REDWOOD CITY, Calif., March 24, 2011 /PRNewswire/ -- AcelRx Pharmaceuticals, Inc. (Nasdaq: ACRX), ("AcelRx"), a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of acute or breakthrough pain, today reported financial results for the fourth quarter and year ended December 31, 2010.
Net loss for the fourth quarter of 2010 was $3.5 million, or $5.23 per common share, compared with a net loss of $3.7 million, or $6.05 per common share, for the fourth quarter of 2009. Net loss for the year ended December 31, 2010 was $14.3 million, or $21.84 per common share, compared to a net loss of $20.1 million, or $34.93 per common share, for the year ended December 31, 2009.
Research and development expenses for the twelve and three months ended December 31, 2010 totaled $8.2 million and $1.9 million, compared to $15.5 million and $2.3 million for the twelve and three months ended December 31, 2009. General and administrative expenses were $4.0 million and $1.0 million for the year and quarter ended December 31, 2010, compared to $3.5 million and $1.0 million for the year and quarter ended December 31, 2009.
As of December 31, 2010, AcelRx had cash, cash equivalents and short-term investments of $3.7 million, compared to $12.5 million as of December 31, 2009. On February 16, 2011, AcelRx closed its initial public offering of 8.0 million shares of common stock resulting in net proceeds to AcelRx of $35.6 million. We intend to utilize these funds primarily for advancement of our lead program, our hospital-based, patient-controlled analgesia (PCA) product, the Sufentanil NanoTab PCA System (ARX-01).
"We are pleased with our progress towards initiating the Phase 3 program for ARX-01 in acute post-operative pain," said Richard King, President and Chief Executive Officer of AcelRx. "We anticipate
|SOURCE AcelRx Pharmaceuticals, Inc.|
Copyright©2010 PR Newswire.
All rights reserved