SAN DIEGO, CA -- (Marketwire) -- 03/16/09 -- Cypress Bioscience, Inc. (NASDAQ: CYPB) today
announced financial results for the quarter and year ended December 31,
2008. For the quarter ended December 31, 2008, the Company reported a net
loss of $7.2 million or $0.19 per share compared to net income of $3.0
million or $0.08 per share for the same period in 2007. For the year ended
December 31, 2008, the Company reported a net loss of $18.2 million or
$0.48 per share compared to net income of $3.5 million or $0.10 per share
for the same period in 2007.
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.
