Cadence Pharmaceuticals Reports First Quarter 2009 Financi...( SAN DIEGO May 7 /- Cadence Pharmaceut...)

SAN DIEGO, May 7 /PRNewswire-FirstCall/ -- Cadence Pharmaceuticals, Inc. (Nasdaq: CADX), a biopharmaceutical company focused on in-licensing, developing and commercializing proprietary product candidates principally for use in the hospital setting, today reported financial results for the first quarter ended March 31, 2009.

"We have now completed the clinical development program for Acetavance(TM), our proprietary formulation of intravenous acetaminophen for the treatment of acute pain and fever in adults and children, and plan to submit a New Drug Application for Acetavance in the second quarter of 2009," stated Ted Schroeder, President and CEO of Cadence Pharmaceuticals. "We also achieved another important corporate objective earlier this year by raising gross proceeds of $86.6 million through a private placement of common stock and warrants. We believe this additional capital strengthens our balance sheet and will enable us to prepare for the launch of Acetavance, if approved by the FDA."

In March 2009, Cadence announced that its Phase III clinical trial of Omigard(TM) (omiganan pentahydrochloride 1% topical gel) for the prevention of catheter-related infections did not meet its primary endpoint and that, as a result, the company made the strategic decision to discontinue further development of this product candidate. In order to reduce operating costs following this decision, Cadence implemented a restructuring plan, including a workforce reduction.

First Quarter 2009 Financial Results

For the first quarter ended March 31, 2009, Cadence reported a net loss of $10.4 million, or $0.24 per share, compared to a net loss of $13.7 million, or $0.42 per share, for the same period in 2008. The per share amount for the first quarter of 2009 includes the effect of the issuance of 12,039,794 shares
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