A.P. Pharma Announces Third Quarter 2012 Financial Results and Highlights Recent Corporate Progress
11/05/2012
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REDWOOD CITY, Calif.--(BUSINESS WIRE)--Nov. 5, 2012-- A.P. Pharma, Inc. (OTCBB: APPA.OB), a specialty pharmaceutical company, today reported financial results for the quarter ended
"A.P. Pharma's accomplishments over the quarter have put us in a strong position as we approach a new era for the organization and begin preparing for commercialization of APF530," said
Recent Accomplishments
- The Company announced on
October 16, 2012 that its New Drug Application (NDA) for APF530 was accepted by theU.S. Food and Drug Administration (FDA ), and the Agency has set a Prescription Drug User Fee Act (PDUFA) action date ofMarch 27, 2013 . - The Company closed a
$53.6 million private placement of common stock inJuly 2012 . - The Company announced the appointment of
Robert Rosen as senior vice president and chief commercial officer onOctober 18, 2012 and the appointment ofThomas P. Pitler , Ph.D. as vice president of business development onSeptember 9, 2012 .
Results of Operations
A.P. Pharma's net loss for the third quarter of 2012 was
Cash and cash equivalents as of
The Company believes that its current cash resources are sufficient to fund its operations through the anticipated product launch of APF530 in 2013, assuming approval.
About APF530
About
(financial tables follow)
A.P. Pharma, Inc. | |||||||||||||||||||
Condensed Statements of Operations | |||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, |
September 30, | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Contract revenue | $ | - | $ | - | $ | - | $ | 646 | |||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 3,626 | 2,929 | 10,022 | 5,352 | |||||||||||||||
General and administrative | 2,428 | 1,160 | 5,181 | 2,238 | |||||||||||||||
Total operating expenses | 6,054 | 4,089 | 15,203 | 7,590 | |||||||||||||||
Operating loss | (6,054 | ) | (4,089 | ) | (15,203 | ) | (6,944 | ) | |||||||||||
Interest expense, net | (195 | ) | (62 | ) | (402 | ) | (326 | ) | |||||||||||
Loss from continuing operations | (6,249 | ) | (4,151 | ) | (15,605 | ) | (7,270 | ) | |||||||||||
Income (loss) from discontinued operations | 128 | (51 | ) | (6 | ) | (283 | ) | ||||||||||||
Net loss | $ | (6,121 | ) | $ | (4,202 | ) | $ | (15,611 | ) | $ | (7,553 | ) | |||||||
Basic and diluted net loss per share: | |||||||||||||||||||
Loss from continuing operations | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.07 | ) | $ | (0.08 | ) | |||||||
Net loss | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.07 | ) | $ | (0.08 | ) | |||||||
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Shares used to compute basic and diluted net loss per share |
274,488 | 198,279 | 225,063 | 93,381 | |||||||||||||||
A.P. Pharma, Inc. | |||||||||
Condensed Balance Sheets | |||||||||
(in thousands) | |||||||||
(Unaudited) | |||||||||
September 30, 2012 |
December 31, 2011 | ||||||||
Assets |
|||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 60,048 | $ | 17,974 | |||||
Prepaid expenses and other current assets | 355 | 266 | |||||||
Total current assets | 60,403 | 18,240 | |||||||
Property and equipment, net | 1,228 | 1,075 | |||||||
Other long-term assets | 130 | 130 | |||||||
Total assets | $ | 61,761 | $ | 19,445 | |||||
Liabilities and Stockholders' Equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 1,758 | $ | 1,010 | |||||
Accrued expenses | 1,033 | 1,498 | |||||||
Accrued disposition costs | 1,088 | 1,082 | |||||||
Convertible notes payable to related parties, net of discount | 365 | 103 | |||||||
Total current liabilities | 4,244 | 3,693 | |||||||
Stockholders' equity: | |||||||||
Common stock | 3,024 | 2,002 | |||||||
Additional paid-in capital | 230,343 | 173,989 | |||||||
Accumulated deficit | (175,850 | ) | (160,239 | ) | |||||
Total stockholders' equity | 57,517 | 15,752 | |||||||
Total liabilities and stockholders' equity | $ | 61,761 | $ | 19,445 | |||||
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, as well as risks relating to capital resources and liquidity, satisfactory completion of clinical studies, progress in research and development programs, 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.
John B. Whelan, President and Chief Executive Officer
Office Phone: 650-366-2626