For the three months ended June 30, 2009, Cadence reported a net loss of $8.3 million, or $0.17 per share, compared to a net loss of $15.6 million, or $0.41 per share, for the same period in 2008. For the six months ended June 30, 2009, Cadence reported a net loss of $18.7 million, or $0.40 per share, compared to a net loss of $29.3 million, or $0.83 per share, for the same period in 2008. The per share amount for the three and six month periods of 2009 includes the effect of the issuance of 12,039,794 shares of common stock during the first quarter of 2009 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. The per share amounts for three and six month periods of 2008 include only the effect of the 2008 common stock issuance.
Operating expenses for the three months ended June 30, 2009 were $8.0 million, a decrease of $7.6 million from the $15.6 million reported for the comparable period in 2008. Operating expenses for the six months ended June 30, 2009 were $18.1 million, a decrease of $11.2 million from the $29.3 million reported for the comparable period in 2008. The decreases in the current year expenses are primarily due to a reduction in research and development costs as the company completed its clinical development program for Acetavance in early 2009 and submitted an NDA for this product candidate in May 2009. Further, in March 2009, Cadence discontinued the development program for its omiganan product candidate and has incurred a limited amount of expense thus far during the year as it completes the regulatory requirements for this program.
As of June 30, 2009, Cadence held cash and cash equivalents of $105.4 million, which includes proc
|SOURCE Cadence Pharmaceuticals, Inc.|
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