AcelRx Pharma Posts Narrower Loss In Q3; To Acquire Lowell Therapeutics

(RTTNews) - AcelRx Pharmaceuticals, Inc. (ACRX) reported a third-quarter loss per share of $0.07 compared to a loss of $0.10, prior year. Analysts polled by Thomson Reuters expected the company to report a loss per share of $0.07, for the quarter. Analysts' estimates typically exclude special items. Net loss was $8.4 million compared to a loss of $8.9 million. Revenue increased to $1.86 million from $1.37 million, a year ago. Analysts on average had estimated $1.9 million in revenue.

Separately, AcelRx Pharmaceuticals announced the execution of a definitive merger agreement to acquire Lowell Therapeutics, Inc. Lowell is a privately held company developing Niyad, a regional anticoagulant for the dialysis circuit during continuous renal replacement therapy for acute kidney injury patients.

The deal is valued at approximately $32.5 million plus net cash acquired and certain other adjustments, and includes approximately $26.0 million of contingent consideration. An amount of shares of AcelRx common stock valued at approximately $6.5 million is anticipated to be issued to Lowell securityholders at the closing.