PALATINE, IL--(Marketwired - May 02, 2016) - Acura Pharmaceuticals, Inc. (
The Company reported net loss of $3.4 million for the first quarter 2016 or $0.28 per diluted share, compared to net income of $1.2 million or $0.13 per diluted share for the same period in 2015. Revenues for the quarter were $0.2 million compared to $5.4 million in the first quarter of 2015 which included the $5.0 million payment arising from licensing Oxaydo to Egalet Corporation entities.
Research and development expenses associated with product candidates utilizing the Company's LIMITX™, AVERSION® and IMPEDE® Technologies were $1.0 million in each of the first quarters 2016 and 2015. Selling, marketing, general and administrative expenses were $2.2 million in first quarter 2016 compared to $2.3 million in the first quarter 2015. Selling expenses primarily consisted of advertising and marketing activities for NEXAFED® and NEXAFED® SINUS.
As of April 30, 2016, our cash, cash equivalents and marketable securities less our compensating balance requirement of $2.5 million was $7.7 million, and we had $7.4 million in term debt financing.
Conference Call Information
Acura Pharmaceuticals is, Inc. will host a conference call on Tuesday, May 3, 2016 at 8:30 a.m. EDT to discuss the results.
To participate in the live conference call, please dial 888-339-3513 (U.S. and Canada) five to ten minutes prior to the start of the call. The participant passcode is 6043967. A digital replay of the call will be available beginning May 3, 2016 and ending on May 24, 2016 on the company's website, and by dialing 888-203-1112 (U.S. and Canada). The replay participant code is 6043967.
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 designed to disrupt the processing of pseudoephedrine from tablets 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.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements may include, but are not limited to:
In some cases, you can identify forward- looking statements by terms such as "may," "will", "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "indicates", "projects," predicts," "potential" and similar expressions intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We discuss many of these risks in greater detail in our filings with the Securities and Exchange Commission.
ACURA PHARMACEUTICALS, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands) | |||||||
(unaudited) | (audited) | ||||||
March 31, | December 31, | ||||||
2016 | 2015 | ||||||
Current assets | $ | 11,632 | $ | 14,135 | |||
Property, plant and equipment, net | 1,028 | 1,013 | |||||
Other assets | 1,761 | 1,813 | |||||
Total assets | $ | 14,421 | $ | 16,961 | |||
Other current liabilities | $ | 1,853 | $ | 924 | |||
Debt - current | 2,575 | 2,320 | |||||
Debt - non-current portion, net of discount of $167 and $193, and debt issuance costs of $83 and $97 | 4,806 | 5,430 | |||||
Accrued interest - non-current portion | 433 | 387 | |||||
Stockholders' equity | 4,754 | 7,900 | |||||
Total liabilities and stockholders' equity | $ | 14,421 | $ | 16,961 | |||
ACURA PHARMACEUTICALS, INC. | ||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||
(Unaudited; in thousands, except per share amounts) | ||||||||||
(unaudited) | ||||||||||
Three Months Ended March 31, | ||||||||||
2016 | 2015 | |||||||||
Revenues: | ||||||||||
License fee revenue | $ | - | $ | 5,000 | ||||||
Collaboration revenue | 100 | - | ||||||||
Royalty revenue | 17 | - | ||||||||
Product sales, net | 107 | 357 | ||||||||
Total revenues, net | 224 | 5,357 | ||||||||
Operating expenses: | ||||||||||
Cost of sales (excluding inventory write-down) | 102 | 324 | ||||||||
Inventory write-down | - | 260 | ||||||||
Research and development | 1,014 | 964 | ||||||||
Selling, marketing, general and administrative | 2,246 | 2,297 | ||||||||
Total operating expenses | 3,362 | 3,845 | ||||||||
Operating (loss) income | (3,138 | ) | 1,512 | |||||||
Non-operating income (expense): | ||||||||||
Investment income | 27 | 35 | ||||||||
Interest expense | (249 | ) | (308 | ) | ||||||
Other expense | (24 | ) | - | |||||||
Total other expense, net | (246 | ) | (273 | ) | ||||||
(Loss) income before income taxes | (3,384 | ) | 1,239 | |||||||
Provision for income taxes | - | - | ||||||||
Net (loss) income | $ | (3,384 | ) | $ | 1,239 | |||||
Other comprehensive income: | ||||||||||
Unrealized gains on securities | 70 | 31 | ||||||||
Comprehensive (loss) income | $ | (3,314 | ) | $ | 1,270 | |||||
(Loss) income per share: | ||||||||||
Basic | $ | (0.28 | ) | $ | 0.13 | |||||
Diluted | $ | (0.28 | ) | $ | 0.13 | |||||
Weighted average shares outstanding: | ||||||||||
Basic | 11,968 | 9,793 | ||||||||
Diluted | 11,968 | 9,869 | ||||||||
Contact Information:
Contact:
for Acura Investor Relations
(416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com