Navigation Links
CV Therapeutics Reports 2008 First Quarter Financial Results

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 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.



(In Thousands, Except Per Share Amounts)


Three months ended

March 31,

2008 2007


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


(in thousands)


March 31, December 31,

2008 2007


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

SOURCE CV Therapeutics, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Vicus Therapeutics to Present at the 234th American Chemical Society National Meeting in Boston, MA
2. DJO Incorporateds Pending Merger With ReAble Therapeutics Clears U.S. Antitrust Review
3. PeriCor Therapeutics Announces Closing of Licensing Agreement for Acadesine with Schering-Plough Corporation
4. Systems Medicine (SM), a Subsidiary of Cell Therapeutics, Inc. (CTI), Announces Execution of CRADA with NCI/NIH to Develop Potential Cancer Treatments Targeting the Insulin Growth Factor (IGF) Pathway
5. Amsterdam Molecular Therapeutics to Release H1 2007 Results on August 29, 2007
6. Nektar Therapeutics Appoints Tim Harkness as Chief Financial Officer
7. ExonHit Therapeutics: Allergan and ExonHits First Collaboration Compound to Begin Human Clinical Trials
8. Cell Therapeutics, Inc. Takes Corrective Actions in Response to Nasdaq Determination
9. Amsterdam Molecular Therapeutics Reports Half Year Results 2007
10. Nektar Therapeutics Appoints Lutz Lingnau as New Board Member
11. Anesiva Grants Specific-Use License of Its Needle-Free Drug Delivery Technology to Particle Therapeutics for Diabetes Drug
Post Your Comments:
(Date:6/27/2016)... -- Alex,s Lemonade Stand Foundation (ALSF), a leading national childhood ... state-of-the-art bioinformatics lab, using ,big data, to advance the ... Liz Scott , co-executive director of ALSF and ... Washington, D.C. , hosted by Vice ... of pediatric cancer research and awareness. ...
(Date:6/27/2016)... June 27, 2016  Global demand for enzymes ... through 2020 to $7.2 billion.  This market includes ... cleaning products, biofuel production, animal feed, and other ... and biocatalysts). Food and beverages will remain the ... increasing consumption of products containing enzymes in developing ...
(Date:6/27/2016)... June 27, 2016 /PRNewswire/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" ... by its major shareholders, Clean Technology Fund I, LP ... States based venture capital funds which together ... (on a fully diluted, as converted basis), that they ... their entire equity holdings in Biorem to TUS Holdings ...
(Date:6/27/2016)... , June 27, 2016  Sequenom, Inc. (NASDAQ: ... enabling healthier lives through the development of innovative products ... the United States denied its ... the claims of Sequenom,s U.S. Patent No. 6,258,540 (",540 ... criteria established by the Supreme Court,s Mayo Collaborative Services ...
Breaking Biology Technology:
(Date:6/27/2016)... June 27, 2016 Research and Markets has ... 2016-2020" report to their offering. ... America to grow at a CAGR of 12.28% during ... based on an in-depth market analysis with inputs from industry experts. ... the coming years. The report also includes a discussion of the ...
(Date:6/22/2016)... , June 22, 2016  The American College of ... Trade Show Executive Magazine as one of the fastest-growing ... May 25-27 at the Bellagio in Las Vegas ... the highest percentage of growth in each of the following ... exhibiting companies and number of attendees. The 2015 ACMG Annual ...
(Date:6/22/2016)... ANGELES , June 22, 2016 /PRNewswire/ ... identity management and verification solutions, has partnered ... edge software solutions for Visitor Management, Self-Service ... provides products that add functional enhancements ... partnership provides corporations and venues with an ...
Breaking Biology News(10 mins):