CV Therapeutics Reports Fourth Quarter and Year End Financial Results for 2003
Tuesday February 10, 3:59 pm ET
PALO ALTO, Calif., Feb. 10 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX - News) today announced financial results for the fourth quarter and the year ended December 31, 2003. For the quarter ended December 31, 2003, the Company reported a net loss of $35.1 million, or $1.21 per share, compared to a net loss of $29.4 million, or $1.09 per share, for the same quarter in 2002. For the year ended December 31, 2003, the Company reported a net loss of $111.0 million, or $3.91 per share, compared to a net loss of $107.8 million, or $4.13 per share, for the year ended December 31, 2002.
For the quarter ended December 31, 2003, total operating expenses increased to approximately $39.4 million, from $32.3 million for the same quarter in 2002. Total operating expenses increased to $121.3 million for the year ended December 31, 2003, from $118.2 million for the year ended December 31, 2002. The increase in operating expenses for the quarter ended December 31, 2003, compared to the same quarter in 2002, was primarily due to increased pre-commercialization efforts for the Ranexa(TM) program. The increase in operating expenses for the year ended December 31, 2003, compared to the year ended December 31, 2002, was primarily due to increased pre-commercialization efforts for the Ranexa program, partially offset by decreased research and development expenses compared to the prior year, when we incurred greater expenses related to manufacturing and NDA filing for the Ranexa program.
The Company recognized collaborative research revenue of $5.6 million for the quarter ended December 31, 2003, compared to $1.8 million for the same quarter in 2002. For the year ended December 31, 2003, the Company recognized revenues of $11.3 million, compared to $5.3 million for the year ended December 31, 2002. The revenue recognized for all periods relates to the reimbursement of certain development costs from collaborative partners. For the quarter and year ended December 31, 2003, collaborative research revenue also includes a $3.0 million milestone payment for the initiation of a Phase III clinical trial for regadenoson (CVT-3146).
At December 31, 2003, the Company had cash, cash equivalents and marketable securities of approximately $430.1 million, compared to $410.9 million at December 31, 2002. The increase was 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 to review the quarterly and year end financial results on Tuesday, February 10, 2004 at 5:30 p.m. EST, 2:30 p.m. PST, 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, February 17, 2004. 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 5336322.
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 development. If approved by the FDA, Ranexa would represent the first new class of anti-anginal therapy in more than 25 years. Regadenoson (CVT-3146), a selective A2A-adenosine receptor agonist, is being developed for potential use as a pharmacologic stress agent in cardiac perfusion imaging studies. Tecadenoson, an A1-adenosine receptor agonist, is being developed for the potential reduction of rapid heart rate during atrial arrhythmias. Adentri(TM), an A1-adenosine receptor antagonist for the potential treatment of acute and chronic congestive heart failure, is licensed to Biogen, Inc. (now Biogen Idec). For more information, please visit CV Therapeutics' website at www.cvt.com. |
