Selling, general and administrative expenses for first quarter of 2008 were $32.8 million, compared to $14.3 million for the first quarter of 2007. The increase was primarily due to spending in preparation for the launch of LUVOX CR, increased headcount and higher expenses to support the larger sales force.
Net loss for the first quarter of 2008 was $46.7 million, compared to a $19.6 million net loss for the first quarter of 2007.
Jazz Pharmaceuticals' unrestricted cash and marketable securities
balance as of March 31, 2008 was $105.2 million. During the quarter ended
March 31, 2008, net cash used in operating activities was $38.2 million.
-- In late March 2008, approximately $3.0 million of LUVOX CR commercial
product was shipped to wholesalers. As is common for new
pharmaceutical product launches, no LUVOX CR net sales revenue was
recognized in the first quarter of 2008.
-- In mid-April 2008, Jazz Pharmaceuticals' sales team of approximately
200 field-based professionals began communicating with psychiatrists
and select primary care physicians about the unique attributes of
LUVOX CR for OCD and SAD patients. Sales professionals are providing
samples of LUVOX CR in 100 mg and 150 mg doses. Jazz Pharmaceuticals
is also supporting non-branded disease awareness campaigns to
highlight the importance of correctly diagnosing and treating OCD and
-- Approval and launch of LUVOX CR triggered a total of $41.0 million in
milestone payments to Solvay Pharmaceuticals, $10.0 million of which
was paid in March 2008.
-- On April 25, 2008, screening of subjects was closed in the first of
Jazz Pharmaceuticals' two P
|SOURCE Jazz Pharmaceuticals, Inc.|
Copyright©2008 PR Newswire.
All rights reserved