First Quarter 2008 Financial Results
For the first quarter ended March 31, 2008, Cadence reported a net loss of $13.7 million, or $0.42 per share, compared to a net loss of $9.6 million, or $0.34 per share, for the same period in 2007.
As of March 31, 2008, Cadence held cash and cash equivalents of $91.4 million, which included proceeds from the registered direct offering completed in February 2008, pursuant to which Cadence issued and sold approximately 9.2 million shares of common stock at a price of $5.34 per share, and received net proceeds of approximately $49.1 million.
Operating expenses for the first quarter ended March 31, 2008, were $13.8 million, an increase of $3.4 million from the $10.4 million reported for the same period in 2007. This increase was primarily a result of $1.7 million of additional research and development costs related to ongoing Phase III clinical trials and pre-commercialization manufacturing development activities for Acetavance and Omigard. Other supporting costs for research and development activities increased $0.5 million, which included a $0.2 million increase in stock-based compensation.
In addition, the increased operating expenses were due to a $0.3
million increase in market research and personnel-related activities for
Omigard, and an increase of $0.8 million in general and administrative
expenses, including a $0.4 million increase in stock-based compensation
Acetavance(TM) Clinical Program Update
o Following the announcement of results for Acetavance Studies 301 and
302 in January 2008, Cadence initiated discussions with the FDA to
determine if the company may need to
|SOURCE Cadence Pharmaceuticals, Inc.|
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