A.P. Pharma: no revenue to report for third quarter

By Lisa Kerner

Charlotte, N.C., Nov. 7 - A.P. Pharma, Inc. said it had no revenue in the third quarter of 2006 after it sold its rights to receive royalties on sales of Retin-A Micro and Carac. The company recorded royalty revenue of $1.3 million from these products in the third quarter of 2005.

Research and development expenses for the quarter increased by 35% to $3.1 million from $2.3 million for last year's third quarter. A.P. Pharma attributed the increase to costs associated with its phase 3 study of APF530.

The company's net loss for the third quarter was $3.8 million, or $0.15 per share, compared with a net loss of $1.7 million, or $0.07 per share, for the third quarter of 2005.

The company's cash, cash equivalents and marketable securities grew to $18.1 million at Sept. 30 from $5.8 million at Dec. 31, 2005.

The Redwood City, Calif., specialty pharmaceutical company said it expects to have initial data from its phase 3 clinical trial of APF530 in the second half of 2007.

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