CVTX CV Therapeutics (MM)

CV Therapeutics Reports Fourth Quarter and Year End Financial Results for 2003 PALO ALTO, Calif., Feb. 10 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. today announced financial results for the fourth quarter and the year ended December 31, 2003.For the quarter ended December 31, 2003, the Company reported a net loss of $35.1 million, or $1.21 per share, compared to a net loss of $29.4 million, or $1.09 per share, for the same quarter in 2002. For the year ended December 31, 2003, the Company reported a net loss of $111.0 million, or $3.91 per share, compared to a net loss of $107.8 million, or $4.13 per share, for the year ended December 31, 2002. For the quarter ended December 31, 2003, total operating expenses increased to approximately $39.4 million, from $32.3 million for the same quarter in 2002. Total operating expenses increased to $121.3 million for the year ended December 31, 2003, from $118.2 million for the year ended December 31, 2002. The increase in operating expenses for the quarter ended December 31, 2003, compared to the same quarter in 2002, was primarily due to increased pre-commercialization efforts for the Ranexa(TM) program. The increase in operating expenses for the year ended December 31, 2003, compared to the year ended December 31, 2002, was primarily due to increased pre-commercialization efforts for the Ranexa program, partially offset by decreased research and development expenses compared to the prior year, when we incurred greater expenses related to manufacturing and NDA filing for the Ranexa program. The Company recognized collaborative research revenue of $5.6 million for the quarter ended December 31, 2003, compared to $1.8 million for the same quarter in 2002. For the year ended December 31, 2003, the Company recognized revenues of $11.3 million, compared to $5.3 million for the year ended December 31, 2002. The revenue recognized for all periods relates to the reimbursement of certain development costs from collaborative partners. Forthe quarter and year ended December 31, 2003, collaborative research revenue also includes a $3.0 million milestone payment for the initiation of a Phase III clinical trial for regadenoson (CVT-3146). At December 31, 2003, the Company had cash, cash equivalents and marketable securities of approximately $430.1 million, compared to $410.9 million at December 31, 2002. The increase was primarily due to the issuance of 2.0% senior subordinated convertible debentures in June 2003, which resulted in gross proceeds of $100.0 million. Company management will webcast a conference call to review the quarterly and year end financial results on Tuesday, February 10, 2004 at 5:30 p.m. EST, 2:30 p.m. PST, 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 theconference 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, February 17, 2004. 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 5336322. About CV Therapeutics CV Therapeutics, Inc., headquartered in Palo Alto, California, is a biopharmaceutical company focused onapplying molecular cardiology to the discovery, development and commercialization of novel, small molecule drugs for the treatment of cardiovascular diseases. CV Therapeutics currently has four compounds in clinical development. If approved by the FDA,Ranexa would represent the first new class of anti-anginal therapy in more than 25 years. Regadenoson (CVT-3146), a selective A2A-adenosine receptor agonist, is being developed for potential use as a pharmacologic stress agent in cardiac perfusion imaging studies. Tecadenoson, an A1-adenosine receptor agonist, is being developed for the potential reduction of rapid heart rate during atrial arrhythmias. Adentri(TM), an A1-adenosine receptor antagonist for the potential treatment of acute and chronic congestive heart failure, is licensed to Biogen, Inc. (now Biogen Idec). For more information, please visit CV Therapeutics' website at http://www.cvt.com/. CV Therapeutics is a development-stage company. None of the company's products have been approved for marketing by the FDA or any foreign regulatory authorities. Any products of the company discussed here are currently under investigation in clinical trials subject to United States Investigational New Drug applications, and as applicable, appropriate clinical trial applications to regulatory authorities outside the United States. Except for the historical information contained herein, the matters set forth in this press release, including statements as to our financial performance and the development and commercialization of our 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 timing of clinical trials; the dependence on collaborative and licensing agreements; commercialization of our products; and other risks detailed from time to time in CVT's SEC reports, including its most recent Annual Report on Form 10-K, and its most recent Quarterly Report on Form 10-Q. CVT 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 Year ended December 31, December 31, 2002 2003 2002 2003 (A) (A) Revenues: Collaborative research $1,774 $5,567 $5,287 $11,305 Operating expenses: Research and development 23,773 27,242 90,973 80,792 Sales and marketing 4,105 7,949 11,271 23,476 General and administrative 4,387 4,257 15,955 17,015 Total operating expenses 32,265 39,448 118,199 121,283 Loss from operations (30,491) (33,881) (112,912) (109,978) Interest and other income (expense), net 1,130 (1,176) 5,139 (973) Net loss $(29,361) $(35,057) $(107,773) $(110,951) Basic and diluted net loss per share $(1.09)$(1.21) $(4.13) $(3.91) Shares used in computing basic and diluted net loss per share 26,881 29,068 26,093 28,360 Condensed Consolidated Balance Sheets (in thousands) (unaudited) December 31, December 31, 2002 2003 (B) Assets: Cash, cash equivalents and marketable securities $410,913 $430,107 Other current assets 8,952 13,009 Total current assets 419,865 443,116 Property and equipment, net 15,934 16,358 Other assets 5,203 11,301 Total assets $441,002 $470,775 Liabilities and stockholders' equity: Current liabilities $20,907 $21,016 Convertible subordinated notes 196,250 296,250 Other long-term obligations 4,880 5,182 Stockholders' equity 218,965 148,327 Total liabilities and stockholders' equity $441,002 $470,775 (A) Certain reclassifications of prior year amounts have been made to conformwith the current year presentation. (B) Derived from the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2002. DATASOURCE: CV Therapeutics, Inc. CONTACT: investors, Dan Spiegelman, SVP & Chief Financial Officer, +1-650-384-8509, or Christopher Chai, Treasurer & Executive Director, Investor Relations, +1-650-384-8560, or media, John Bluth, Director, Corporate Communications, +1-650-384-8850, all of CV Therapeutics, Inc. Web site: http://www.cvt.com/

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