Cadence Pharmaceuticals Reports First Quarter 2009 Financi... (of common stock during the quarter pursu...)

Cadence Pharmaceuticals Reports First Quarter 2009 Financial Results

Date:5/7/2009

of common stock during the quarter pursuant to a private placement transaction and the issuance of 9,240,307 shares of common stock pursuant to a registered direct offering of common stock during the first quarter of 2008, while the per share amount for the first quarter of 2008 includes only the effect of the 2008 common stock issuance.

As of March 31, 2009, Cadence held cash and cash equivalents of $118.5 million, which included proceeds from the private placement of the company's common stock completed in February 2009, pursuant to which Cadence issued and sold approximately 12.0 million shares at a price of $7.13 per share and 6.0 million warrants, exercisable at $7.84 per share, at a price of $0.125 per warrant. The transaction resulted in proceeds, net of offering costs, of approximately $86.2 million.

Operating expenses for the first quarter ended March 31, 2009 were $10.1 million, a decrease of $3.7 million from the $13.8 million reported for the first quarter of 2008. This decrease was due to a reduction in research and development expenses during the three months ended March 31, 2009, as compared to the same period in 2008, partially offset by restructuring charges incurred as a result of the discontinuation of the company's Omigard development program in the first quarter of 2009. The reduction in research and development costs was primarily the result of reduced clinical research spending due to the completion of the company's clinical trials and reduced charges related to facility improvements at the company's contract manufacturer's facility. Partially offsetting these decreases were increases in costs incurred in preparing for the submission of the company's NDA for Acetavance.

Conference Call and Webcast on May 7, 2009 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time)

Cadence management will host a conference call on May 7, 2009 at 1:30 p.m. Pacific Time (4:30 p.m
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Cadence Pharmaceuticals Reports First Quarter 2009 Financi...(of common stock during the quarter pursu...)