Acura Pharmaceuticals, Inc. (NASDAQ:ACUR), a specialty pharmaceutical company innovating abuse deterrent drugs, announced today financial results for the first quarter ended March 31, 2016.
The Company reported net loss of $3.4 million for the first quarter 2016 or $0.28 per diluted share, compared to net income of$1.2 million or $0.13 per diluted share for the same period in 2015. Revenues for the quarter were $0.2 million compared to $5.4 million in the first quarter of 2015 which included the $5.0 million payment arising from licensing Oxaydo to Egalet Corporation entities.
Research and development expenses associated with product candidates utilizing the Company’s LIMITX™, AVERSION® and IMPEDE® Technologies were $1.0 million in each of the first quarters 2016 and 2015. Selling, marketing, general and administrative expenses were $2.2 million in first quarter 2016 compared to $2.3 million in the first quarter 2015. Selling expenses primarily consisted of advertising and marketing activities for NEXAFED® and NEXAFED® SINUS.
As of April 30, 2016, our cash, cash equivalents and marketable securities less our compensating balance requirement of $2.5 million was $7.7 million, and we had $7.4 million in term debt financing. (Original Source)
Shares of Acura opened today at $3.28, down $0.10 or 3.14%. ACUR has a 1-year high of $6.75 and a 1-year low of $1.61. The stock’s 50-day moving average is $2.83 and its 200-day moving average is $2.39.
On the ratings front, Roth Capital analyst Michael Higgins reiterated a Buy rating on ACUR, with a price target of $6, in a report issued on April 13. The current price target implies an upside of 88.7% from current levels. According to TipRanks.com, Higgins has a yearly average return of -17.7%, a 21.6% success rate, and is ranked #3732 out of 3832 analysts.
Acura Pharmaceuticals, Inc. operates as a pharmaceutical company, which engages in the research, development and commercialization of products intended to address medication abuse and misuse, utilizing its proprietary aversion and impede technologies. It operates its business through the research, development and manufacture of innovative abuse deterrent, orally administered pharmaceutical products. The company was founded in 1935 and is headquartered in Palatine, IL.