Apricus Biosciences, Inc. (APRI) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $8.07 million, or $ 1.04 a share in the quarter, against a net loss of $2.50 million, or $0.95 a share in the last year period.
The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $0.63 million for the previous year period.
Operating loss for the quarter was $3.40 million, compared with an operating loss of $2.51 million in the previous year period.
"In the first quarter of this year, we continued to execute on our strategy by creating a more focused and capital efficient organization with the potential to deliver on multiple regulatory, business development and commercial milestones over the next twelve months," stated Richard W. Pascoe, chief executive officer. "More recently we have significantly improved our financial outlook through a combination of fundraising, venture debt retirement, and expense reduction resulting in a balance sheet that is expected to fund our current operating plan through the third quarter of 2018. Finally, we remain on track to re-submit the Vitaros NDA in the third quarter of this year with an anticipated approval decision in the first half of 2018."
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