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
|SOURCE CV Therapeutics, Inc.|
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