SAN DIEGO, May 3, 2012 /PRNewswire/ -- Cadence Pharmaceuticals, Inc. (NASDAQ: CADX), a biopharmaceutical company focused on acquiring, in-licensing, developing and commercializing proprietary products principally for use in the hospital setting, today reported financial results for the first quarter ended March 31, 2012.
During the first quarter of 2012, Cadence reported net product revenue of $8.0 million, an increase of $7.6 million as compared to the first quarter of 2011. As compared to the quarter ended December 31, 2011, net product revenue for the first quarter of 2012 increased $2.1 million, or 36%, from $5.9 million.
As of March 31, 2012, approximately 2,700 unique accounts had ordered OFIRMEV® (acetaminophen) injection, an increase of approximately 20% quarter-over-quarter, and an estimated 330,000 to 410,000 patients were treated with OFIRMEV in just the first three months of 2012.
"Demand for OFIRMEV continued to grow at a strong pace in the first quarter, and I am encouraged by the underlying trends. Our customer base has increased and our customers made larger orders of the product as compared to the previous quarter," said Ted Schroeder, President and CEO of Cadence. "Our team is focused on expanding on these positive trends and driving continued adoption and revenue growth of OFIRMEV."
Cadence believes that returns related to the voluntary recall of a single lot of OFIRMEV that was announced in February 2012 have been substantially completed. While some customers experienced a short-term supply delay as a result of the temporary suspension of shipments from the supplier of the recalled lot, the company was able to accelerate the delivery of product from another supplier and quickly resumed normal shipments.
Financial ResultsNet product revenue was $8.0 million for the three months ended
|SOURCE Cadence Pharmaceuticals, Inc.|
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