A.P. Pharma Announces Second Quarter 2013 Financial Results and Highlights Recent Corporate Progress
08/08/2013
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“Over the past couple of months, the new management team and Board of
Directors have focused on advancing the Company and its lead program,”
said Barry Quart, PharmD., A.P. Pharma’s Chief Executive Officer. “These
activities included our evaluation of, and plan to address, the U.S.
Food and Drug Administration’s Complete Response Letter received in
“In addition to our financial results, today we announced our plans to
rebrand and file for relisting of our common stock on the
Results of Operations
A.P. Pharma’s net loss for the second quarter of 2013 was
Cash and cash equivalents as of
About APF530
About
(financial tables follow)
A.P. Pharma, Inc. | |||||||||||||||
Condensed Statements of Operations | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating expenses: | |||||||||||||||
Research and development | $ | 10,531 | $ | 3,067 | $ | 17,303 | $ | 6,396 | |||||||
General and administrative | 4,678 | 1,313 | 10,659 | 2,753 | |||||||||||
Total operating expenses | 15,209 | 4,380 | 27,962 | 9,149 | |||||||||||
Operating loss | (15,209 | ) | (4,380 | ) | (27,962 | ) | (9,149 | ) | |||||||
Interest expense, net | (204 | ) | (146 | ) | (405 | ) | (207 | ) | |||||||
Loss from continuing operations | (15,413 | ) | (4,526 | ) | (28,367 | ) | (9,356 | ) | |||||||
Loss from discontinued operations | - | (43 | ) | - | (134 | ) | |||||||||
Net loss | $ | (15,413 | ) | $ | (4,569 | ) | $ | (28,367 | ) | $ | (9,490 | ) | |||
Basic and diluted net loss per share: | |||||||||||||||
Loss from continuing operations | $ | (0.05 | ) | $ | (0.02 | ) | $ | (0.09 | ) | $ | (0.05 | ) | |||
Net loss | $ | (0.05 | ) | $ | (0.02 | ) | $ | (0.09 | ) | $ | (0.05 | ) | |||
Shares used to compute basic and diluted net | |||||||||||||||
loss per share | 305,690 | 200,112 | 305,384 | 200,079 | |||||||||||
A.P. Pharma, Inc. | |||||||||
Condensed Balance Sheets | |||||||||
(in thousands) | |||||||||
(Unaudited) | |||||||||
June 30, 2013 | December 31, 2012 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 34,849 | $ | 53,506 | |||||
Prepaid expenses and other current assets | 360 | 584 | |||||||
Total current assets | 35,209 | 54,090 | |||||||
Property and equipment, net | 2,733 | 1,752 | |||||||
Other long-term assets | 148 | 130 | |||||||
Total assets | $ | 38,090 | $ | 55,972 | |||||
Liabilities and Stockholders' Equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 5,350 | $ | 1,912 | |||||
Accrued expenses | 3,488 | 1,750 | |||||||
Convertible notes payable to related parties, net of discount | 754 | 492 | |||||||
Total current liabilities | 9,592 | 4,154 | |||||||
Stockholders' equity: | |||||||||
Common stock | 3,060 | 3,024 | |||||||
Additional paid-in capital | 237,392 | 232,381 | |||||||
Accumulated deficit | (211,954 | ) | (183,587 | ) | |||||
Total stockholders' equity | 28,498 | 51,818 | |||||||
Total liabilities and stockholders' equity | $ | 38,090 | $ | 55,972 | |||||
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 the potential approval of APF530 and the
potential timing for such approval, if approved at all, the projected
timing for the commercial launch of APF530, if approved, as well as
risks relating to satisfaction of listing standard for the relisting of
the common stock on NASDAQ, capital resources and liquidity,
satisfactory completion of clinical studies, progress in research and
development programs, successful launch and acceptance of new products
and other risks and uncertainties identified in the Company's filings
with the
Source:
Investor Relations Contact:
Michael Rice
Office Phone:
646-597-6979
Email: mrice@lifesciadvisors.com
and
Corporate
Contact:
A.P. Pharma, Inc.
Stephen R. Davis, Executive
Vice President and Chief Operating Officer
Office Phone:
650-366-2626