CV Therapeutics, a biopharmaceutical company primarily focused on applying molecular cardiology to the development of new molecule drugs for the treatment of cardiovascular diseases, has reported positive financial results for the fourth quarter and full year ended Dec. 31, 2007.
For the fourth quarter in 2007, the company reported a net loss of $34.1 million, compared to a net loss of $68.1 million for the same quarter in 2006. For the year ended Dec. 31, 2007, the company reported a net loss of $181 million compared to a net loss of $274.3 million for the year ended Dec. 31, 2006.
The Palo Alto-based company recorded total revenues of $22.4 million for Q4, which consisted of $20.9 million of net product sales of Ranexa (ranolazine extended-release tablets, indicated for chronic angina), and $1.5 million of collaborative research revenue.
For the full year, CV Therapeutics recorded revenue of $82.8 million, consisting of $66.7 million of net product sales of Ranexa and $16.2 million of collaborative research revenue, which includes a $7 million payment for submission of a new drug application for regadenoson, as well as reimbursement of certain regadenoson development costs from their collaborative partner, Astellas Pharma.
Regadenoson has been designed to be delivered rapidly as a bolus and to selectively stimulate the A2A-adenosine receptor, the receptor responsible for coronary vasodilation, according to Astellas and CV.
Total revenues for year-ended 2006 were $36.8 million, which consisted of $18.4 million of net product sales of Ranexa, $16.9 million of collaborative research revenue, and $1.4 million of co-promotion revenue related to Aceon (perdindopril erbumine) tablets that are indicated to treat high blood pressure, which the company ceased co-promoting in the quarter ended December 31, 2006.
For the full year ended Dec. 31, 2007, total costs and expenses were $263.7 million compared to total costs and expenses of $315.3 million for the year ended Dec. 31, 2006.