(Source: PrimeNewswire)
PALATINE, Ill., July 30, 2009 (GLOBE NEWSWIRE) -- Acura Pharmaceuticals, Inc. (Nasdaq:ACUR) (the "Company") today reported a second quarter 2009 net loss of $6.5 million, or $0.14 per share compared to net income of $6.9 million, or $0.13 per diluted share for the second quarter of 2008. For the six months ending June 30, 2009, the Company reported a net loss of $7.8 million, or $0.17 per share compared to net income of $14.3 million, or $0.28 per diluted share for the same period in 2008. As of July 29, 2009, we had cash and cash equivalents of approximately $34.5 million with no term indebtedness.
Our financial results include revenues relating to our License, Development and Commercialization Agreement with King Pharmaceuticals Research and Development, Inc. ("King"), a wholly-owned subsidiary of King Pharmaceuticals, Inc. For the six month period ending June 30, 2009, we recognized $2.1 million in Program Fee Revenue from the amortization of the non-refundable $30.0 million upfront payment received from King in December 2007 and $0.2 million in Collaboration Revenue from reimbursement by King to the Company of Acurox(r) Tablets research and development expenses. For the same period in 2008, we recognized $22.4 million and $5.4 million of Program Fee Revenue and Collaboration Revenue, respectively. Second quarter 2009 revenues include $0.8 million and $0.1 million of Program Fee Revenue and Collaboration Revenue, respectively, compared to the second quarter 2008, which included $8.7 million and $2.0 million of Program Fee Revenue and Collaboration Revenue, respectively. The Company also recognized $5.0 million in Milestone Revenue related to Acurox(r) development in the six and three month periods of 2008.
Our financial results include total share-based compensation expense of $3.8 million and $0.9 million for the six months ended June 30, 2009 and 2008, respectively, and $2.3 million and $0.8 million for the three months ended June 30, 2009 and 2008. Excluding the research and development share-based compensation expense, the Company's research and development expenses decreased $5.4 million and $2.2 million for the six and three months ended June 30, 2009, respectively, as compared with the same periods in 2008. These decreases were primarily attributable to the expenses of the pivotal Phase III clinical study and additional clinical testing of the abuse deterrent features of Acurox(r) Tablets conducted in 2008.
On July 2, 2009, the Company announced that the U.S. Food and Drug Administration ("FDA") issued a Complete Response Letter regarding the New Drug Application ("NDA") for Acurox(r) (oxycodone HC1 and niacin) Tablets CII, with a proposed indication for the relief of moderate-to-severe pain. The Complete Response Letter raises issues regarding the potential abuse deterrent benefits of Acurox(r).
