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Acura Pharmaceuticals says cash will run out in mid-November
By Angela McDaniels
Seattle, Nov. 3 - Acura Pharmaceuticals, Inc. said its cash reserves will fund development and operating activities through mid-November. To continue operating after that, the company must raise additional financing or enter into collaboration agreements with pharmaceutical company partners providing for cash payments to the company.
Acura gave no assurance that it will be successful in obtaining any financing or agreements and said that in the absence of such financing or partner agreements, it will be required to scale back or terminate operations or seek protection under applicable bankruptcy laws.
The company sounded a similar warning in July and then obtained $450,000 of bridge financing in August, $489,000 in September and $620,000 in October under term loan agreements with Essex Woodlands Health Ventures V, LP, Care Capital Investments II, LP, Care Capital Offshore Investments II, LP, Galen Partners III, LP, Galen Partners International III, LP and Galen Employee Fund III, LP
Acura now has $6.1 million of bridge loans due on Dec. 1. The expiration date was pushed back from Nov. 1 and, previous to that, Oct. 1.
Q3 results
Cash and cash equivalents were $228,000 at Sept. 30, compared with $260,000 at Dec. 31, 2005.
The company reported a net loss of $3.1 million, or $0.01 per share, for the quarter ending Sept. 30, compared with a net loss of $1.6 million, or $0.07 per share, for the same period in 2005.
For the nine months ended Sept. 30, the net loss increased to $9.9 million, or $0.03 per share, from a net loss of $5.0 million, or $0.22 per share, for the first nine months of 2005.
Acura Pharmaceuticals is a Palatine, Ill., pharmaceutical company specializing in products to deter abuse of opioids.
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