REDWOOD CITY, Calif., Aug. 12, 2013 /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, 2013.
"With the successful completion of our Zalviso™ clinical program that includes data from all three Phase 3 studies, each of which met its primary endpoint, we are preparing to submit our New Drug Application (NDA), by the end of the third quarter," stated Richard King, president and CEO of AcelRx. "We were pleased with the financing completed last month in which we raised almost $48 million in net proceeds. This additional cash provides the resources to fund operations at least through the end of 2014 including commercial preparation activities for, and the potential launch of, Zalviso in the United States."
Second Quarter Financial ResultsNet loss for the second quarter of 2013 was $17.4 million, or $0.47 per share, compared with a net loss of $7.2 million, or $0.35 per share for the second quarter of 2012. Adjusted net loss for the second quarter of 2013 was $8.1 million, or $0.22 per share and excludes the $9.3 million non-cash expense resulting from the liability accounting related to warrants issued in connection with the PIPE financing completed in June 2012. There was no such expense recorded in the second quarter of 2012.
During the second quarters of 2013 and 2012, AcelRx recognized revenue of $407,000 and $224,000, respectively, as reimbursement for work completed under a research grant from the U.S. Army Medical Research and Materiel Command (USAMRMC), for development of ARX-04, a sufentanil NanoTab pro
|SOURCE AcelRx Pharmaceuticals, Inc.|
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