Cadence Pharmaceuticals Reports Third Quarter 2009 Financi...(mercial infrastructure in preparation fo...),Health

Date:11/5/2009

mercial infrastructure in preparation for the potential commercialization of Acetavance. More specifically, during the three months ended September 30, 2009, Cadence hired its sales management team for the potential launch of Acetavance, if approved, and is currently recruiting sales representatives contingent on FDA approval. Cadence also increased spending related to the development of marketing materials and programs during the three months ended September 30, 2009. In addition, general and administrative expenses increased during the current quarter primarily due to increased personnel costs, including an additional $0.6 million in stock-based compensation charges.

For the nine months ended September 30, 2009, Cadence reported a net loss of $30.2 million, or $0.63 per share, compared to a net loss of $43.1 million, or $1.18 per share, for the same period in 2008. Operating expenses for the nine months ended September 30, 2009 were $29.4 million, a decrease of $13.6 million from the $43.0 million reported for the comparable period in 2008. The decrease in current year expenses is primarily due to a reduction in research and development costs as a result of the company's discontinuation of the development program for its omiganan product candidate in March 2009, the completion of its clinical development program for Acetavance in early 2009, and the submission of its NDA for Acetavance in May 2009. Partially offsetting this reduction is an increase in sales and marketing expenses in 2009 as the company began establishing its commercial and supply operation functions in preparation for the potential commercialization of Acetavance. General and administrative expenses increased during the current year primarily due to increased personnel costs, including an additional $0.8 million in stock-based compensation charges.

As of September 30, 2009, Cadence held cash, cash equivalents and short-term investments of $96.6 million.

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SOURCE Cadence Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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