CV Therapeutics Reports 2004 Third Quarter Financial Results PALO
ALTO, Calif., Oct. 26 /PRNewswire-FirstCall/ -- CV Therapeutics,
Inc. (NASDAQ:CVTX) today announced financial results for the third
quarter ended September 30, 2004. For the quarter ended September
30, 2004, the Company reported a net loss of $32.8 million, or
$1.03 per share, compared to a net loss of $32.3 million, or $1.13
per share, for the same period in 2003. For the nine months ended
September 30, 2004, the Company reported a net loss of $101.3
million, or $3.25 per share, compared to a net loss of $75.9
million, or $2.70 per share, for the same period in 2003. Operating
expenses for the quarter ended September 30, 2004 increased to
$37.4 million from $33.7 million for the same quarter in 2003.
Operating expenses increased to $107.1 million for the nine months
ended September 30, 2004, from $81.8 million for the same period in
2003. The increase in operating expenses in the third quarter of
2004 compared to the same quarter in 2003 was primarily due to
increased contract service expenses for the Company's initiation of
additional Phase III Ranexa(TM) (ranolazine) studies and its two
ongoing Phase III regadenoson studies, offset in part by a decline
in pre-commercialization sales and marketing expenses. The increase
in operating expenses for the nine months ended September 30, 2004
compared to the comparable period in 2003 was primarily due to
increases in contract service expenses for the studies mentioned
above, a small increase in associated research and development
headcount, and an increase in general and administrative expenses
primarily due to increased headcount. Net interest and other
expense for the nine months ended September 30, 2004 increased to a
net expense of $7.1 million, compared to net interest and other
income of $0.2 million in the same period in 2003, primarily due to
a reduction of $3.4 million in interest earned on our investments
and to a loss of $3.3 million during the second quarter ended June
30, 2004 on the early retirement of $116.6 million of the Company's
outstanding 4.75% convertible subordinated notes due in 2007. The
Company recognized collaborative research revenue of $5.6 million
for the quarter ended September 30, 2004, compared to $2.2 million
for the same period in 2003. For the nine months ended September
30, 2004, the Company recognized collaborative research revenue of
$12.8 million, compared to $5.7 million for the same period in
2003. The revenue recognized for each of the periods relates to the
reimbursement of certain development costs from a collaborative
partner and amortization of up-front milestone payments earned. At
September 30, 2004, the Company had cash, cash equivalents and
marketable securities of approximately $400.9 million, compared to
$430.1 million at December 31, 2003. Company management will
webcast a conference call on Tuesday, October 26, 2004 at 5:30 p.m.
EDT, 2:30 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.
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 1609419. 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 four compounds in clinical development.
CV Therapeutics has received an approvable letter from the United
States Food and Drug Administration (FDA) relating to its new drug
application for Ranexa for the potential treatment of chronic
angina, and has submitted an application for the approval of
ranolazine for the potential treatment of chronic angina to the
European Medicines Agency. Regadenoson, 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 heart failure, is being developed by
Biogen Idec Inc. 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 conduct and timing of clinical
trials; the dependence on collaborative and licensing agreements;
commercialization of our products; operating at a loss; 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 Nine months ended September 30, September 30, 2003 2004 2003
2004 Revenues: Collaborative research $2,224 $5,645 $5,739 $12,849
Operating expenses: Research and development 19,460 27,732 53,551
75,691 Sales and marketing 9,472 4,511 15,527 15,048 General and
administrative 4,755 5,184 12,758 16,331 Total operating expenses
33,687 37,427 81,836 107,070 Loss from operations (31,463) (31,782)
(76,097) (94,221) Interest and other income (expense), net (842)
(988) 203 (7,100) Net loss $(32,305) $(32,770) $(75,894) $(101,321)
Basic and diluted net loss per share $(1.13) $(1.03) $(2.70)
$(3.25) Shares used in computing basic and diluted net loss per
share 28,536 31,793 28,122 31,153 CONDENSED CONSOLIDATED BALANCE
SHEETS (in thousands) December 31, September 30, 2003 2004 (A)
(unaudited) Assets: Cash, cash equivalents and marketable
securities $430,107 $400,908 Other current assets 13,009 20,301
Total current assets 443,116 421,209 Property and equipment, net
16,358 14,779 Other assets 11,921 21,654 Total assets $471,395
$457,642 Liabilities and stockholders' equity: Current liabilities
$21,017 $28,353 Convertible subordinated notes 296,250 329,645
Long-term obligations 5,182 6,485 Stockholders' equity 148,946
93,159 Total liabilities and stockholders' equity $471,395 $457,642
(A) Derived from the audited financial statements included in our
Annual Report on Form 10-K for the year ended December 31, 2003.
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, Senior Director,
Corporate Communications, +1-650-384-8850, all of CV Therapeutics,
Inc. Web site: http://www.cvt.com/
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