Egalet Corporation of Wayne, on the fast track to FDA approval with its pain reliever Egalot-001, reported a strengthened balance sheet as it released its first quarter financials for 2014.

“With millions of patients suffering from chronic pain combined with the ongoing epidemic of opioid abuse, there is an increasing need for effective opioid analgesics that can be delivered in a formulation that deters abuse—our lead programs, an abuse-deterrent morphine formulation and an abuse-deterrent oxycodone formulation, are designed to address this need,” said Bob Radie, Egalet’s president and chief executive officer.

Cash as of March 31, 2014 was $77.5 million compared to $15.7 million at Dec. 31, 2013. The cash increase was primarily driven by the $65.4 million in net proceeds the company received from its IPO, the simultaneous private placement of $1.25 million shares of common stock with Shionogi at the IPO price, and the subsequent exercise of the underwriters’ over-allotment.

Revenues increased to $256,000 for the three months ended March 31, from zero for the three months ended March 31, 2013, as a result of the amortization of deferred revenue and the performance of certain research and development services under a collaborative agreement with Shionogi Limited. Research and development expenses increased to $2.8 million for the three months ended March 31, 2014 from $963,000 for the three months ended March 31, 2013.

General and administrative expenses increased to $3.3 million for the three months ended March 31, 2014 from $855,000 for the three months ended March 31, 2013. The increase was primarily attributable to the continued investment.

Interest expense increased to $7.1 million for the three months ended March 31, 2014 from zero for the three months ended March 31, 2013. This change was primarily attributable to the $7 million in interest expense Egalet recognized in 2014 related to the accretion of the premium that was recorded in connection with its August 2013 convertible debt issuance. Net loss increased to $12.9 million for the three months ended March 31, 2014 from a net loss of $1.8 million for the three months ended March 31, 2013.

More information about the local specialty pharmaceutical company and the full financial picture are on the company web site, www.egalet.com.