LEXINGTON, Mass., Feb. 4 /PRNewswire-FirstCall/ -- Indevus Pharmaceuticals, Inc. (Nasdaq: IDEV) (the 'Company') today announced its consolidated results of operations for the first quarter of fiscal 2009, ended December 31, 2008.
The Company reported revenues of $26.4 million and a consolidated net loss of $7.6 million or $0.10 per share for the quarter ended December 31, 2008. This compares to revenues of $16.4 million and a consolidated net loss of $14.7 million or $0.19 per share for the quarter ended December 31, 2007.
At December 31, 2008, the Company had consolidated cash and cash equivalents totaling approximately $125.6 million.
Financial Results
Total consolidated revenues for the quarter ended December 31, 2008 were $26.4 million, an increase of 61% from the $16.4 million reported for the quarter ended December 31, 2007. The primary components of revenue for the quarter ended December 31, 2008 were $13.0 million from the recognition of revenue associated with the SANCTURA(R) brand, $6.8 million from sales of VANTAS(R), and $5.9 million from sales of SUPPRELIN(R) LA.
Cost of product revenue for the quarter ended December 31, 2008 was $6.5 million, an increase of 12% from the $5.9 million reported for the quarter ended December 31, 2007. Cost of product revenue in the current quarter relates primarily to costs associated with the SANCTURA brand, including royalties on sales of SANCTURA and SANCTURA XR(TM) that are reimbursed by Allergan, and costs associated with VANTAS and SUPPRELIN LA.
Research and development expenses for the quarter ended December 31, 2008 were $5.2 million, a decrease of 19% from the $6.4 million reported for the quarter ended December 31, 2007. Marketing, general and administrative expenses for the quarter ended December 31, 2008 were $15.9 million, a decrease of 10% from the $17.8 million reported for the quarter ended December 31, 2007.
Interest expense of $6.3 million for the quarter ended December 31, 2008 related to the Company's Convertible Notes and Non-recourse Notes.
About Indevus
Indevus Pharmaceuticals, Inc. is a specialty pharmaceutical company engaged in the acquisition, development and commercialization of products to treat conditions in urology and endocrinology. The Company's approved products include SANCTURA XR(TM) and SANCTURA(R) for overactive bladder, VANTAS(R) for advanced prostate cancer, SUPPRELIN(R) LA for central precocious puberty, and DELATESTRYL(R) to treat male hypogonadism. The Indevus development pipeline contains multiple compounds within the Company's core therapeutic areas in addition to several partnered or partnerable programs. The most advanced compounds in development include, VALSTAR(TM) for bladder cancer, NEBIDO(R) for male hypogonadism, PRO 2000 for the prevention of infection by HIV and other sexually-transmitted pathogens, octreotide for acromegaly, and pagoclone for stuttering.
About SANCTURA and SANCTURA XR
SANCTURA(R) and SANCTURA XR(TM) belong to a class of anticholinergic compounds known as muscarinic receptor antagonists. These compounds relax detrusor smooth muscle tissue found in the bladder, thus decreasing bladder contractions. Overactive or unstable detrusor muscle function is believed to be the cause of overactive bladder.
SANCTURA and SANCTURA XR possess a quaternary ammonium structure that may be instrumental in the low incidence of CNS side-effects. At therapeutic concentrations in vitro, SANCTURA does not interact with drugs metabolized by the Cytochrome P-450 system, a metabolic pathway commonly associated with drug-drug interactions, and the majority of the absorbed dose is excreted largely unchanged into the urine.
Patients who have urinary retention, gastric retention, uncontrolled narrow-angle glaucoma or hypersensitivity to SANCTURA should not use SANCTURA.
About VANTAS
VANTAS(R) is a soft and flexible 12-month hydrogel implant that provides histrelin, a luteinizing hormone-releasing hormone (LHRH) agonist, for the palliative treatment of advanced prostate cancer.
