SAN DIEGO, Aug. 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 three and six months ended June 30, 2011.
Cadence commercially launched OFIRMEV® (acetaminophen) injection, the first and only intravenous formulation of acetaminophen to be approved in the U.S., in January 2011. As of July 31, 2011, OFIRMEV had received formulary acceptance at over 1,150 hospitals, representing more than 50% of the targeted U.S. IV analgesic market opportunity for OFIRMEV. Cadence's launch execution has progressed from creating access to creating sales demand, as a result, sales of OFIRMEV have begun to accelerate. Second quarter net product revenue was $1.7 million, an increase of approximately 325% compared to the $0.4 million in net product revenue reported for the first quarter of the year.
During the second quarter, OFIRMEV was added to the formularies of a number of highly influential, community-based hospital networks and some of the most well-respected academic medical centers in the U.S. Additionally, the product was added to the U.S. Department of Defense's Joint Deployment Formulary, the core list of pharmaceutical products required for theater-level care of deployed military forces.
"I am pleased to report that as of June 30, over 1,200 institutions had placed an order for OFIRMEV. Additionally, at the end of the second quarter, nearly 60% of those accounts had placed multiple orders for OFIRMEV, representing a significant increase over the first quarter of this year, at which time only 36% of our customers had re-ordered the product," said Ted Schroeder, President and CEO of Cadence. "Thanks to strong demand by hospital physicians and tremendous exe
|SOURCE Cadence Pharmaceuticals, Inc.|
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