Cadence Pharmaceuticals reports 4Q loss
Cadence Pharmaceuticals reports 4Q loss
SAN DIEGO -- Cadence Pharmaceuticals Inc. on Monday reported a fourth quarter loss on higher expenses related to a pain and fever drug that has yet to receive government approval.
In the fourth quarter, the biopharmaceutical company lost $15.3 million, 30 cents per share, compared with a loss of $14 million, or 37 cents per share, in the same period the year before.
Analysts polled by Thomson Reuters expected a loss of 29 cents per share.
Operating expenses increased by $1.6 million to $15.1 million due to a jump in sales and marketing expenses as the company establishes its infrastructure in preparation for the launch of Ofirmev, an intravenous drug that would treat pain and fever.
The Food and Drug Administration in February did not approve the drug because of manufacturing problems at a facility where it is made. A response has been submitted to the FDA by the manufacturer, and Cadence plans to resubmit the drug for approval once the problems are resolved, the company said.
For all of 2009, Cadence reported a loss of $45.5 million, or 93 cents per share, compared with a loss of $57.1 million, or $1.55 per share, the year before.
Shares dipped 5 cents to close at $9.42.
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