CV Therapeutics Reports 2003 Third Quarter Financial Results
Friday October 17, 7:00 am ET
PALO ALTO, Calif., Oct. 17 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX - News) today announced financial results for the quarter ended September 30, 2003. For the quarter ended September 30, 2003, the Company reported a net loss of $32.3 million, or $1.13 per share, compared to a net loss of $24.8 million, or $0.95 per share, for the same quarter in 2002. For the nine months ended September 30, 2003, the Company reported a net loss of $75.9 million, or $2.68 per share, compared to a net loss of $78.4 million, or $3.04 per share, for the same period in 2002.
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Operating expenses for the quarter ended September 30, 2003 increased to $33.7 million from $27.4 million for the same quarter in 2002. The increase in operating expenses for the quarter ended September 30, 2003 was primarily due to increased sales and marketing and related commercialization efforts for the Ranexa(TM) program. These increases were partially offset by decreased research and development expenses related to manufacturing and new drug application (NDA) filing efforts for the Ranexa program.
Operating expenses for the nine months ended September 30, 2003 decreased to $81.8 million from $85.9 million for the same period in 2002. The decrease in operating expenses for the nine months ended September 30, 2003 compared to the same period in 2002 was primarily due to a decrease in research and development expenses related to manufacturing and NDA filing expenses for the Ranexa program. These expenses were partially offset by increased sales and marketing and related commercialization efforts for the Ranexa program.
The Company recognized collaborative research revenue of $2.2 million for the quarter ended September 30, 2003, compared to $1.2 million for the same quarter in 2002. For the nine months ended September 30, 2003, the Company recognized collaborative research revenue of $5.7 million, compared to $3.5 million for the same period in 2002. The revenue recognized for all periods relates to the reimbursement of certain development costs from our collaborative partner and amortization of up-front milestone payments earned.
At September 30, 2003, the Company had cash, cash equivalents and marketable securities of approximately $461.9 million, compared to $410.9 million at December 31, 2002. This increase is primarily due to the issuance of 2.0% senior subordinated convertible debentures in June 2003, which resulted in gross proceeds of $100.0 million.
Company management will webcast a conference call on Friday, October 17, 2003 at 9:00 a.m. EDT, 6:00 a.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 Friday, October 24, 2003. 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 3243338.
About CV Therapeutics
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. CV Therapeutics currently has four compounds in clinical trials. If approved by the FDA, Ranexa(TM) would represent the first new class of anti-anginal therapy in more than 20 years. Tecadenoson, an A1-adenosine receptor agonist, is being developed for the potential reduction of rapid heart rate during atrial arrhythmias. CVT-3146, a selective A2A-adenosine receptor agonist, is being developed for potential use as a pharmacologic stress agent in cardiac perfusion imaging studies. Adentri(TM), an A1-adenosine receptor antagonist for the potential treatment of acute and chronic congestive heart failure, is licensed to Biogen, Inc. For more information, please visit CV Therapeutics' website at cvt.com . |
