A.P. Pharma Announces First Quarter 2010
May 17, 2010 04:23 PM Eastern Daylight Time
REDWOOD CITY, Calif.--(EON: Enhanced Online News)--A.P. Pharma, Inc. (NASDAQ: APPA), a specialty
pharmaceutical company, today reported financial results for its first quarter ended March 31, 2010.
"Our focus is on addressing the issues raised in the Complete Response Letter we received for APF530 in March
2010," stated Ronald Prentki, A.P. Pharma’s president and chief executive officer. "We are working with the U.S.
Food and Drug Administration to schedule an End of Review meeting and have been diligently preparing our reply to
the Complete Response Letter."
l In March, the Company received a Complete Response Letter from the U.S. Food and Drug Administration
(FDA) regarding its New Drug Application (NDA) for APF530 in the prevention of both acute and delayed
onset chemotherapy-induced nausea and vomiting (CINV). The Company has been working to address
issues raised in the Complete Response Letter and is working with the FDA to schedule an End of Review
l In January, an affiliate of Paul Capital Healthcare made final milestone payments totaling $2.5 million per an
October 2005 agreement under which the Company sold its royalty rights to Retin-A Micro® and Carac®.
l In February, Stephen R. Davis was appointed to the Company’s Board of Directors.
Results of Operations
A.P. Pharma’s net loss for the first quarter of 2010 was $495,000, or $0.01 per share, compared with a net loss of
$3.0 million, or $0.10 per share, for the first quarter of 2009. The improved operating results were principally due to
royalty milestone payments totaling $2.5 million received in the first quarter of 2010, contract revenue from an on-
going collaboration with Merial and continuing cost containment actions undertaken by the Company.
Contract revenue was $241,000 in the first quarter of 2010 compared with $8,000 for the first quarter of 2009. The
increase in revenue in