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PALATINE, Ill., Aug. 14, 2018 (GLOBE NEWSWIRE) -- Acura Pharmaceuticals, Inc. (OTCQB: ACUR), a specialty pharmaceutical company innovating abuse deterrent drugs, announced today financial results for the three and six months ended June 30, 2018.
The Company reported a net loss of $2.8 million or $0.13 per diluted share for the six months ended June 30, 2018, compared to a net loss of $1.7 million or $0.15 per diluted share for the same period in 2017. For the second quarter 2018, the Company reported a net loss of $1.3 million or $0.06 per diluted share compared to a net loss of $2.2 million or $0.18 per diluted share for the same period in 2017.
For the six months ended June 30, 2018, the Company recorded $0.3 million in royalty revenue as compared to $0.1 million for the same period in 2017. For the six month period ended December 31, 2017, the Company also recorded $2.5 million in license fee revenue derived from the March 2017 license agreement with MainPointe Pharmaceuticals, LLC, whereas we licensed our NEXAFED product line to them and $0.1 million in each of NEXAFED® product line net sales and collaboration revenue.
Research and development expenses associated with product candidates utilizing the Company’s LIMITX™, AVERSION® and IMPEDE® Technologies were $1.1 million for the six month period ended June 30, 2018, compared to $1.7 million for the same period in 2017. These expenses were $0.5 million for the second quarter 2018, compared to $1.0 million for the same period in 2017.
Selling, marketing, general and administrative expenses were $1.8 million for the six month period ended June 30, 2018, versus $2.4 million in the same period last year. These expenses were $0.8 million for the second quarter 2018, compared to $1.1 million for the same period in 2017. The decrease in these expenses in 2017 was from the elimination of NEXAFED selling and marketing expenses as well as for expenses of patent litigation costs.
At August 13, 2018, the Company had cash and refundable deposits of $0.2 million, term debt financings of $2.9 million, and accrued term debt interest of $0.8 million.
Unless we enter into a licensing agreement or receive funding in the very near future, of which there can be no assurance, we will be required to scale back or terminate operations and/or seek protection under applicable bankruptcy laws. This could result in a complete loss of shareholder value in the Company. Even assuming we are successful in securing additional sources of financing to fund continued operations, there can be no assurance that the proceeds of such financing will be sufficient to fund operations until such time, if at all, that we generate sufficient revenue from our products and product candidates to sustain and grow our operation.
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. We have discovered and developed three proprietary platform technologies which can be used to develop multiple products. Our LIMITX™ Technology is intended to address methods of product tampering associated with opioid abuse by retarding the release of active drug ingredients when too many tablets are accidentally or purposefully ingested. Our AVERSION® Technology is intended to address methods of product tampering associated with opioid abuse by incorporating gelling ingredients and irritants into tablets to discourage abuse by snorting and provide barriers to abuse by injection. Our IMPEDE® Technology 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.
NEXAFED® and NEXAFED® Sinus, which are pseudoephedrine containing products that utilize the IMPEDE Technology, are marketed in the U.S. by our partner MainPointe Pharmaceuticals.
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.
for Acura Investor Relations
ACURA PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
|June 30,||December 31,|
|Assets - current||$||916||$||2,566|
|Property, plant and equipment, net||641||679|
|Liabilities - current||$||1,730||$||1,237|
|Accrued interest - current portion||767||700|
|Debt – current, net||1,505||2,694|
|Accrued interest - non-current portion||8||-|
|Debt - non-current portion, net||1,429||-|
|Total liabilities and stockholders' deficit||$||2,813||$||4,604|
ACURA PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (INCOME)
(in thousands, except per share amounts)
Three Months Ended
Six Months Ended
|License fee revenue||$||-||$||-||$||-||$||2,500|
|Product sales, net||-||-||-||107|
|Total revenues, net||76||92||274||2,809|
|Cost and expenses:|
|Cost of sales||-||-||-||128|
|Research and development||477||1,020||1,127||1,731|
|Selling, marketing, general and administrative||846||1,063||1,789||2,359|
|Total cost and expenses||1,323||2,083||2,916||4,218|
|Operating (loss) income||(1,247||)||(1,991||)||(2,642||)||(1,409||)|
|Interest expense, net||(14||)||(158||)||(113||)||(335||)|
|Loss before income taxes||(1,261||)||(2,149||)||(2,755||)||(1,744||)|
|Provision for income taxes||-||-||-||-|
|Loss per share:|
|Weighted average number of shares outstanding:|