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Cadence Pharmaceuticals Reports Fourth Quarter and Full Year 2010 Financial Results
Date:3/3/2011

SAN DIEGO, March 3, 2011 /PRNewswire/ -- Cadence Pharmaceuticals, Inc. (Nasdaq: CADX), a biopharmaceutical company focused on in-licensing, developing and commercializing proprietary products principally for use in the hospital setting, today reported financial results for the fourth quarter and year ended December 31, 2010.

During the fourth quarter of 2010, Cadence received marketing approval for OFIRMEV™ (acetaminophen) injection from the U.S. Food and Drug Administration (FDA). OFIRMEV is indicated for the management of mild to moderate pain, the management of moderate to severe pain with adjunctive opioid analgesics, and the reduction of fever in adults and children two years of age and older.  Cadence announced the national launch of OFIRMEV on January 18, 2011.

Recent highlights for the company include:

  • Approval of the Company's New Drug Application (NDA) for OFIRMEV on November 2, 2010
  • Sale of 12.5 million shares of common stock in the fourth quarter of 2010, raising net proceeds of $93.6 million
  • Hiring of 147 hospital sales specialists and 13 field-based medical science liaisons
  • Announcement of the commercial launch of OFIRMEV on January 18, 2011
  • 203 hospital formulary approvals as of March 2, 2011, representing an estimated 10% of the targeted market opportunity for OFIRMEV

  • Financial ResultsFor the three months ended December 31, 2010, Cadence reported a net loss of $18.8 million, or $0.33 per share, compared to a net loss of $15.3 million, or $0.30 per share, for the comparable period in 2009. For the year ended December 31, 2010, Cadence reported a net loss of $56.6 million, or $1.09 per share, compared to a net loss of $45.5 million, or $0.93 per share, for the comparable period in 2009.

    Operating expenses for the three months ended December 31, 2010, increased $3.1 million to $18.
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    SOURCE Cadence Pharmaceuticals, Inc.
    Copyright©2010 PR Newswire.
    All rights reserved

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