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AcelRx Pharmaceuticals Reports First Quarter 2013 Financial Results
Date:5/8/2013

moderate in nature in both groups.

Financial OutlookAcelRx records as revenue the reimbursement received pursuant to the $5.6 million USAMRMC grant received in 2011.  To date, revenue from this grant has been the only source of revenue recognized by AcelRx and we have recorded revenues of $4.4 million through March 31, 2013. We expect the remaining $1.2 million to be recorded as revenue over the remaining life of the grant, which terminates on January 31, 2014.

We anticipate that research and development expenses for the remaining quarters of 2013 will be substantially lower than the $9.3 million reported for the first quarter of 2013 due to lower clinical development expenses associated with our NanoTab System and ARX-04 programs. These decreases in R&D will be partially offset by the work involved in the preparation of a New Drug Application for the Sufentanil NanoTab PCA System, expected to be submitted to the FDA in third quarter of 2013.  Additionally, AcelRx anticipates modest increases in 2013 in general and administrative expense due to costs associated with commercial preparations for the launch of the NanoTab System in the U.S. and expansion of its corporate infrastructure to support a commercial launch.  Total operating expenses for 2013 are anticipated to be modestly higher than they were in 2012.

Other income and expense in future periods is expected to include non-cash charges that result from the liability accounting related to the warrants we issued in connection with the PIPE financing completed in the second quarter of 2012.  The primary determinant of this charge is stock price change over each quarter and its impact on the Black-Scholes valuation of these warrants.  For this reason the impact in future periods is very difficult to predict and is not included in the Company's guidance.

AcelRx believes its current cash, cash equivalents and investments are sufficient to fund operations int
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SOURCE AcelRx Pharmaceuticals, Inc.
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1. AcelRx Pharmaceuticals to Hold First Quarter 2013 Financial Results Conference Call and Webcast on May 8, 2013
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4. AcelRx Pharmaceuticals Reports Fourth Quarter and Full-Year 2012 Financial Results
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