PALO ALTO, Calif., Oct. 25 /PRNewswire-FirstCall/ -- CV
Therapeutics, Inc. (NASDAQ:CVTX) today announced financial results
for the third quarter of 2005. For the quarter ended September 30,
2005, the Company reported a net loss of $55.9 million, or $1.26
per share, compared to a net loss of $32.8 million, or $1.03 per
share, for the same quarter in 2004. Operating expenses for the
quarter ended September 30, 2005 increased to $59.4 million,
compared to operating expenses of $37.4 million for the same
quarter in 2004. The increase in operating expenses for the quarter
ended September 30, 2005 was primarily due to higher selling,
general and administrative expenses incurred in connection with the
deployment of our national cardiovascular specialty sales force as
well as other product support and awareness programs to co-promote
ACEON(R) (perindopril erbumine) Tablets and higher headcount in
other areas to support our increased commercialization and other
business activities. These higher expenses were partially offset by
lower contract service expenses for our Phase 3 regadenoson and
Ranexa(TM) (ranolazine) studies. The Company recognized
collaborative research revenue of $4.1 million for the quarter
ended September 30, 2005, compared to $5.6 million for the same
quarter in 2004. Revenue recognized relates to the reimbursement of
certain regadenoson development costs from a collaborative partner
and amortization of up-front payments earned. The Company did not
record any co-promotion revenues as sales of ACEON(R) for the
quarter ended September 30, 2005 did not exceed the baseline
specified in the co-promotion agreement with Solvay
Pharmaceuticals, Inc. Interest and other income (expense), net for
the quarter ended September 30, 2005 decreased to an expense of
$648,000, compared to an expense of $988,000 for the same quarter
in 2004. In July 2005, the Company completed concurrent public
equity and debt financings with gross proceeds totaling
approximately $329.9 million before underwriting and other
expenses. The financings consisted of the sale of 8,350,000 shares
of common stock at $21.60 per share and $149.5 million principal
amount of 3.25% senior subordinated convertible notes due 2013. In
August 2005, the Company redeemed the remaining approximately $79.6
million aggregate principal amount outstanding of 4.75% convertible
subordinated notes due 2007. In connection with the redemption the
Company recorded in interest and other income (expense), net a loss
of approximately $1.7 million for the early extinguishment of debt,
which included $620,000 in unamortized offering costs and $1.1
million in premium payments above the principal value of the notes.
CV Therapeutics also reported its financial results for the nine
months ended September 30, 2005. The net loss for the nine months
ended September 30, 2005 was $153.9 million, or $3.98 per share,
compared to a net loss of $101.3 million, or $3.25 per share, for
the same period in 2004. At September 30, 2005, the Company had
cash, cash equivalents and marketable securities of approximately
$522.8 million, compared to $404.5 million at December 31, 2004.
Company management will webcast a conference call on October 25,
2005 at 5:00 p.m. EDT, 2:00 p.m. PDT, on the Company's website. To
access the live webcast, please log on to the Company's website at
http://www.cvt.com/ and go to the Investor Information section.
Alternatively, domestic callers may participate in the conference
call by dialing (888) 370-6121, and international callers may
participate in the conference call by dialing (706) 679-7163.
Webcast and telephone replays of the conference call will be
available approximately two hours after the completion of the call
through Tuesday, November 1, 2005. Domestic callers can access the
replay by dialing (800) 642-1687, and international callers can
access the replay by dialing (706) 645-9291; the PIN access number
is 1566569. About CV Therapeutics CV Therapeutics, Inc.,
headquartered in Palo Alto, California, is a biopharmaceutical
company focused on applying molecular cardiology to the discovery,
development and commercialization of novel, small molecule drugs
for the treatment of cardiovascular diseases. CV Therapeutics
currently has three programs in commercial or late-stage
development: ACEON(R) (perindopril erbumine) Tablets, Ranexa(TM)
(ranolazine) and regadenoson. CV Therapeutics also has other
clinical and preclinical drug development candidates and programs.
The company co-promotes ACEON(R), an ACE inhibitor, for the
treatment of essential hypertension and reduction of the risk of
cardiovascular mortality or non-fatal myocardial infarction in
patients with stable coronary artery disease. Ranexa is being
developed as a novel potential treatment for chronic angina.
Regadenoson is being developed for potential use as a pharmacologic
stress agent in myocardial perfusion imaging studies. Ranexa and
regadenoson have not been approved for marketing by any regulatory
authorities. Except for the historical information contained
herein, the matters set forth in this press release, including
statements as to development, clinical studies, regulatory review,
and commercialization of products, are forward- looking statements
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially, including, early stage of
development; regulatory review and approval of our products; the
conduct and timing of clinical trials; the dependence on
collaborative and licensing agreements; commercialization of
products; market acceptance of products; and other risks detailed
from time to time in CV Therapeutics' SEC reports, including its
quarterly report on Form 10-Q for the quarter ended June 30, 2005.
CV Therapeutics disclaims any intent or obligation to update these
forward- looking statements. -- Tables to follow -- CV
THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts) (unaudited) Three months
ended Nine months ended September 30, September 30, 2004 2005 2004
2005 Revenues: Collaborative research $5,645 $4,142 $12,849 $15,519
Operating expenses: Research and development 27,732 27,762 75,691
94,468 Selling, general and administrative 9,695 31,652 31,379
73,156 Total operating expenses 37,427 59,414 107,070 167,624 Loss
from operations (31,782) (55,272) (94,221) (152,105) Interest and
other income (expense), net (988) (648) (7,100) (1,838) Net loss
$(32,770) $(55,920) $(101,321) $(153,943) Basic and diluted net
loss per share $(1.03) $(1.26) $(3.25) $(3.98) Shares used in
computing basic and diluted net loss per share 31,793 44,437 31,153
38,712 CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
December 31, 2004 September 30, 2005 (A) (unaudited) Assets: Cash,
cash equivalents and marketable securities $404,503 $522,762 Other
current assets 23,400 27,600 Total current assets 427,903 550,362
Property and equipment, net 15,284 18,065 Other assets 19,043
27,343 Total assets $462,230 $595,770 Liabilities and stockholders'
equity: Current liabilities $46,438 $57,370 Convertible
subordinated notes 329,645 399,500 Other long-term obligations
6,745 10,610 Stockholders' equity 79,402 128,290 Total liabilities
and stockholders' equity $462,230 $595,770 (A) Derived from the
consolidated audited financial statements included in our Annual
Report on Form 10-K/A for the year ended December 31, 2004.
DATASOURCE: CV Therapeutics, Inc. CONTACT: Investors: Dan
Spiegelman, SVP & Chief Financial Officer, +1-650-384-8509, or
Christopher Chai, Vice President, Treasury and Investor Relations,
+1-650-384-8560, or Media: John Bluth, Senior Director, Corporate
Communications, +1-650-384-8850, all of CV Therapeutics, Inc. Web
site: http://www.cvt.com/
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