CV Therapeutics Reports 2008 First Quarter Financial Results
April 25 2008 - 8:30AM
PR Newswire (US)
PALO ALTO, Calif., April 25 /PRNewswire-FirstCall/ -- CV
Therapeutics, Inc. (NASDAQ:CVTX) today reported financial results
for the first quarter ended March 31, 2008. For the quarter ended
March 31, 2008, the Company reported a net loss of $31.9 million,
or $0.53 per share. This compares to a net loss of $34.1 million,
or $0.57 per share, for the prior quarter ended December 31, 2007
and $55.1 million, or $0.93 per share, for the same quarter in
2007. For the quarter ended March 31, 2008, the Company recorded
total revenues of $22.8 million which consisted of $22.0 million of
net product sales of Ranexa(R) (ranolazine extended-release
tablets) and $0.8 million of collaborative research revenue. The
$22.0 million of net product sales of Ranexa in the quarter ended
March 31, 2008 represents an increase of five percent compared to
the $20.9 million of net product sales of Ranexa(R) recorded in the
prior quarter ended December 31, 2007 and an increase of 83 percent
compared to the $12.0 million of net product sales in the same
quarter of the prior year. The first quarter 2008 collaborative
research revenue includes revenue primarily related to the
reimbursement of certain regadenoson development costs from our
collaborative partner. Costs and expenses were $53.1 million for
the quarter ended March 31, 2008. This compares to total costs and
expenses of $55.8 million for the prior quarter ended December 31,
2007 and $71.2 million for the same quarter in 2007. The decrease
of total costs and expenses in the quarter ended March 31, 2008
compared to the prior quarter ended December 31, 2007 was primarily
due to lower research and development costs associated with various
development projects, lower Ranexa marketing and sales expenses and
lower general and administrative costs offset in part by higher
personnel-related expenses. The decrease in costs and expenses in
the quarter ended March 31, 2008 compared to the same quarter in
2007 was primarily due to a reduction in personnel-related expenses
related to the restructuring plan implemented in May 2007, lower
research and development expenses resulting from lower clinical
trial expenses related to the completion of the MERLIN TIMI-36
study of Ranexa and lower regadenoson research and development
expenses, and lower Ranexa marketing and sales expenses. These
decreases were partially offset by higher cost of sales due to
higher net product sales of Ranexa. At March 31, 2008, the Company
had cash, cash equivalents, marketable securities and restricted
cash of $151.0 million compared to $179.0 million at December 31,
2007. Our cash utilized for the quarter ended March 31, 2008 was
$28.0 million. This compares to our cash utilized for the prior
quarter of $20.5 million. The increase in cash utilization in the
quarter end March 31, 2008 compared to the prior quarter was due
primarily to the timing of certain compensation and payroll related
tax payments. In April 2008, we announced that TPG-Axon Capital
agreed to pay CV Therapeutics up to $185.0 million in exchange for
rights to 50 percent of our royalty on North American sales of
Lexiscan(TM) (regadenoson) injection. We received $175.0 million on
closing of the transaction in April 2008 and could receive a
potential future milestone payment of $10.0 million. We also
received a $12.0 million milestone payment from Astellas US LLC in
connection with the FDA approval of Lexiscan(TM) in April 2008.
Company management will webcast a conference call on April 25, 2008
at 8:30 a.m. EDT, 5:30 a.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 (866) 524-6241, and international callers may
participate in the conference call by dialing (706) 679-3061.
Webcast and telephone replays of the conference call will be
available approximately two hours after the completion of the call
through Friday, May 2, 2008. 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
43615588. About CV Therapeutics CV Therapeutics, Inc.,
headquartered in Palo Alto, California, is a biopharmaceutical
company primarily focused on applying molecular cardiology to the
discovery, development and commercialization of novel, small
molecule drugs for the treatment of cardiovascular diseases. CV
Therapeutics' approved products include Ranexa(R) (ranolazine
extended-release tablets), indicated for the treatment of chronic
angina in patients who have not achieved an adequate response with
other antianginal drugs, and Lexiscan(TM) (regadenoson) injection
for use as a pharmacologic stress agent in radionuclide myocardial
perfusion imaging in patients unable to undergo adequate exercise
stress. CV Therapeutics also has other clinical and preclinical
drug development candidates and programs. Except for the historical
information contained herein, the matters set forth in this press
release, including statements as to research and development 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 operating losses and
fluctuations in operating results; capital requirements; regulatory
review and approval of our products; special protocol assessment
agreement; the conduct and timing of clinical trials;
commercialization of products; market acceptance of products;
product labeling; concentrated customer base; reliance on strategic
partnerships and collaborations; uncertainties in drug development;
uncertainties regarding intellectual property and other risks
detailed from time to time in CV Therapeutics' SEC reports,
including its Annual Report on From 10-K for the year ended
December 31, 2007. CV Therapeutics disclaims any intent or
obligation to update these forward-looking statements. CV
THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts) (Unaudited) Three months
ended March 31, 2008 2007 Revenues: Product sales, net $22,045
$11,989 Collaborative research 766 3,261 Total revenues 22,811
15,250 Costs and expenses: Cost of sales 3,383 1,557 Research and
development 17,245 27,178 Selling, general and administrative
32,450 42,448 Restructuring charges (7) - Total costs and expenses
53,071 71,183 Loss from operations (30,260) (55,933) Other income
(expense), net: Interest and other income, net 1,535 4,043 Interest
expense (3,174) (3,166) Total other income (expense), net (1,639)
877 Net loss $(31,899) $(55,056) Basic and diluted net loss per
share $(0.53) $(0.93) Shares used in computing basic and diluted
net loss per share 60,556 58,953 CONDENSED CONSOLIDATED BALANCE
SHEET (in thousands) (unaudited) March 31, December 31, 2008 2007
Assets: Cash, cash equivalents, and marketable securities $148,563
$174,245 Other current assets 38,973 41,825 Total current assets
187,536 216,070 Property and equipment, net 18,205 19,131 Other
assets 22,281 23,635 Total assets $228,022 $258,836 Liabilities and
stockholders' deficit: Current liabilities $31,625 $39,183
Convertible subordinated notes 399,500 399,500 Other long-term
obligations 5,010 5,551 Stockholders' deficit (208,113) (185,398)
Total liabilities and stockholders' deficit $228,022 $258,836
DATASOURCE: CV Therapeutics, Inc. CONTACT: Investor & Media
Contact: John Bluth, Executive Director, Corporate Communications
& Investor Relations, CV Therapeutics, Inc., +1-650-384-8850
Web site: http://www.cvt.com/
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