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CV Therapeutics Reports 2008 Second Quarter Financial Results
Date:7/31/2008

.8 million for the quarter ended June 30, 2008. This compares to total costs and expenses of $53.1 million for the prior quarter ended March 31, 2008 and $83.1 million for the same quarter in 2007. The increase of total costs and expenses in the quarter ended June 30, 2008 compared to the prior quarter ended March 31, 2008 was primarily due to higher Ranexa marketing and sales expense.

The decrease in costs and expenses in the quarter ended June 30, 2008 compared to the same period in 2007 was due in part to $18.6 million of non-recurring charges relating to the Company's restructuring plan initiated in May 2007 to lower annual operating expenses. The balance of the year-over-year decline was primarily due to lower research and development expenses, reduction in personnel-related expenses related to cost savings from the May 2007 restructuring plan and lower marketing and sales expenses. These decreases were partially offset by higher cost of sales due to higher sales of Ranexa.

During the quarter ended June 30, 2008 the Company had several unusual events which affected our quarterly cash flow. We received a $12.0 million milestone from Astellas upon FDA approval of Lexiscan(TM). We also received two payments totaling $185.0 million from TPG-Axon Capital in exchange for rights to 50 percent of our royalty on North American sales of Lexiscan(TM). Offsetting these cash inflows, $48.4 million was used to repurchase $53.0 million face value of our convertible subordinated notes. Additionally, the Company made an estimated tax payment of $3.2 million for alternative minimum tax primarily as a result of the cash received from TPG-Axon Capital.

At June 30, 2008, the Company had cash, cash equivalents, marketable securities and restricted cash of $274.7 million compared to $151.0 million at March 31, 2008. Excluding the unusual cash items above, our cash utilized for the quarter ended June 30, 2008 was $21.7 million. This compares to our cash utilized f
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SOURCE CV Therapeutics, Inc.
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