PALATINE, Ill., March 5 /PRNewswire-FirstCall/ -- Acura Pharmaceuticals, Inc. (Nasdaq: ACUR) reported 2007 fourth quarter net income of $9.5 million, or $0.20 per diluted share compared to net income of $3.9 million, or $0.44 loss per diluted share (after giving effect to the non-cash deemed dividend discussed below) for the same quarter in 2006. For the year ended December 31, 2007, the Company reported a net loss of $4.3 million, or $0.11 per share compared to a net loss of $6.0 million, or $0.75 per share for 2006. The results for the quarter and year ended December 31, 2007 include a $9.6 million income tax benefit, or $0.21 per share. The 2007 loss includes non- cash charges of $5.4 million compared to a gain of $6.4 million in 2006 on fair value changes in common stock warrants and conversion features relating to the Company's bridge loans. The net loss per share for the quarter and year ending December 31, 2006 reflect a non-cash deemed dividend of $20.0 million and $19.2 million, respectively.
The 2007 results include certain revenues relating to the license,
development and commercialization agreement (the "Agreement") closed in
December, 2007 with King Pharmaceuticals Research and Development, Inc.
("King"), a wholly-owned subsidiary of King Pharmaceuticals, Inc. We
classify such revenues as (i) Program Fee Revenue derived from the
non-refundable $30.0 million upfront payment received in December, 2007 and
which will be recognized ratably over our estimate of the development
period for each of the product candidates licensed under the Agreement with
King; and (ii) Collaboration Revenue from reimbursement of research and
development expenses. The 2007 results include the recognition of $3.4
million and $3.0 million of Prog
|SOURCE Acura Pharmaceuticals, Inc.|
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