(Source: MARKETWIRE)
Cypress Bioscience, Inc. (NASDAQ: CYPB) today announced financial results for the second quarter of 2009. The Company reported total revenue of $5.8 million for the quarter ended June 30, 2009, which includes commercial revenue of $4.8 million and revenues under collaborative agreement of $0.9 million. For the quarter ended June 30, 2009, the Company reported a net loss of $8.6 million or $0.23 per share compared to a net loss of $4.0 million or $0.11 per share for the same period in 2008. At June 30, 2009, the Company had cash, cash equivalents and investments totaling $151.3 million.
"The launch of Savella in April 2009 represents the culmination of our efforts to bring to market a valuable new treatment for patients suffering from fibromyalgia, which is a chronic and often debilitating condition," said Jay Kranzler, Chairman and CEO of Cypress Bioscience.
The Company reported revenues of $5.8 million and $13.7 million for the quarter and six months ended June 30, 2009, respectively, compared to $1.0 million and $15.2 million for the same periods in 2008. During the quarter ended June 30, 2009, the Company recognized commercial revenues of $4.8 million, which includes royalty revenue of $1.4 million and sales force reimbursement of $2.9 million, in connection with the launch of Savella.
Total operating expenses for the quarter and six months ended June 30, 2009 were $14.9 million and $32.6 million, respectively, compared to $6.2 million and $25.0 million for the same periods in 2008. The increase in operating expenses in 2009 primarily reflects costs associated with building and supporting our commercial organization.
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(TM) (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.
