According to AP Pharma, the net loss was higher in the current fiscal quarter primarily due to $1m of income recognised in the prior year quarter in connection with the termination of a license agreement for APF530 with RHEI Pharmaceuticals.
AP Pharma’s operating loss was $1.64m, compared to $1.21m for the comparable period in 2009.
For the nine months ended 30 September 2010, AP Pharma posted a net loss of $5.75m, or $0.15 loss per diluted share, compared to $8.12m, or $0.26 loss per diluted share, for the year ago period.
The company’s operating loss for the nine months ended 30 September 2010 was $8.2m, compared to $8.14m for the year ago period.
AP Pharma acting CEO John Whelan said that AP Pharma has been working diligently to address the issues raised in the US Food and Drug Administration’s Complete Response Letter of March 2010.
"Our goal is to schedule what we hope will be a productive End of Review meeting with the agency as soon as the necessary information is available," Whelan said.
"The primary focus of a meeting with the agency would be to discuss the next steps for the APF530 New Drug Application."