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

2 million, from $15.1 million reported for the same period in 2009. This increase was primarily due to the company's commercial launch preparations in the fourth quarter of 2010, including the hiring of hospital sales specialists and medical science liaisons.  Partially offsetting this increase was a reduction in Cadence's pre-commercial manufacturing expenses incurred in the fourth quarter of 2010 as compared to the comparable period in 2009.

Operating expenses for the year ended December 31, 2010, increased $10.4 million to $54.9 million, from $44.5 million reported for 2009. This increase was primarily due to a significant increase in Cadence's sales and marketing expenses as a result of preparations for the commercial launch of OFIRMEV, including developing a commercial infrastructure and the addition of headcount to support the launch. Partially offsetting these increases was a decrease in Cadence's research and development expenses, primarily due to the discontinuation of Cadence's omiganan pentahydrochloride development program in March 2009 and the completion of its clinical development program for OFIRMEV in May 2009.

As of December 31, 2010, Cadence held cash, cash equivalents and short-term investments of $134.1 million. Included in the balance at December 31, 2010, were the proceeds from Cadence's fourth quarter public offering, in which 12.5 million shares of common stock were sold, raising net proceeds of $93.6 million.

Commenting on the 2010 financial results and recent events, Ted Schroeder, President and CEO of Cadence, stated, "I'm extremely proud of how quickly our team mobilized to launch OFIRMEV and I'm excited by the speed at which hospitals are adding OFIRMEV to their formularies. We believe that this strong early recognition of the role that OFIRMEV may play in addressing the longstanding unmet need to provide improved pain management to hospitalized patients bodes well for broad utilization in U.S. hospitals. We al
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SOURCE Cadence Pharmaceuticals, Inc.
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