CV Therapeutics Reports 2008 Fourth Quarter and Full Year Financi...( - 64 percent year-over-year increase ...)

- 64 percent year-over-year increase in Ranexa(R) net revenue -

- Company retires more than $100 million in convertible debt in 2008 -

- Ranexa prescriptions for first week in February hit record high according to IMS -

PALO ALTO, Calif., Feb. 20 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX) today reported financial results for the fourth quarter and full year ended December 31, 2008.

For the year ended December 31, 2008, the company reported a net loss of $98.5 million, or $1.61 per share, compared to a net loss of $181.0 million, or $3.05 per share, for the year ended December 31, 2007. This $1.44 per share reduction represents a 47 percent improvement in net loss from 2007 to 2008. For the quarter ended December 31, 2008, the company reported a net loss of $37.0 million, or $0.60 per share. This compares to a net loss of $34.1 million, or $0.57 per share, for the same quarter in 2007.

"2008 was an exceptional year for CV Therapeutics and its shareholders, as we received three major regulatory approvals, retired more than $100 million in debt, completed two major strategic transactions bringing in more than $250 million in non-dilutive net cash, grew our Ranexa business by 64 percent year-over-year, and saw our share price outperform the NASDAQ by more than 40 percent," said Dr. Louis Lange, chairman and chief executive officer of CV Therapeutics.

"With the company's solid cash position, the full promotional launch of the improved U.S. Ranexa labeling and the imminent introduction of Ranexa in Europe, we expect 2009 to be another outstanding year, highlighted by increasing revenues and pipeline advancement with CVT-3619 and other programs. We expect to be able to provide an update regarding profitability timing by the middle of the year," La
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