CV Therapeutics Reports 2004 First Quarter Financial Results
Friday April 30, 5:30 am ET
PALO ALTO, Calif., April 30 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX - News) today announced financial results for the first quarter ended March 31, 2004. For the quarter ended March 31, 2004, the Company reported a net loss of $31.3 million, or $1.04 per share. This compares to a net loss of $20.7 million, or $0.75 per share, for the same quarter in 2003 and to a net loss of $35.1 million, or $1.21 per share, for the prior quarter ended December 31, 2003.
Operating expenses for the quarter ended March 31, 2004 were approximately $32.7 million. This compares to operating expenses of $23.3 million for the same quarter in 2003, and to operating expenses of $39.4 million for the quarter ended December 31, 2003. The increase in operating expenses compared to the same quarter in 2003 was primarily due to additional Phase III clinical trial expenses, pre-commercialization marketing, general and administrative and manufacturing expenses. The decrease in operating expenses compared to the quarter ended December 31, 2003 was primarily due to decreased pre-commercialization, marketing and manufacturing costs and costs relating to the Company's new drug application for Ranexa(TM), partially offset by increased general and administrative costs.
The Company recognized collaborative research revenue of $2.9 million for the quarter ended March 31, 2004. This compares to collaborative research revenue of $1.8 million for the same quarter in 2003, and to collaborative research revenue of $5.6 million for the quarter ended December 31, 2003. The revenue recognized for each of the periods relates to the reimbursement of certain development costs from collaborative partners and amortization of up-front milestone payments earned. 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 March 31, 2004, the Company had cash, cash equivalents and marketable securities of approximately $432.1 million, compared to $430.1 million at December 31, 2003.
Company management will webcast a conference call on Friday, April 30, 2004 at 8:30 a.m. EDT, 5:30 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. 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 6681883.
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. Applications for the approval of ranolazine for the treatment of chronic angina have been submitted to the United States Food and Drug Administration (FDA) and the European Agency for the Evaluation of Medicinal Products (EMEA). Regadenoson, 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 congestive heart failure, is licensed to Biogen, Inc. (now Biogen Idec Inc.). For more information, please visit CV Therapeutics' website at www.cvt.com. |
