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Cadence Pharmaceuticals Reports First Quarter 2008 Financial Results and Provides Clinical Program Update
Date:5/6/2008

iodine in reducing local catheter site infections. The company achieved its goal of enrolling 1,850 patients at 58 clinical trial sites in the United States and Europe. CLIRS is being conducted under a Special Protocol Assessment with the U.S. Food and Drug Administration (FDA).

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 charges.

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
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SOURCE Cadence Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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