SAN DIEGO, CA -- 11/09/09 --
Cypress Bioscience, Inc. (NASDAQ: CYPB) today
announced financial results for the third quarter of 2009. The Company
reported total revenue of $6.1 million for the quarter ended September 30,
2009, which includes commercial revenue of $5.2 million and revenues under
collaborative agreement of $0.8 million. For the quarter ended September
30, 2009, the Company reported a net loss of $5.5 million or $0.14 per
share compared to a net loss of $4.1 million or $0.11 per share for the
same period in 2008. At September 30, 2009, the Company had cash, cash
equivalents and investments totaling $144.8 million.
The Company reported revenues of $6.1 million and $19.7 million for the
quarter and nine months ended September 30, 2009, respectively, compared to
$1.0 million and $16.2 million for the same periods in 2008. During the
quarter ended September 30, 2009, the Company recognized commercial
revenues of $5.2 million, which includes royalty revenue of $1.3 million
and sales force reimbursement of $3.4 million, in connection with the
launch of Savella. The sales force reimbursement of $3.4 million
recognized during the third quarter reflects a downward adjustment of $0.5
millon related to the second quarter.
Total operating expenses for the quarter and nine months ended September
30, 2009 were $11.8 million and $44.3 million, respectively, compared to
$6.1 million and $31.1 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. These
statements include statements related to the marketing of Savella(TM) for
the management of fibromyalgia, the expected benefits of the personalized
medicine services, and the expected competitive and commercial advantages
of offering these services to rheumatologists. Actual results could vary
materially from those described as a result of a number of factors,
including the risks involved with Cypress' ability to create a successful
sales force and execute its marketing strategy, risks around market
acceptance of Savella(TM) and our personalized medicine services and
whether they will facilitate improved diagnostic, prognostic and
therapeutic decision making for rheumatologists, risks involved with the
development and commercialization of Cypress' product candidates and
personalized medicine services, and other risks and uncertainties described
in Cypress' most recent Annual Report on Form 10-K, most recent Quarterly
Report on Form 10-Q and any subsequent SEC filings. You are urged to
consider statements that include the words "may," "will," "would," "could,"
"should," "believes," "potential," "expects," "plans," "anticipates,"
"intends," or the negative of those words or other comparable words to be
uncertain and forward-looking. The statements in this press release speak
only as the date hereof, and Cypress undertakes no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
CYPRESS BIOSCIENCE, INC.
Condensed Consolidated Financial Data
(In thousands except per share data)
Statement of Operations Data:
Quarter ended Nine months ended
September 30, September 30,
2009 2008 2009 2008
--------- --------- --------- ---------
(unaudited) (unaudited)
Revenues:
Revenues under collaborative
agreement $ 840 $ 979 $ 9,163 $ 16,210
Commercial revenues 5,151 - 10,432 -
Revenues from personalized
medicine 75 - 134 -
--------- --------- --------- ---------
Total revenues 6,066 979 19,729 16,210
Operating expenses:
Cost of personalized medicine
services 563 - 1,421 -
Research and development 1,311 2,035 10,597 7,715
General and administrative 9,915 4,075 32,329 10,778
In-process research and
development - - - 12,590
--------- --------- --------- ---------
Total operating expenses 11,789 6,110 44,347 31,083
--------- --------- --------- ---------
Interest income 254 1,019 1,379 3,889
--------- --------- --------- ---------
Net loss $ (5,469) $ (4,112) $ (23,239) $ (10,984)
========= ========= ========= =========
Net loss per share - basic and
diluted $ (0.14) $ (0.11) $ (0.61) $ (0.29)
========= ========= ========= =========
Shares used in computing net
loss per share - basic and
diluted 38,257 37,883 38,101 37,684
========= ========= ========= =========
Balance Sheet Data:
September 30, December 31,
2009 2008
------------- -------------
(unaudited)
Assets
Cash, cash equivalents and short-term
investments $ 144,814 $ 145,495
Other current assets 10,127 1,214
Goodwill 23,029 26,466
Other non-current assets 2,189 1,418
------------- -------------
Total assets $ 180,159 $ 174,593
============= =============
Liabilities and Stockholders' Equity
Current liabilities $ 11,297 $ 7,958
Long-term liabilities 25,208 6,720
Stockholders' equity 143,654 159,915
------------- -------------
Total liabilities and stockholders' equity $ 180,159 $ 174,593
============= =============
CONTACT:
Mary Gieson
Investor Relations
Cypress Bioscience, Inc.
(858) 452-2323
