Research and development expenses were $3.8 million in 2008, compared to $948,000 in 2007, an increase of approximately $2.9 million, or 305%. Research and development expenses in 2008 included additional expenses related to pipeline development, as well as the write-off of $1.9 million of in-process research and development related to an alpha-7 product candidate that was acquired from Critical Therapeutics.
For the 12 months ended December 31, 2008, the Company had operating income of $10.6 million, or 16.4% of net revenues, compared with operating income of $2.4 million or 8.7% of net revenues, for the same period in 2007, an increase of approximately 341%. The Company's 2008 net income and diluted earnings per share were $9.0 million and $1.14, respectively.
"We are extremely pleased with the successful completion of our merger, with net product sales more than doubling from 2007 and with the continued growth in operating income and cash flow from operations that we experienced in 2008," said Craig A. Collard, Cornerstone's President and Chief Executive Officer. "We remain focused on driving profitable growth by expanding our sales and marketing team within the respiratory market to further drive our current market penetration. In addition, we believe the advancement of our existing product pipeline, combined with additional in-licensing and product acquisition opportunities will support our revenue and operating profit in the future."
As of December 31, 2008, the Company had $9.3 million in cash and cash equivalents and borrowing availability of $3.9 million under a line of credit with Paragon Commercial Bank.
For the full year, Corners
|SOURCE Cornerstone Therapeutics Inc.|
Copyright©2009 PR Newswire.
All rights reserved