CV Therapeutics Reports Second Quarter 2005 Financial Results
Monday August 8, 4:09 pm ET
PALO ALTO, Calif., Aug. 8 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX - News) today announced financial results for the second quarter of 2005. For the quarter ended June 30, 2005, the Company reported a net loss of $51.6 million, or $1.43 per share, compared to a net loss of $37.2 million, or $1.18 per share, for the same quarter in 2004.
ADVERTISEMENT
Operating expenses for the quarter ended June 30, 2005 increased to $56.7 million, compared to operating expenses of $36.9 million for the same quarter in 2004. The increase in operating expenses for the quarter ended June 30, 2005 was primarily due to higher sales and marketing expenses resulting from the hiring of a national cardiovascular specialty sales force, and other co-promotion related activities associated with ACEON® (perindopril erbumine) Tablets. Additionally, there were higher contract service expenses for our Phase 3 regadenoson and Ranexa(TM) (ranolazine) studies.
The Company recognized collaborative research revenue of $5.7 million for the quarter ended June 30, 2005, compared to $4.3 million for the same quarter in 2004. Revenue recognized relates to the reimbursement of certain regadenoson development costs from a collaborative partner and amortization of up-front payments earned. The Company did not record any co-promotion revenues as sales of ACEON® did not exceed the baseline specified in the co-promotion agreement.
Interest and other expense, net decreased to $0.6 million for the quarter ended June 30, 2005 compared to $4.6 million for the same quarter in 2004. The decrease was primarily due to a loss of $3.3 million during the 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.
CV Therapeutics also reported its financial results for the six months ended June 30, 2005. The net loss for the six months ended June 30, 2005 was $98.0 million, or $2.74 per share, compared to a net loss of $68.6 million, or $2.22 per share, for the same period in 2004.
At June 30, 2005, the Company had cash, cash equivalents and marketable securities of approximately $349.1 million, compared to $404.5 million at December 31, 2004. In July 2005, the Company completed concurrent public equity and debt financings totaling approximately $329.9 million before underwriting and other expenses. The financings consisted of the sale of 8,350,000 shares of common stock at $21.60 per share and $149.5 million of 3.25% senior subordinated convertible notes due 2013. On August 3, 2005 the Company redeemed $79.6 million principal amount of its 4.75% convertible subordinated notes due March 7, 2007 at a redemption price equal to 101.357% of the principal.
Company management will webcast a conference call on August 8, 2005 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 Monday, August 15, 2005. 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 7995271.
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 three programs in commercial or late-stage development: ACEON® (perindopril erbumine) Tablets, Ranexa(TM) (ranolazine) and regadenoson. CV Therapeutics also has other clinical and preclinical drug development candidates and programs. The company co-promotes ACEON®, an ACE inhibitor with enhanced tissue affinity, for the treatment of essential hypertension in the United States with Solvay Pharmaceuticals, Inc. Ranexa is being developed as a novel potential treatment for chronic angina. Regadenoson is being developed for potential use as a pharmacologic stress agent in myocardial perfusion imaging studies. Ranexa and regadenoson have not been approved for marketing by any regulatory authorities. |
