Acura Pharmaceuticals warns cash will run out in mid-May

New York, April 26 - Acura Pharmaceuticals, Inc. warned that it only has enough cash to last through mid-May.

In order to continue operating, the Palatine, Ill., specialty pharmaceutical company said it will need to raise additional financing or enter into collaboration agreements to raise cash.

If Acura is not successful in raising more funding, it will have to scale back or terminate its operations or file for bankruptcy.

Acura previously warned in February that it only had enough cash to make it to March. In March it obtained a bridge loan.

The company reported a net loss of $4.2 million or $0.01 per share for the quarter ending March 31 compared with a net loss of $1.9 million or $0.09 per share for the same period of 2005. The 2006 figure includes a non-cash compensation charge of $2.8 million for stock options and restricted stock units while the year-ago loss includes a similar $0.4 million charge.

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