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Pacira Pharmaceuticals, Inc. Reports First Quarter 2012 Financial Results
Company Will Host Conference Call Today at
“The commercial launch of EXPAREL in April is a transformational event
for Pacira,” said
Recent Highlights and Upcoming Events:
EXPAREL Launch: On
April 9, 2012, EXPAREL became commercially available in the United States. Commercial efforts are supported by a 63-person sales team and a comprehensive, targeted commercial strategy.
Successful Financing: Following the EXPAREL launch, in
April 2012Pacira completed a secondary public offering of common stock that generated net proceeds of approximately $63 million.
Debt Refinancing: On
May 3, 2012, Pacira announced the refinancing of $27.5 millionin debt under terms that defer the first principal repayment until December 2013and lock in a lower, fixed interest rate.
Medical Education: A recent publication details data comparing
EXPAREL to bupivacaine in hemorrhoidectomy trials. In addition, the
first in a series of health outcomes data was presented at the
Society for Ambulatory Anesthesia(SAMBA) meeting last week, where costs associated with opioid-related adverse events in total abdominal hysterectomy from a Premier database were highlighted. Further health outcomes data presentations and symposia are scheduled for upcoming medical meetings including: American Society of Colon and Rectal Surgeons(ASCRS), International Society for Pharmacoeconomics and Outcomes Research(ISPOR), International Anesthesia Research Society(IARS) and Disease Digestive Week (DDW).
Investor Meetings: Pacira management will present at the
Bank of America Merrill Lynch Health Care Conferenceon Thursday, May 17, 2012at 10:40 a.m. PTin Las Vegas, and at the Jefferies Global Healthcare Conferenceon Monday, June 4, 2012at 10:00 a.m. ETin New York City.
First Quarter 2012 Financial Results
Net loss for the quarter ended
March 31, 2012was $11.9 million, or $0.47per share (based on 25.4 million weighted average shares outstanding). As of May 2, 2012, including the shares issued in the April 2012secondary public offering of common stock, 32.3 million shares were outstanding.
Total revenues for the quarter ended
March 31, 2012were $7.8 millioncompared with $3.9 millionfor the quarter ended March 31, 2011. The increase was primarily due to the recognition of $5.8 millionof collaborative licensing and development revenue in connection with the termination by EKR Therapeutics, Inc.of the licensing, distribution and marketing agreement for DepoDur.
Total operating expenses for the quarter ended
March 31, 2012were $18.9 millioncompared with $11.0 millionfor the quarter ended March 31, 2011. The increase was primarily driven by increased manufacturing costs in two cGMP facilities operated by Pacira and the cost of the sales force and promotional costs in preparation for the commercial launch of EXPAREL in April 2012.
Pacira ended the first quarter of 2012 with cash and cash equivalents,
restricted cash and short-term investments of
$54.8 million. Pro forma cash as of March 31, 2012, including approximately $63 millionin net cash proceeds from the April 2012secondary common stock offering, was approximately $118 million. In April 2012, the Company had its first commercial sale of EXPAREL, triggering a $10.0 millioncontingent payment obligation to SkyePharma PLC.
Today's Conference Call and Webcast Reminder
The Pacira management team will host a conference call at
A live, listen-only webcast of the conference call can also be accessed by visiting the investors section of the Pacira website at investor.pacira.com. A replay of the webcast will be archived on the company’s website for two weeks following the call.
EXPAREL® (bupivacaine liposome injectable suspension) is indicated for administration into the surgical site to produce postsurgical analgesia. The product combines bupivacaine with DepoFoam®, a proven product delivery technology that delivers medication over a desired time period. EXPAREL represents the first and only multivesicular liposome local anesthetic that can be utilized in the peri- or postsurgical setting in the same fashion as current local anesthetics. By utilizing the DepoFoam platform, a single dose of EXPAREL delivers bupivacaine over time, providing analgesia with reduced opioid requirements for up to 72 hours. Pivotal studies have demonstrated the safety and efficacy of EXPAREL in patients undergoing bunionectomy or hemorrhoidectomy procedures and additional studies are underway to further demonstrate the safety and efficacy in other procedures. Additional information is available at www.EXPAREL.com.
Important Safety Information
EXPAREL is contraindicated in obstetrical paracervical block anesthesia. EXPAREL has not been studied for use in patients younger than 18 years of age. Non-bupivacaine-based local anesthetics, including lidocaine, may cause an immediate release of bupivacaine from EXPAREL if administered together locally. The administration of EXPAREL may follow the administration of lidocaine after a delay of 20 minutes or more. Other formulations of bupivacaine should not be administered within 96 hours following administration of EXPAREL. Monitoring of cardiovascular and neurological status, as well as vital signs should be performed during and after injection of EXPAREL as with other local anesthetic products. Because amide-type local anesthetics, such as bupivacaine, are metabolized by the liver, EXPAREL should be used cautiously in patients with hepatic disease. Patients with severe hepatic disease, because of their inability to metabolize local anesthetics normally, are at a greater risk of developing toxic plasma concentrations. In clinical trials, the most common adverse reactions (incidence greater than or equal to 10 percent) following EXPAREL administration were nausea, constipation and vomiting.
Please see the full Prescribing Information for more details available at www.EXPAREL.com.
Forward Looking Statements
Any statements in this press release about our future expectations,
plans and prospects, including statements about our plans to manufacture
and commercialize EXPAREL and the success of our commercialization of
EXPAREL, and other statements containing the words “believes,”
“anticipates,” “plans,” “expects,” and similar expressions, constitute
forward-looking statements within the meaning of
|Pacira Pharmaceuticals, Inc.|
|Consolidated Statement of Operations|
|(in thousands, except share and per share amounts)|
Ended March 31,
|Supply and royalty revenue||$||1,314||$||2,653|
|Collaborative licensing and development revenue||6,490||1,210|
|Cost of revenues||6,495||3,667|
|Research and development||1,294||3,795|
|Selling, general and administrative||11,152||3,523|
|Total operating expenses||18,941||10,985|
|Loss from operations||(11,137||)||(7,122||)|
|Other (expense) income:|
|Royalty interest obligation||(282||)||(311||)|
|Total other expense, net||(757||)||(2,653||)|
|Basic and diluted net loss per common share||$||(0.47||)||$||(0.98||)|
|Weighted average common shares outstanding - basic and diluted||25,367,306||10,014,042|
|Pacira Pharmaceuticals, Inc.|
|Condensed Consolidated Balance Sheets|
|March 31,||December 31,|
|Cash and cash equivalents and short-term investments||$||54,830||$||76,153|
|Other current assets||7,434||5,197|
|Fixed assets, net||26,492||25,103|
|Intangibles and other assets, net||5,508||5,738|
Liabilities and stockholders' equity
|Long-term debt and royalty interest obligation||25,074||20,074|
|Other long-term liabilities||12,790||13,236|
|Total liabilities and stockholders' equity||$||94,264||$||113,490|
Pacira Pharmaceuticals, Inc.
James S. Scibetta, 973-254-3570
Pure Communications, Inc.
Dan Budwick, 973-271-6085