Pacira Pharmaceuticals, Inc. (NASDAQ: PCRX) today announced consolidated financial results for the quarter ended March 31, 2012 and reviewed recent accomplishments, including the commercial launch in the United States of EXPAREL® (bupivacaine liposome injectable suspension) for postsurgical pain and the successful completion of an equity financing.
"The commercial launch of EXPAREL in April is a transformational event for Pacira," said Dave Stack, president and chief executive officer of Pacira. "Our efforts in the first quarter of the year focused on building a solid foundation for, and gaining physician access to, EXPAREL in preparation for the commercial launch. Now that EXPAREL is commercially available, our team is focused on increasing access, securing formulary approvals and working with our customers to provide a new tool for the management of postsurgical pain."
Recent Highlights and Upcoming Events:
- EXPAREL Launch: On April 9, 2012, EXPAREL became commercially available in the United States. Commercial efforts are supported by a 63-person sales team and a comprehensive, targeted commercial strategy.
- Successful Financing: Following the EXPAREL launch, in April 2012 Pacira completed a secondary public offering of common stock that generated net proceeds of approximately $63 million.
- Debt Refinancing: On May 3, 2012, Pacira announced the refinancing of $27.5 million in debt under terms that defer the first principal repayment until December 2013 and lock in a lower, fixed interest rate.
- Medical Education: A recent publication details data comparing EXPAREL to bupivacaine in hemorrhoidectomy trials. In addition, the first in a series of health outcomes data was presented at the Society for Ambulatory Anesthesia (SAMBA) meeting last week, where costs associated with opioid-related adverse events in total abdominal hysterectomy from a Premier database were highlighted. Further health outcomes data presentations and symposia are scheduled for upcoming medical meetings including: American Society of Colon and Rectal Surgeons (ASCRS), International Society for Pharmacoeconomics and Outcomes Research (ISPOR), International Anesthesia Research Society (IARS) and Disease Digestive Week (DDW).
- Investor Meetings: Pacira management will present at the Bank of America Merrill Lynch Health Care Conference on Thursday, May 17, 2012 at 10:40 a.m. PT in Las Vegas, and at the Jefferies Global Healthcare Conference on Monday, June 4, 2012 at 10:00 a.m. ET in New York City.
First Quarter 2012 Financial Results