CV Therapeutics Reports 2008 Second Quarter Financi...( - Ranexa Revenue Grows 15 P...)

- Ranexa Revenue Grows 15 Percent Quarter-over-Quarter -

PALO ALTO, Calif., July 31 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX) today reported financial results for the second quarter ended June 30, 2008.

For the quarter ended June 30, 2008, the Company reported a net loss of $4.3 million, or $0.07 per share. This compares to a net loss of $31.9 million, or $0.53 per share, for the prior quarter ended March 31, 2008 and $57.6 million, or $0.97 per share, for the same quarter in 2007.

For the quarter ended June 30, 2008, the Company recorded total revenues of $51.6 million which consisted of $25.4 million of net product sales of Ranexa(R) (ranolazine extended-release tablets), $4.0 million of royalty revenue and $22.2 million of license, collaboration and other revenue. The $25.4 million of net product sales for sales of Ranexa represents an increase of 15 percent compared to the $22.0 million of net product sales recorded in the prior quarter ended March 31, 2008. The $4.0 million of royalty revenue includes $2.6 million of amortization of our $175.0 million upfront payment earned from an investment trust related to TPG-Axon Capital in exchange for rights to 50 percent of our royalty on North American sales of Lexiscan(TM) (regadenoson) injection and $1.3 million of Lexiscan(TM) royalty revenue. The $22.2 million of license, collaboration and other revenue includes $12.0 million relating to a milestone payment from Astellas Pharma US. Inc. (Astellas) associated with the U.S. Food and Drug Administration (FDA) approval for Lexiscan(TM) and $10.0 million relating to a milestone payment from TPG-Axon Capital associated with the commercial launch of Lexiscan(TM).

Costs and expenses were $56
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