A.P. Pharma Reports Second Quarter 2009 Financial Results
08/04/2009
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Results of Operations
A.P. Pharma’s net loss for the second quarter was
Cash, cash equivalents and marketable securities as of
The Company intends to seek additional capital to support its operations, which may include a collaborative arrangement, an equity offering, or other alternatives. Based on multiple factors, including market conditions, the Company may not be able to obtain adequate financing.
Recent Developments
On
In the second quarter, the Company presented additional data from its
Phase 3 study of APF530 for the prevention of CINV during the 45th
Annual Meeting of the
The new data presented in the
- Complete response (CR) rates for APF530 10 mg dose were generally higher in treatment experienced patients when compared to treatment naïve patients.
- The CR rates for patients receiving cisplatin based regimens were numerically higher for APF530 10 mg when compared to palonosetron (Aloxi®) in both acute and delayed CINV.
- A pharmacokinetic analysis, conducted in a sub-group of patients, confirmed that a single APF530 10 mg dose successfully maintained blood levels of granisetron for the entire five day study period.
Other Corporate Developments
In May, the Company implemented a reduction of its staff representing approximately 34% of its work force. The actions were taken to allow the Company to conserve the resources needed to continue advancing its lead program, APF530, towards regulatory approval and commercialization.
The Listing Qualifications Staff of the
About APF530
About
A.P. PHARMA, INC. | |||||||||||||||
Results of Operations Highlights | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||
2009 | 2008 | 2009 | 2008 | ||||||||||||
Contract Revenues | 14 | 152 | 22 | 284 | |||||||||||
Operating Expenses: | |||||||||||||||
Research & Development | 2,908 | 5,538 | 4,958 | 11,678 | |||||||||||
General & Administrative | 1,066 | 863 | 1,993 | 1,943 | |||||||||||
Total Operating Expenses | 3,974 | 6,401 | 6,951 | 13,621 | |||||||||||
Operating Loss | (3,960 | ) | (6,249 | ) | (6,929 | ) | (13,337 | ) | |||||||
Interest Income, Net | 19 | 155 | 27 | 436 | |||||||||||
Other Income, Net |
- | 4 | 1 | 7 | |||||||||||
Loss from Continuing Operations | (3,941 | ) | (6,090 | ) | (6,901 | ) | (12,894 | ) | |||||||
Loss from Discontinued Operations |
- | (40 | ) | - | (80 | ) | |||||||||
Net Loss | ($3,941 | ) | ($6,130 | ) | ($6,901 | ) | ($12,974 | ) | |||||||
Basic and Diluted Net Loss Per Common Share: | |||||||||||||||
Loss from Continuing Operations | ($0.13 | ) | ($0.20 | ) | ($0.22 | ) | ($0.42 | ) | |||||||
Net Loss | ($0.13 | ) | ($0.20 | ) | ($0.22 | ) | ($0.42 | ) | |||||||
Shares Used in Calculating Net Loss Per Share | 31,016 | 30,800 | 30,943 | 30,786 | |||||||||||
AP PHARMA, INC. | ||||||||||
Balance Sheet Highlights | ||||||||||
(in thousands) | ||||||||||
June 30, 2009 | December 31, 2008 | |||||||||
(Unaudited) | (1) | |||||||||
Assets | ||||||||||
Cash, Cash Equivalents and Marketable Securities | $ | 3,804 | $ | 10,538 | ||||||
Accounts Receivable, Net | 11 | 32 | ||||||||
Other Current Assets | 165 | 246 | ||||||||
Total Current Assets | 3,980 | 10,816 | ||||||||
Property and Equipment, Net | 684 | 881 | ||||||||
Other Non-Current Assets | 128 | 103 | ||||||||
Total Assets | $ | 4,792 | $ | 11,800 | ||||||
Liabilities and Stockholders' Equity | ||||||||||
Total Liabilities | $ | 3,414 | $ | 4,202 | ||||||
Stockholders' Equity | 1,378 | 7,598 | ||||||||
Total Liabilities and Stockholders' Equity | $ | 4,792 | $ | 11,800 | ||||||
(1) Derived from our audited financial statements for the year ended December 31, 2008 included in the Company's 2008 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 capital resources and liquidity, timely
development and regulatory approval of product candidates, satisfactory
completion of clinical studies, establishment of new corporate
alliances, 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:
A.P. Pharma, Inc.
Corporate:
John B. Whelan,
650-366-2626
Vice President, Finance and Chief Financial Officer
or
Corporate
Communications Alliance, LLC
Investor and Media Relations:
Edie
DeVine, 209-814-9564