SAN DIEGO, Aug. 14 /PRNewswire-FirstCall/ -- Cadence Pharmaceuticals, Inc. (Nasdaq: CADX), a biopharmaceutical company focused on in-licensing, developing and commercializing proprietary product candidates principally for use in the hospital setting, announced today unaudited financial results for the second quarter and six months ended June 30, 2007. Cadence reported a net loss for the second quarter of 2007 of $14.9 million, or $0.52 per share, compared to a net loss of $6.2 million, or $4.92 per share, in the second quarter of 2006. For the six months ended June 30, 2007, the company reported a net loss of $24.5 million, or $0.86 per share, compared to a net loss of $35.4 million, or $28.50 per share for the six months ended June 30, 2006.
As of June 30, 2007, Cadence held cash and cash equivalents of $66.9 million.
"We remain keenly focused on executing the development programs for our two Phase III product candidates, intravenous acetaminophen and Omigard(TM)," said Ted Schroeder, Cadence's President and Chief Executive Officer. "As a result, we are on track to meet our clinical development and pre-commercialization manufacturing objectives for both product candidates. In particular, we are pleased with the recent execution of a development and supply agreement for IV acetaminophen with Baxter Healthcare, a leading global contract manufacturer, which we believe will position us to meet the anticipated demand for this important product candidate upon commercialization and for several years thereafter."
Total operating expenses for the second quarter of 2007 were $15.7
million, compared to $6.6 million for the second quarter of 2006. The
increase in operating expenses was p
|SOURCE Cadence Pharmaceuticals, Inc.|
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