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Cadence Pharmaceuticals Reports Third Quarter 2012 Financial Results
Date:11/5/2012

SAN DIEGO, Nov. 5, 2012  /PRNewswire/ -- Cadence Pharmaceuticals, Inc. (NASDAQ: CADX), a biopharmaceutical company focused on acquiring, in-licensing, developing and commercializing proprietary products principally for use in the hospital setting, today reported financial results for the third quarter and nine months ended September 30, 2012.

Highlights from the third quarter include:

  • Net product revenue for the third quarter of 2012 was $13.9 million, an increase of $2.8 million, or 25%, from $11.1 million for the second quarter of 2012
  • Net product revenue for the nine months ended September 30, 2012, was $33.0 million, which is $27.4 million, or nearly five times, higher than the $5.6 million of net product revenue reported for the same period in 2011
  • The customer base for OFIRMEV increased by 10% during the third quarter as compared to the second quarter of this year, with a total of nearly 3,500 unique customer accounts at September 30, 2012
  • The gross margin on sales of OFIRMEV was 56% for the third quarter of 2012, which represents an improvement over the 48% gross margin reported for the second quarter of 2012
  • As of September 30, 2012, OFIRMEV was on formulary at over 2,000 institutions throughout the U.S.
  • "With strong third quarter sales growth and continued expansion of its user base, we believe that OFIRMEV, used as the foundation of a multimodal analgesic approach, is on track to become a standard of care in acute pain management. An increasing number of physicians and hospitals are choosing OFIRMEV to effectively manage acute pain and to reduce opioid use. OFIRMEV's customer base has nearly doubled over the past year and it is now being used in over 70% of the top 2,000 accounts in the country, when ranked by the quantity of IV analgesic products purchased," said Ted Schroeder, President and C
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    SOURCE Cadence Pharmaceuticals, Inc.
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