— Specialty pharmaceutical company AcelRx Pharmaceuticals (NASDAQ: ACRX) reported fourth quarter 2019 loss of $0.18 per share vs. expected loss of $0.20 per share.
— Revenue was $0.48 million vs. $1.01 million expected.
— AcelRx also announced today about its acquisition of Tetraphase Pharmaceuticals for $14.4 million. This stock for stock deal is expected to close in the second quarter of 2020.
— AcelRx and Tetraphase have also entered into a co-promotion agreement, which will benefit both the teams in promoting multiple products, leveraging each company’s customer relationships, and creating efficiencies among commercial teams prior to the closing of the merger.
— AcelRx expects to achieve its previously communicated target of 465 REMS-certified facilities and formulary approvals by the end of 2020.
— The company expects quarterly combined R&D and SG&A expense in 2020 to range from $10 million to $13 million, depending on the quarter. This estimate includes approximately $1 million of non-cash stock-based compensation per quarter.
— ACRX stock was down more than 10% in the pre-market trading session.