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Wednesday February 21, 7:00 am Eastern Time
Press Release
SOURCE: CV Therapeutics, Inc.
CV Therapeutics Reports Fourth Quarter and Full Year 2000 Financial Results
PALO ALTO, Calif., Feb. 21 /PRNewswire/ -- CV Therapeutics, Inc. (Nasdaq: CVTX - news) announced today the results of operations for the fourth quarter and full year ended December 31, 2000.
The Company reported a net loss of $38,380,000, or $2.06 per share, for the year ended December 31, 2000, compared with a net loss of $23,122,000, or $1.75 per share, for 1999. For the three-month period ended December 31, 2000, the Company reported a net loss of $13,762,000, or $0.71 per share, compared with a net loss of $6,480,000, or $0.37 per share, for the same period in 1999. Total operating expenses for the year of 2000 increased to approximately $48,362,000 from $25,001,000 in 1999. Total operating expenses in the three-month period ended December 31, 2000 increased to approximately $16,845,000 from $7,475,000 in the same period in 1999. The increase in operating expenses for both periods in 2000 compared to 1999 were primarily due to research and development expenses associated with the Company's ranolazine and CVT-510 clinical programs. The Company recognized collaborative research revenue of $3,309,000 for the year ended December 31, 2000 and $840,000 for the fourth quarter of 2000. No revenue was recognized in either period during 1999. The revenue recognized in 2000 relates to milestone payments received and the reimbursement of certain development costs from our collaborative partners.
At December 31, 2000, the Company had cash, cash equivalents and marketable securities of approximately $296,193,000, compared to approximately $91,257,000 at December 31, 1999. The increase was primarily the result of the Company's convertible notes offering completed in March 2000 that raised gross proceeds of $196,250,000.
``In 2000, CVT made significant advances in our three clinical programs by moving our two lead candidates, ranolazine and CVT-510, closer to commercialization, and by placing CVT-3146 into human clinical testing,'' said Louis G. Lange, M.D., Ph.D., Chairman and CEO of CV Therapeutics. ``In addition, we made further progress with our rich pre-clinical pipeline of drug candidates utilizing novel mechanisms of action. And finally, we maintained our strong balance sheet ending the year with approximately $300 million in cash.''
Statements in this press release concerning the development and potential application and commercialization of CVT's products are forward-looking statements that involve risks and uncertainties. Actual results could differ materially. Factors that could cause or contribute to such differences are more fully discussed in CVT's Annual Report on Form 10-K for the year ended December 31, 1999 and CVT's quarterly reports on Form 10-Q for the quarters ended March 31, 2000, June 30, 2000 and September 30, 2000, respectively.
CV Therapeutics, Inc., headquartered in Palo Alto, CA, is a biopharmaceutical company focused on applying molecular cardiology to the discovery, development and commercialization of novel, small molecule drugs for the treatment of cardiovascular diseases. CVT currently has three compounds in clinical trials. Ranolazine, the first in a new class of compounds known as partial fatty acid oxidation (pFOX) inhibitors, is in Phase III clinical trials for the potential treatment of chronic angina. CVT-510, an A1 adenosine receptor agonist, is in Phase II clinical trials for the potential treatment of atrial arrhythmias. CVT-3146, an A2A adenosine receptor agonist, is in Phase I clinical trials for the potential use as an adjunctive pharmacologic agent in cardiac perfusion imaging studies. For more information, please visit CV Therapeutics' web site at cvt.com .
CV THERAPEUTICS, INC.
Summary Financial Information
Consolidated Statements of Operations
(In thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
1999 2000 1999 2000
Revenues:
Collaborative research $-- $840 $-- $3,309
Operating expenses:
Research and development 6,120 14,727 20,342 40,761
General and administrative 1,355 2,118 4,659 7,601
Total operating expenses 7,475 16,845 25,001 48,362
Loss from operations (7,475) (16,005) (25,001) (45,053)
Interest income 1,215 4,958 2,795 15,785
Interest and other expense (220) (2,715) (916) (9,112)
Net loss $(6,480) $(13,762) $(23,122) $(38,380)
Basic and diluted net loss per
share $(0.37) $(0.71) $(1.75) $(2.06)
Shares used in computing basic and
diluted net loss per share 17,358 19,364 13,207 18,664
Condensed Consolidated Balance Sheets
(In thousands)
December 31,
1999 2000
Assets
Cash, cash equivalents and
marketable securities $91,257 $296,193
Other current assets 2,447 5,739
Total current assets 93,704 301,932
Property and equipment, net 2,676 3,400
Other assets 527 6,301
Total Assets $96,907 $311,633
Liabilities and Stockholders' Equity
Current liabilities $5,666 $16,342
Long-term obligations 9,094 203,509
Stockholders' equity 82,147 91,782
Total Liabilities and
Stockholders' Equity $96,907 $311,633
SOURCE: CV Therapeutics, Inc. |
