MOUNTAIN VIEW, Calif., May 2, 2011 /PRNewswire/ -- VIVUS, Inc. (Nasdaq: VVUS), a biopharmaceutical company dedicated to the development and commercialization of novel therapeutic products, today reported its financial results for the first quarter ended March 31, 2011.
First Quarter ResultsFor the quarter ended March 31, 2011, VIVUS reported a net loss of $9.9 million or $0.12 per share as compared to a net loss of $18.8 million or $0.23 per share for the first quarter of 2010. The net loss from continuing operations was $9.9 million, or $0.12 net loss per share, as compared to a net loss from continuing operations of $16.6 million, or $0.21 net loss per share, during the first quarter of 2010. The lower net loss in 2011 as compared to 2010 results from reduced research and development spending on QNEXA® and avanafil as these projects progress from the clinical trial stage to the approval stage. The net loss for the first quarter last year also included a $2.2 million loss from discontinued operations of the MUSE business that was subsequently sold in the fourth quarter of 2010.
Cash, Cash Equivalents and Available-for-Sale SecuritiesVIVUS had cash, cash equivalents and available-for-sale securities of $130.4 million at March 31, 2011, as compared to $139.2 million at December 31, 2010. The decrease in cash, cash equivalents and available-for-sale securities of $8.8 million is primarily due to cash used in operations and other net cash uses offset by proceeds of $1.5 million from the exercise of common stock options.
QNEXA Regulatory Update VIVUS met with the Food and Drug Administration, or FDA, on April 14, 2011 to discuss the feasibility of performing a retrospective observational study utilizing existing electronic healthcare databases to assess fetal outcomes, which include major congenital malformations and oral cleft,
|SOURCE VIVUS, Inc.|
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