Palatine’s Acura Pharmaceuticals sees $3.1 million 2Q loss

Specialty pharmaceutical company Acura Pharmaceuticals, in Palatine, reported a second quarter net loss of $3.1 million primarily due to research and development costs of its anti-abuse technologies.

The net loss for the quarter translated to 7 cents per share, compared to a net loss of $2.2 million or 5 cents per diluted share for the same period in 2012. The costs associated with potential product using the company’s Aversion and Impede technologies were $800,000 in the second quarter 2013, compared to $900,000 for the same period in 2012.

Selling, general and administrative expenses were $2.3 million in the second quarter 2013, compared to $1.3 million in the same period last year. Selling expenses for the second quarter 2013 primarily consisted of advertising and marketing activities for Nexafed, a pseudoephedrine tablet that combines effective nasal-congestion relief with a unique technology that disrupts the conversion of pseudoephedrine into the dangerous drug methamphetamine.

As of July 30, 2013, the Company had cash, cash equivalents and marketable securities of $18.4 million and no long term debt.

For the first six months of 2013, Acura reported a net loss of $7.3 million or 16 cents per share, compared to a net loss of $4.5 million or 10 cents per diluted share for the same period in 2012. Research and development expenses were $2.8 million in the six month period, compared to $1.8 million in the same period in 2012. Selling, general and administrative expenses were $4.6 million in the six months ended June 30, 2013, versus $2.7 million in the same period last year.