PALATINE -- Specialty drugmaker Acura Pharmaceuticals reported a net loss of $4.2 million for the first quarter 2013.
The loss translates to 9 cents per diluted share, compared to net loss of $2.3 million or 5 cents per diluted share for the same period in 2012.
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The company, which develops drugs intended to counter medication abuse and misuse, noted its recent royalty agreement with Pfizer to sell its pain drug Oxecta began in February and royalties won't be realized until after the quarter. Acura expects sales of Oxecta to be nominal until Pfizer begins physician promotional efforts, the company said in a statement.
Overall, the company recorded royalties of approximately $4,000 for the first quarter 2013 based on sales of approximately $77,000.
Research and development expenses associated with product candidates utilizing the company's Aversion and Impede technologies were $2.2 million in the first quarter, compared to $900,000 for the same period in 2012. Selling, general and administrative expenses were $2.2 million in the first quarter 2013, versus $1.4 million in the same period last year. Selling expenses for the first quarter 2013 primarily consisted of advertising and marketing activities for its nasal decongestant Nexafed.
As of April 30, Acura had cash, cash equivalents and marketable securities of $21.5 million and no long term debt.