REDWOOD CITY, Calif., Nov. 6, 2012 /PRNewswire/ -- AcelRx Pharmaceuticals, Inc. (Nasdaq: ACRX), 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 nine months ended September 30, 2012 and provided a corporate update.
Net loss for the third quarter of 2012 was $8.6 million, or $0.38 per share, compared with a net loss of $5.8 million, or $0.30 per share, for the third quarter of 2011. During the third quarter of 2012, AcelRx recognized revenue of $166,000 resulting from reimbursement for work completed under a research grant from the U.S. Army Medical Research and Materiel Command, or USAMRMC, for development of its ARX-04 product candidate, a single dose Sufentanil NanoTab® for the treatment of moderate-to-severe acute pain.
Research and development expenses for the third quarter totaled $6.9 million, compared with $3.9 million for the quarter ended September 30, 2011. The increase was primarily due to expenditures associated with three ongoing 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 $1.4 million for the quarter ended September 30, 2012, compared with $1.9 million for the third quarter of 2011. This decrease resulted primarily from lower intellectual property and market research expenses.
For the nine months ended September 30, 2012, AcelRx reported a net loss of $22.8 million, or $1.09 per share, compared with a net loss of $13.7 million, or $0.83 per share, for the same period in 2011. As of September 30, 2012, AcelRx had cash, cash equivalents and investments of $23.4 million, compared to $31.9 million at June
|SOURCE AcelRx Pharmaceuticals, Inc.|
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