CV Therapeutics Reports 2004 Third Quarter Financial Results
Tuesday October 26, 4:05 pm ET
PALO ALTO, Calif., Oct. 26 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX - News) today announced financial results for the third quarter ended September 30, 2004. For the quarter ended September 30, 2004, the Company reported a net loss of $32.8 million, or $1.03 per share, compared to a net loss of $32.3 million, or $1.13 per share, for the same period in 2003. For the nine months ended September 30, 2004, the Company reported a net loss of $101.3 million, or $3.25 per share, compared to a net loss of $75.9 million, or $2.70 per share, for the same period in 2003.
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Operating expenses for the quarter ended September 30, 2004 increased to $37.4 million from $33.7 million for the same quarter in 2003. Operating expenses increased to $107.1 million for the nine months ended September 30, 2004, from $81.8 million for the same period in 2003. The increase in operating expenses in the third quarter of 2004 compared to the same quarter in 2003 was primarily due to increased contract service expenses for the Company's initiation of additional Phase III Ranexa(TM) (ranolazine) studies and its two ongoing Phase III regadenoson studies, offset in part by a decline in pre-commercialization sales and marketing expenses. The increase in operating expenses for the nine months ended September 30, 2004 compared to the comparable period in 2003 was primarily due to increases in contract service expenses for the studies mentioned above, a small increase in associated research and development headcount, and an increase in general and administrative expenses primarily due to increased headcount.
Net interest and other expense for the nine months ended September 30, 2004 increased to a net expense of $7.1 million, compared to net interest and other income of $0.2 million in the same period in 2003, primarily due to a reduction of $3.4 million in interest earned on our investments and to a loss of $3.3 million during the second quarter ended June 30, 2004 on the early retirement of $116.6 million of the Company's outstanding 4.75% convertible subordinated notes due in 2007.
The Company recognized collaborative research revenue of $5.6 million for the quarter ended September 30, 2004, compared to $2.2 million for the same period in 2003. For the nine months ended September 30, 2004, the Company recognized collaborative research revenue of $12.8 million, compared to $5.7 million for the same period in 2003. The revenue recognized for each of the periods relates to the reimbursement of certain development costs from a collaborative partner and amortization of up-front milestone payments earned.
At September 30, 2004, the Company had cash, cash equivalents and marketable securities of approximately $400.9 million, compared to $430.1 million at December 31, 2003.
Company management will webcast a conference call on Tuesday, October 26, 2004 at 5:30 p.m. EDT, 2:30 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. 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 1609419.
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. CV Therapeutics has received an approvable letter from the United States Food and Drug Administration (FDA) relating to its new drug application for Ranexa for the potential treatment of chronic angina, and has submitted an application for the approval of ranolazine for the potential treatment of chronic angina to the European Medicines Agency. 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 heart failure, is being developed by Biogen Idec Inc. For more information, please visit CV Therapeutics' website at www.cvt.com. |
