|
Our business strategy is twofold:
- to develop selected proprietary products, funding
them through the preliminary phases of regulatory review before
entering partnerships to share costs and to earn a share of future
profits; and
- to license our proprietary technologies to corporate
partners after the successful completion of reimbursed feasibility
studies to earn research and development fees, licensing fees, milestone
payments and royalties.
Clinical Targets
Chemotherapy-induced nausea and vomiting; post-surgical
pain management, anti- inflammation, device coatings, ophthalmology
andDNA/RNA orthopedic applications.
Accomplishments
|
Topical |
Parenteral |
U.S. launch of Carac (5-FU)
|
Additional collaborations and
completion of efficacy/toxicology studies. |
U.S.
launch of Retin-A Micro (0.1%)
|
Complete
Phase 2 clinical trial for APF112 |
| Canadian launch
of Retin-A Micro (0.1%) |
Complete Phase
1 clinical trial for APF530 |
| U.S
launch of Retin-A Micro(0.04%) |
Initiate
Phase 2 clinical trial for APF530 |
| |
|
|
In January 2006, we completed the sale of our rights to royalties
on sales of Retin-A Micro® and Carac® for up to $30 million.
We received proceeds of $25 million upon the closing of the transaction
and we are entitled to receive an additional $ 5 million based on
the satisfaction of certain predetermined milestones.
Condensed Statements of Operations
|
Three Months Ended |
NineMonths Ended |
| |
9/30/2006 |
9/30/2005 |
9/30/2006 |
9/30/2005 |
| Royalties |
0 |
$1,334,000 |
0 |
$3,803,000 |
| Total revenues |
0 |
$ 1,337,000 |
0 |
$3,947,000 |
| Research & Development |
$ 3,118,000 |
$ 2,306,000 |
$10,443,000 |
$7,205,000 |
| Net income (loss) |
$(3,817,000) |
$(4,744,000) |
$10,932,000 |
$(5,607,000) |
| Net income (loss) per share from continuing
operations |
$( 0.15) |
$ (0.07) |
$0.43 |
$(0.22) |
|
|
|
|
|
|
Condensed Balance Sheets
|
9/30/2006 |
|
| Cash, cash equivalents and marketable securities |
$18,073,000 |
|
| Total assets |
$19,949,000 |
|
| Shareholders' equity |
$17,530,000 |
|
|
|
 |
