MOUNTAIN VIEW, Calif., Nov. 7, 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 third quarter and nine months ended September 30, 2011.
Third Quarter ResultsFor the third quarter ended September 30, 2011, VIVUS reported a net loss of $8.6 million, or $0.10 net loss per share, as compared to a net loss of $18.0 million, or $0.22 net loss per share for the third quarter of 2010. The net loss from continuing operations was $8.8 million, or $0.10 net loss per share, as compared to a net loss from continuing operations of $18.1 million, or $0.22 net loss per share during the third quarter of 2010. The lower net loss in 2011 as compared to 2010 primarily results from reduced research and development spending on Qnexa® and avanafil as these projects progress from the clinical trial stage to the regulatory review stage.
In the third quarter of 2011, we closed on a registered direct offering of our common stock which provided us with gross proceeds of $45.8 million before deduction of fees and expenses related to the offering.
First Nine Months ResultsNet loss for the first nine months of 2011 was $34.7 million, or $0.42 net loss per share, as compared to a net loss of $59.6 million, or $0.74 net loss per share for 2010. The decrease in net loss in the first nine months of 2011 as compared to 2010 results primarily from reduced research and development spending on Qnexa and avanafil. In addition, the net loss for the first nine months last year included a $3.2 million loss from discontinued operations of the MUSE business, which was sold in the fourth quarter 2010.
Cash, Cash Equivalents and Available-for-Sale SecuritiesVIVUS had cash, cash equivalents and available-
|SOURCE VIVUS, Inc.|
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