A.P. Pharma Announces Fourth Quarter and Year-End 2008 Financial Results and Provides Update on APF530 NDA
03/31/2009
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“2008 was an important year for
Mr. Prentki continued, “Submitting a comprehensive and high-quality NDA
for APF530 that facilitates a timely review and approval by the
Results of Operations
Our net loss for the fourth quarter of 2008 was
For the full year 2008, our net loss was
Contract revenues related to the development program utilizing our
proprietary Biochronomer™ technology with a major animal healthcare
company were
Cash, cash equivalents and marketable securities as of
On
About APF530
About CINV
Prevention and control of nausea and vomiting, or emesis, are very important in the treatment of cancer patients. The majority of patients receiving chemotherapy will experience some degree of emesis if not prevented with an anti-emetic, typically administered just prior to chemotherapy.
Chemotherapy treatments can be classified as moderately emetogenic, meaning that 30% to 90% of patients experience CINV, or highly emetogenic, meaning that more than 90% of patients experience CINV, if they do not receive an anti-emetic. Acute onset CINV occurs within the first 24 hours following chemotherapy treatment. Delayed onset CINV occurs more than 24 hours after treatment and may persist for several days. Prevention of CINV is important because the distress caused by CINV can severely disrupt patient quality of life and can lead some patients to delay or discontinue chemotherapy.
About
AP PHARMA, INC. | ||||||||||||||||
Income Statement Highlights |
||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Contract revenues | $ | 20 | $ | 131 | $ | 369 | $ | 412 | ||||||||
Operating expenses: | ||||||||||||||||
Research & development | 2,759 | 6,020 | 19,507 | 19,364 | ||||||||||||
General & administrative | 1,093 | 1,928 | 4,307 | 4,681 | ||||||||||||
Total operating expenses | 3,852 | 7,948 | 23,814 | 24,045 | ||||||||||||
Operating loss | (3,832 | ) | (7,817 | ) | (23,445 | ) | (23,633 | ) | ||||||||
Interest income | 41 | 459 | 587 | 1,326 | ||||||||||||
Gain on sale of interest in royalties
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0 | 0 | 0 | 2,500 | ||||||||||||
Other income (expense) | (75 | ) | 9 | (67 | ) | 7 | ||||||||||
Loss from continuing operations
|
(3,866 | ) | (7,349 | ) | (22,925 | ) | (19,800 | ) | ||||||||
Loss from discontinued operations
|
(80 | ) | (357 | ) | (200 | ) | (342 | ) | ||||||||
Gain on disposition of discontinued operations
|
0 | 1 | 0 | 20 | ||||||||||||
Loss before income taxes | (3,946 | ) | (7,705 | ) | (23,125 | ) | (20,122 | ) | ||||||||
Tax provision | 0 | 4 | 0 | (41 | ) | |||||||||||
Net loss | $ | (3,946 |
) |
$ | (7,701 |
) |
$ | (23,125 |
) |
$ |
(20,163 |
) |
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Basic & diluted loss per common share:
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||||||||||||||||
Loss from continuing operations
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$ | (0.13 | ) | $ | (0.24 | ) | $ | (0.74 | ) | $ | (1.02 | ) | ||||
Net loss | $ | (0.13 | ) | $ | (0.25 | ) | $ | (0.75 | ) | $ | (1.04 | ) | ||||
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Shares used in calculating basic & diluted loss |
30,853 | 30,754 | 30,811 | 19,358 | ||||||||||||
AP PHARMA, INC. | |||||||
Balance Sheet Highlights | |||||||
(in thousands) | |||||||
December 31, 2008 | December 31, 2007(1) | ||||||
Assets | |||||||
Cash, cash equivalents and marketable securities
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$ | 10,538 | $ | 35,062 | |||
Accounts receivable, net | 32 | 152 | |||||
Other current assets | 246 | 582 | |||||
Total current assets | 10,816 | 35,796 | |||||
Property and equipment, net | 881 | 1,079 | |||||
Other non-current assets | 103 | 75 | |||||
Total assets | $ | 11,800 | $ | 36,950 | |||
Liabilities and Stockholders' Equity | |||||||
Total liabilities | $ | 4,202 | $ | 7,476 | |||
Stockholders' equity | 7,598 | 29,474 | |||||
Total liabilities and stockholders' equity | $ | 11,800 | $ | 36,950 | |||
(1) Derived from our audited financial statements for the year ended December 31, 2007 included in the Company’s 2007 Annual Report on Form 10-K filed with the Securities and Exchange Commission. |
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Forward-looking Statements
This news release contains "forward-looking statements" as defined by
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve risks and uncertainties, including
uncertainties associated with timely development, approval, launch and
acceptance of new products, satisfactory completion of clinical studies,
establishment of new corporate alliances, progress in research and
development programs and other risks and uncertainties identified in the
Company's filings with the
Source:
Corporate Contact:
A.P. Pharma, Inc.
John B. Whelan,
650-366-2626
Vice President, Finance and Chief Financial Officer
or
Investor
and Media Relations:
Corporate Communications Alliance, LLC
Edie
DeVine, 209-814-9564
President