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Biotech / Medical : CVTX - CV Therapeutics, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: mopgcw who wrote (76)	4/16/2003 6:53:07 PM
From: mopgcw	Read Replies (1) \| Respond to of 411

CV Therapeutics Reports 2003 First Quarter Financial Results Wednesday April 16, 3:59 pm ET PALO ALTO, Calif., April 16 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX - News) today announced financial results for the first quarter ended March 31, 2003. For the quarter ended March 31, 2003, the Company reported a net loss of $20.7 million, or $0.75 per share, compared to a net loss of $21.9 million, or $0.86 per share, for the same quarter in 2002. Operating expenses for the quarter ended March 31, 2003 decreased to approximately $23.3 million, from $25.0 million for the same quarter in 2002, primarily due to decreased clinical trial expenses (consistent with the fluctuation in clinical trial activity of our late stage programs) and decreased general and administrative outside service expenses. These decreases were partially offset by increased pre-commercialization marketing and manufacturing expenses. The Company recognized collaborative research revenue of $1.8 million for the quarter ended March 31, 2003, compared to $1.2 million for the same quarter in 2002. The revenue recognized for both periods relates to the reimbursement of certain development costs from collaborative partners and amortization of up-front milestone payments earned. At March 31, 2003, the Company had cash, cash equivalents and marketable securities of approximately $401.3 million, compared to $410.9 million at December 31, 2002. Company management will webcast a conference call on Wednesday, April 16, 2003 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 9393956. CV Therapeutics, Inc., headquartered in Palo Alto, Calif., 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. Ranexa(TM) (ranolazine) is the first in a new class of compounds that partially inhibit fatty acid oxidation (pFOX). If approved by the FDA, Ranexa 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 .