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VIVUS Reports First Quarter 2009 Financial Results and Highlights
Date:5/11/2009

esponsibility for the avanafil phase 3 clinical studies and continues to lead our efforts in experimental medicine.

  • Initiated Second Pivotal Phase 3 Trial of Avanafil for Treatment of Erectile Dysfunction - In February 2009, we announced that we had initiated the REVIVE-Diabetes (TA-302) study to evaluate avanafil for the treatment of erectile dysfunction in men with diabetes, one of the most common causes of erectile dysfunction.

"Our pivotal phase 3 trials for both Qnexa for the treatment of obesity and avanafil for the treatment of erectile dysfunction are proceeding as planned and we look forward to announcing results from each of those programs later this year," stated Leland Wilson, president and chief executive officer of VIVUS. "With recent management promotions and the continued progress on our clinical development programs, we believe we are well positioned to achieve our goals in 2009."

First Quarter Results

Total revenue for the first quarter of 2009 was $22.2 million, as compared to $22.7 million for the first quarter of 2008. Product revenues from the sale of MUSE in the first quarter of 2009 were $1.2 million as compared to $1.6 million in the first quarter of 2008.

License and other revenue of $21 million in each of the first quarters of 2009 and 2008 primarily relates to the sale in 2007 of Evamist to K-V Pharmaceutical ("K-V") and will continue to be significant until May 2009. Since we have received the $150 million in cash from the sale of Evamist and we have no related contingencies, the recognition of license revenue and the corresponding reduction of deferred revenue related to the Evamist sale will have no impact on our cash flows from operations in future periods.

Net loss for the first quarter of 2009 was $6.8 million, or $0.10 net loss
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SOURCE VIVUS, Inc.
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