CV Therapeutics Reports Third Quarter Financial Results
Thursday October 17, 4:01 pm ET
PALO ALTO, Calif., Oct. 17 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX - News) today announced a net loss of $24.8 million, or $0.95 per share for the quarter ended September 30, 2002, compared to a net loss of $18.8 million, or $0.85 per share, for the same quarter in 2001. For the nine-months ended September 30, 2002, the Company reported a net loss of $78.4 million, or $3.04 per share, compared to a net loss of $53.3 million, or $2.58 per share, for the same period in 2001.
For the quarter ended September 30, 2002, operating expenses increased to approximately $27.4 million, from $23.8 million for the same quarter in 2001. Total operating expenses increased to $85.9 million for the nine-month period ended September 30, 2002, from $65.4 million for the same period in 2001. The increases in operating expenses for both the quarter and nine-month periods ended September 30, 2002, were primarily due to expenses for the Ranexa(TM) program related to NDA preparation, pre-commercialization activities, and manufacturing-related arrangements.
The Company recognized collaborative research revenue of $1.2 million for the quarter ended September 30, 2002, compared to $2.9 million for the same quarter in 2001. For the nine-month period ended September 30, 2002, the Company recognized revenues of $3.5 million, compared to $5.7 million for the same period in 2001. The revenue recognized for all periods relates to milestone payments earned and the reimbursement of certain development costs from collaborative partners.
At September 30, 2002, the Company had cash, cash equivalents and marketable securities of approximately $420.5 million, compared to $478.4 million at December 31, 2001.
Company management will webcast a conference call on Thursday, October 17, 2002 at 5:00 p.m. EDT, 2:00 p.m. PDT, on the Company's website. To access the live webcast, please log on to the Company's website at www.cvt.com and go to the Investor Information section. Alternatively, domestic callers may participate in the conference call by dialing 888-370-6121, and international callers may participate in the conference call by dialing 706-679-7163. Webcast and telephone replays of the conference call will be available approximately two hours after the completion of the call through Tuesday, October 22, 2002. Domestic callers can access the replay by dialing 800-642-1687, and international callers can access the replay by dialing 706-645-9291; the PIN access number is 6139200.
CV Therapeutics, Inc., headquartered in Palo Alto, California, 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 four compounds in clinical trials. Ranexa(TM), the first in a new class of compounds known as partial fatty acid oxidation (pFOX) inhibitors, is being developed for the potential treatment of chronic angina. Tecadenoson (CVT-510), an A1 adenosine receptor agonist, is being developed for the potential reduction of rapid heart rate during atrial arrhythmias. CVT-3146, an A2A adenosine receptor agonist, is being developed for the potential use as a pharmacologic agent in cardiac perfusion imaging studies. Adentri(TM), an A1 adenosine antagonist, is being developed by our partner Biogen, Inc., for the potential treatment of acute and chronic congestive heart failure. For more information, please visit CV Therapeutics' website at cvt.com . |
