REDWOOD CITY, Calif., Aug. 9, 2012 /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 and breakthrough pain, today reported financial results for the three and six months ended June 30, 2012 and provided a development update.
Net loss for the second quarter of 2012 was $7.2 million, or $0.35 per share, compared with a net loss of $4.8 million, or $0.25 per share, for the second quarter of 2011. Common shares used in calculating basic and diluted earnings per share were 20,627,244 for the second quarter of 2012 compared to 19,374,909 common shares for the second quarter of 2011.
During the second quarter of 2012, AcelRx recognized revenue of $224,000 resulting from reimbursement for work completed under a research grant from the U.S. Army Medical Research and Material Command, or USAMRMC, for development of its ARX-04 product candidate, a Sufentanil NanoTab® for the treatment of moderate-to-severe acute pain.
Research and development expenses for the quarter ended June 30, 2012 totaled $5.4 million, compared with $3.0 million for the quarter ended June 30, 2011. The increase was primarily due to expenditures required to conduct two Phase 3 studies for ARX-01, the Sufentanil NanoTab PCA System, AcelRx's lead product candidate for the treatment of post-operative pain.
General and administrative expenses were $1.8 million for the quarter ended June 30, 2012, compared with $1.6 million for the quarter ended June 30, 2011. The increase of $0.2 million resulted primarily from expenses associated with commercial market research and patent prosecution efforts.
For the six months ended June 30, 2012, AcelRx reported a net loss of $14.3 million, or $0.71 per sha
|SOURCE AcelRx Pharmaceuticals, Inc.|
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