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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AcelRX Pharmaceuticals Inc | NASDAQ:ACRX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.86 | 0.861 | 0.89 | 0 | 01:00:00 |
REDWOOD CITY, Calif., Nov. 9, 2017 /PRNewswire/ -- AcelRx Pharmaceuticals, Inc. (Nasdaq: ACRX), (AcelRx), a specialty pharmaceutical company today reported third quarter 2017 financial results.
"In response to the DSUVIA CRL, we are pleased to have compiled and submitted the Briefing Book and request for a Type A meeting with the FDA. Our goal is to have this meeting scheduled before the end of the year to provide clarity on our path towards DSUVIA NDA resubmission," stated Vince Angotti, AcelRx's chief executive officer. "DSUVIA remains our core asset as we believe the recommendations in the CRL are manageable. In addition, we successfully completed the ZALVISO Phase 3 study requested by the FDA, and remain focused on providing physicians and patients with non-invasive pain management options for moderate-to-severe acute pain within medically supervised settings. We also reduced our cash spending during the quarter, and plan to continue our prudent cash management in the coming quarters to maintain our solid liquidity position."
Recent Highlights
Third Quarter 2017 Financial Information
Year-to-Date Financial Information
Conference Call
As previously announced, AcelRx will conduct an investment-community conference call on Thursday, November 9, 2017 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these financial results. Investors who wish to participate in the conference call may do so by dialing (866) 361-2335 for domestic callers, (855) 669-9657 for Canadian callers or (412) 902-4204 for international callers. Those interested in listening to a webcast of the conference call live via the Internet may do so by visiting the Investors page of the company's website at www.acelrx.com and clicking on the webcast link on the Investors home page. The webcast will be archived on the AcelRx website for 90 days following the call.
About AcelRx Pharmaceuticals, Inc.
AcelRx Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of moderate-to-severe acute pain. AcelRx's proprietary, non-invasive sublingual formulation technology delivers sufentanil with consistent pharmacokinetic profiles. The company has two product candidates including DSUVIA™ (sufentanil sublingual tablet, 30 mcg), known as ARX-04 outside the United States, with a proposed indication for the treatment of moderate-to-severe acute pain in medically supervised settings, and ZALVISO® (sufentanil sublingual tablet system, SST system, 15 microgram) being developed as an innovatively designed patient-controlled analgesia (PCA) system for reduction of moderate-to-severe acute pain in medically supervised settings.
For additional information about AcelRx's clinical programs, please visit www.acelrx.com.
Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements related to the process and timing of anticipated future development of AcelRx's product candidates, DSUVIA™ (sufentanil sublingual tablet, 30 mcg), known as ARX-04 outside the United States, and ZALVISO® (sufentanil sublingual tablet system), including U.S. Food and Drug Administration, or FDA, review of the New Drug Application, or NDA, for DSUVIA; evaluation of the CRL and AcelRx's plans for resubmission of the NDA for DSUVIA with the FDA; the timing of the planned resubmission of the ZALVISO NDA; and the Company's ability to continue its cash management plan and maintain a solid liquidity position. These forward-looking statements are based on AcelRx Pharmaceuticals' current expectations and inherently involve significant risks and uncertainties. AcelRx Pharmaceuticals' actual results and timing of events could differ materially from those anticipated in such forward-looking statements, and as a result of these risks and uncertainties, which include, without limitation, risks related to AcelRx Pharmaceuticals' DSUVIA and ARX-04 development programs, including EMA review of the ARX-04 MAA, and the possibility that EMA may dispute or interpret differently clinical results obtained from the ARX-04 Phase 2 and 3 studies; the possibility that the FDA may dispute or interpret differently the results of the ZALVISO development program, including the results from the IAP312 clinical trial; the resubmission of the ZALVISO NDA to the FDA; any delays or inability to obtain and maintain regulatory approval of its product candidates, including DSUVIA in the United States, ARX-04 in Europe and ZALVISO in the United States; the uncertain clinical development process, including adverse events; the success, cost and timing of all development activities and clinical trials; the accuracy of AcelRx's estimates regarding expenses, capital requirements and the need for financing; and other risks detailed in the "Risk Factors" and elsewhere in AcelRx's U.S. Securities and Exchange Commission filings and reports, including its Quarterly Report on Form 10-Q filed with the SEC on August 2, 2017. AcelRx undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
Selected Financial Data | |||||||
(in thousands, except per share data) | |||||||
(unaudited) | |||||||
Three Months Ended |
Nine Months Ended | ||||||
September 30 |
September 30 | ||||||
2017 |
2016 |
2017 |
2016 | ||||
Statement of Comprehensive Loss Data |
|||||||
Revenue: |
|||||||
Collaboration agreement revenue |
$ 1,225 |
$ 1,562 |
$ 6,444 |
$ 4,669 | |||
Contract and other revenue |
262 |
1,804 |
811 |
6,253 | |||
Total revenue |
1,487 |
3,366 |
7,255 |
10,922 | |||
Operating costs and expenses: |
|||||||
Cost of goods sold (1) |
2,029 |
2,579 |
9,697 |
9,154 | |||
Research and development (1) |
3,913 |
4,617 |
15,733 |
15,068 | |||
General and administrative (1) |
4,406 |
4,145 |
12,700 |
11,519 | |||
Total operating costs and expenses |
10,348 |
11,341 |
38,130 |
35,741 | |||
Loss from operations |
(8,861) |
(7,975) |
(30,875) |
(24,819) | |||
Other (expense) income: |
|||||||
Interest expense |
(919) |
(702) |
(2,596) |
(2,069) | |||
Interest income and other income (expense), net(2) |
(465) |
(360) |
(215) |
300 | |||
Non-cash interest expense on liability related to sale of future royalties |
(2,768) |
(2,401) |
(7,935) |
(6,921) | |||
Total other expense |
(4,152) |
(3,463) |
(10,746) |
(8,690) | |||
Benefit (provision) for income taxes |
- |
36 |
(2) |
34 | |||
Net loss |
$(13,013) |
$(11,402) |
$(41,623) |
$(33,475) | |||
Basic and diluted net loss per common share |
$ (0.28) |
$ (0.25) |
$ (0.91) |
$ (0.74) | |||
Shares used in computing basic and diluted net loss per common share |
46,365 |
45,319 |
45,701 |
45,306 | |||
(1) Includes the following non-cash, stock-based compensation expense: | |||||||
Cost of goods sold |
$ 80 |
$ 77 |
$ 243 |
$ 225 | |||
Research and development |
458 |
560 |
1,442 |
1,746 | |||
General and administrative |
480 |
441 |
1,555 |
1,437 | |||
Total |
$ 1,018 |
$ 1,078 |
$ 3,240 |
$ 3,408 | |||
(2) Interest income and other income (expense) includes $0.6 million and $0.4 million in non-cash charges for the three months ended September 30, 2017 and 2016, respectively, and $0.4 million in non-cash charges and $0.1 million in non-cash income for the nine months ended September 30, 2017 and 2016, respectively, related to warrants issued in connection with a private placement equity financing, completed in June 2012. | |||||||
September 30, 2017 |
December 31, 2016 |
||||||
Selected Balance Sheet Data |
|||||||
Cash and cash equivalents |
$ 67,936 |
$ 80,310 |
|||||
Total assets |
82,743 |
99,993 |
|||||
Total liabilities |
113,052 |
105,330 |
|||||
Total stockholders' deficit |
(30,309) |
(5,337) |
View original content with multimedia:http://www.prnewswire.com/news-releases/acelrx-pharmaceuticals-reports-third-quarter-2017-financial-results-300553266.html
SOURCE AcelRx Pharmaceuticals, Inc.
Copyright 2017 PR Newswire
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