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Cadence Pharmaceuticals Reports Fourth Quarter and Full Year 2012 Financial Results
Date:3/7/2013

MEV was 58% for the fourth quarter of 2012, an improvement of 200 basis points from the third quarter of 2012.
  • An amendment to the company's credit facility in December 2012 delayed the commencement of principal payments by one year, from January 1, 2013, to January 1, 2014, deferring approximately $11.0 million in principal payments originally scheduled for 2013.
  • On February 28, 2013, Cadence announced an extension of its existing supply agreement for OFIRMEV with Lawrence Laboratories, a member of the Bristol-Myers Squibb Company group of companies, from April 2014 to December 2018.
  • On March 4, 2013, the company entered into an agreement with Laboratorios Grifols, S.A., for the development, manufacture and supply of commercial quantities of OFIRMEV in flexible plastic bags. Grifols has supplied intravenous acetaminophen to BMS in flexible plastic bags for distribution in certain markets outside of the U.S. and Canada since 2010.  Cadence plans to submit a supplemental NDA to the FDA in the second half of 2013 seeking approval of the product to be manufactured by Grifols.
  • On March 6, 2013, Cadence and Baxter Healthcare Corporation announced the termination of the development and supply agreement for OFIRMEV between the two companies.
  • Ted Schroeder, President and CEO of Cadence, stated, "Our fourth quarter 2012 revenue exceeded our guidance as we ended the year with strong sales growth and momentum. We continue to expand our customer base and drive higher OFIRMEV utilization rates as physicians increasingly recognize that a balanced, multimodal approach to perioperative analgesia can reduce opioid consumption. We believe that OFIRMEV has a compelling position in such a multimodal strategy."

    Mr. Schroeder continued, "Along with our strong sales performance during the year, the monetization of our investment in Incline and the amendment of our credit facility helped to further strengthen our balance sheet as
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    SOURCE Cadence Pharmaceuticals, Inc.
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