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Cadence Pharmaceuticals Reports Third Quarter 2011 Financial Results
Date:11/3/2011

SAN DIEGO, Nov. 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 nine months ended September 30, 2011.

For the third quarter of 2011, net sales of Cadence's product, OFIRMEV® (acetaminophen) injection, the first and only intravenous formulation of acetaminophen to be approved in the U.S., were $3.5 million, an increase of approximately 105% from the $1.7 million in net sales reported for the second quarter of 2011. As of October 31, 2011, OFIRMEV had received formulary acceptance at over 1,400 U.S. hospitals, which Cadence believes represents more than 60% of the targeted U.S. IV analgesic market opportunity for the product.

"We are pleased with the growing physician interest and adoption of OFIRMEV and continue to be excited about the future prospects for our product," said Ted Schroeder, President and CEO of Cadence. "Our optimism is supported by strong growth in measures indicating customer demand, such as the number of new and repeat customers, and increases in the frequency and size of orders, over previous quarters.  As of the end of the third quarter, over 1,800 institutions had purchased the product, an increase of approximately 45% from the level at the end of the second quarter. We believe that these positive trends reflect the utility of OFIRMEV in a broad range of patients experiencing pain and fever, and bode well for our potential long-term revenue growth."

Financial ResultsFor the three months ended September 30, 2011 Cadence reported a net loss of $21.8 million, or $0.34 per share, compared to a net loss of $11.7 million, or $0.23 per share, for the comparable period in 2010. For the nine months ended Septembe
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SOURCE Cadence Pharmaceuticals, Inc.
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