period in 2015. Revenues for the nine months ended September 30, 2016 were $0.7 million compared to $5.9 million in the same period last year. The 2015 results reflect the $5.0 million payment arising from licensing OXAYDO™ (oxycodone HCI) tablets to Egalet Corporation (NASDAQ: EGLT) entities.
Research and development expenses were $3.3 million in the nine months ended September 30, 2016, compared to $1.9 million for the same period in 2015. Research and development expenses were primarily associated with product candidates utilizing the Company’s LIMITX™, and IMPEDE® Technologies. Selling, marketing, general and administrative expenses were $5.4 million in the nine months ended September 30, 2016, versus $6.4 million in the same period last year. Selling and marketing expenses primarily consisted of advertising and marketing activities for NEXAFED® and NEXAFED® SINUS.
At October 31, 2016, we had unrestricted cash and cash equivalents of $4.2 million (which includes the $3.5 million payment received under our License Agreement with KemPharm, Inc., and after deduction of our $2.5 million compensating balance requirement under our term loan with Oxford Finance LLC), and the outstanding term loan balance with Oxford Finance LLC was $6.2 million.
Conference Call Information
Acura Pharmaceuticals is, Inc. will host a conference call on Tuesday, November 15, 2016 at 8:30 a.m. ET to discuss the results.
To participate in the live conference call, please dial (800) 768-6569 (U.S. and Canada) five to ten minutes prior to the start of the call. The participant passcode is 4115835. A digital replay of the call will be available for 5 days following the call by dialing (800) 768-6569 (U.S. and Canada). The replay participant code is 4115835.
About Acura Pharmaceuticals
Acura Pharmaceuticals is a specialty pharmaceutical company engaged in the research, development and commercialization of product candidates intended to address medication abuse and misuse, utilizing its proprietary LIMITX™, AVERSION® and IMPEDE® Technologies.
| · | LIMITX contains ingredients that are intended to reduce or limit the rate or extent of opioid release when multiple tablets are ingested. |
| · | AVERSION contains polymers that cause the drug to gel when dissolved; it also contains compounds that irritate the nasal passages if the product is snorted. |
| · | IMPEDE is directed at minimizing the extraction and conversion of pseudoephedrine into methamphetamine. |
OXAYDO® (oxycodone HCl immediate-release tablets) which incorporates the AVERSION Technology, is FDA approved and marketed in the U.S. by our partner Egalet Corporation.
Acura markets NEXAFED® and NEXAFED® SINUS, which are pseudoephedrine containing products that utilize the IMPEDE Technology.
