Health & Fitness
Health and Fitness
Health and Fitness
Thu, March 19, 2009
Wed, March 18, 2009
Tue, March 17, 2009
Mon, March 16, 2009 Cypress Bioscience: Cypress Bioscience, Inc. Announces 2008 Financial Results
SAN DIEGO, CA--(Marketwire - March 16, 2009) - Cypress Bioscience, Inc. (
The Company reported revenues of $0.9 million and $17.2 million for the quarter and year ended December 31, 2008, respectively. Revenues for the same periods in 2007 were $6.1 million and $13.9 million, respectively. The increase in full year revenues for 2008 is due to receipt of $13.2 million from Forest Laboratories upon acceptance by the FDA of our New Drug Application for milnacipran, which included a $10.0 million milestone payment and $3.2 million reimbursement for clinical trial costs. This compares to $10.0 million in milestone payments received from Forest Laboratories in 2007.
Total operating expenses for the quarter and year ended December 31, 2008 were $9.0 million and $40.1 million, respectively. Operating expenses in the same periods in 2007 were $5.2 million and $17.7 million, respectively. The increases in operating expenses for the quarter and full year were primarily due to marketing costs in connection with the launch of our personalized medicine services, sales force recruitment costs and salary expense for our newly-hired sales force, and increased share-based compensation expense related to options granted in 2008. Additionally, the full year increase in operating expenses was due to a $12.6 million charge for in-process research and development related to the acquisition of Proprius in March 2008.
At December 31, 2008, the Company had cash, cash equivalents and investments totaling $145.5 million. On January 14, 2009, the Company, along with its collaboration partner, Forest Laboratories, announced that Savella™ (milnacipran HCl) was approved by the U.S. Food and Drug Administration (FDA) for the management of fibromyalgia. In connection with this approval, the Company received a $25.0 million milestone payment and reimbursement of $6.5 million for clinical trial costs from Forest Laboratories in January 2009.
About Cypress Bioscience, Inc.
Cypress Bioscience, Inc. provides therapeutics and personalized medicine services, facilitating improved and individualized patient care. Cypress addresses the evolving needs of specialist physicians and their patients by identifying unmet medical needs in the areas of pain, rheumatology, and physical medicine and rehabilitation, including challenging disorders such as fibromyalgia and rheumatoid arthritis. This approach to improving patient care creates a unique partnership with physicians. Current products include Savella™ (milnacipran HCl) and the Avise PG(SM) and Avise MCV(SM) therapeutic monitoring, diagnostic and prognostic tests for rheumatoid arthritis.
For more information about Cypress, please visit the Company's web site at [ www.cypressbio.com ].
This press release, as well as Cypress' SEC filings and website at [ http://www.cypressbio.com ], contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements related to the potential marketing of Savella™ for the management of fibromyalgia, the expected benefits of the personalized medicine services, and the expected competitive and commercial advantages of offering these services to rheumatologists. Actual results could vary materially from those described as a result of a number of factors, including the risk that Savella™ may not be available to be marketed in the time frame we anticipate, risks involved with Cypress' ability to create a successful sales force and execute its marketing strategy, risks around market acceptance of our personalized medicine services and whether they will facilitate improved diagnostic, prognostic and therapeutic decision making for rheumatologists, risks involved with the development and commercialization of Cypress' product candidates and personalized medicine services, and other risks and uncertainties described in Cypress' most recent Annual Report on Form 10-K, most recent Quarterly Report on Form 10-Q and any subsequent SEC filings. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "potential," "expects," "plans," "anticipates," "intends," or the negative of those words or other comparable words to be uncertain and forward-looking. The statements in this press release speak only as the date hereof, and Cypress undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
CYPRESS BIOSCIENCE, INC. Condensed Consolidated Financial Data (In thousands except per share data) Statement of Operations Data: Quarter ended Year ended December 31, December 31, 2008 2007 2008 2007 --------- ---------- --------- ---------- (unaudited) (unaudited) Revenues under collaborative agreement $ 949 $ 6,060 $ 17,159 $ 13,941 Operating expenses: Cost of personalized medicine services 267 - 267 - Research and development 1,957 2,883 9,671 7,711 Selling, general and administrative 6,824 2,350 17,603 10,027 In-process research and development - - 12,590 - --------- ---------- --------- ---------- Total operating expenses 9,048 5,233 40,131 17,738 --------- ---------- --------- ---------- Interest income 858 2,175 4,746 7,285 --------- ---------- --------- ---------- Net income (loss) $ (7,241) $ 3,002 $ (18,226) $ 3,488 ========= ========== ========= ========== Net income (loss) per share - basic $ (0.19) $ 0.08 $ (0.48) $ 0.10 ========= ========== ========= ========== Shares used in computing net income (loss) per share - basic 37,883 37,404 37,734 35,206 ========= ========== ========= ========== Net income (loss) per share - diluted $ (0.19) $ 0.08 $ (0.48) $ 0.10 ========= ========== ========= ========== Shares used in computing net income (loss) per share - diluted 37,883 38,913 37,734 36,616 ========= ========== ========= ========== Balance Sheet Data: December 31, December 31, 2008 2007 ------------- ------------- Assets Cash, cash equivalents and short-term investments $ 145,495 $ 181,807 Other current assets 1,214 794 Goodwill 26,466 - Other non-current assets 1,418 99 ------------- ------------- Total assets $ 174,593 $ 182,700 ============= ============= Liabilities and Stockholders’ Equity Current liabilities $ 7,958 $ 4,625 Long-term liabilities 6,720 10,060 Stockholders’ equity 159,915 168,015 ------------- ------------- Total liabilities and stockholders’ equity $ 174,593 $ 182,700 ============= =============
