Cypress Bioscience, Inc. (NASDAQ: CYPB) today announced financial
results for the third quarter of 2010. The Company reported total
revenue of $8.0 million for the quarter ended September 30, 2010,
which includes commercial revenues of $7.2 million and revenues
under collaborative agreement of $0.8 million. For the quarter
ended September 30, 2010, the Company reported a net loss from
continuing operations of $40.1 million or $1.04 per share compared
to a net loss from continuing operations of $4.7 million or $0.12
per share for the same period in 2009. In connection with the
Company's sale of its personalized medicine services business, the
results of the personalized medicine services business are included
in discontinued operations for all periods presented. At September
30, 2010, the Company had cash, cash equivalents and investments
totaling $96.3 million.
The Company reported revenues of $8.0 million and $24.9 million
for the quarter and nine months ended September 30, 2010,
respectively, compared to $5.5 million and $19.1 million for the
same periods in 2009. The $7.2 million in commercial revenues the
Company reported for the quarter ended September 30, 2010 includes
royalty revenues of $3.2 million and sales force reimbursement of
$3.6 million in connection with the sales of Savella. The sales
force reimbursement of $3.6 million recognized during the third
quarter of 2010 includes a one-time fee of $2.0 million received
from Forest Laboratories in connection with the discontinuation of
the Company's rights under its agreement with Forest Laboratories
to co-promote Savella. As previously announced, the Company will no
longer be selling Savella or receiving sales force reimbursement in
connection with sales of Savella; however, the Company will retain
all other rights under its agreement with Forest Laboratories,
including its royalty on Savella sales generated by Forest
Laboratories.
Total operating expenses for the quarter and nine months ended
September 30, 2010 were $48.2 million and $70.6 million,
respectively, compared to $10.5 million and $39.7 million for the
same periods in 2009. The increase in operating expenses for the
three and nine months ended September 30, 2010 was primarily due to
one-time upfront payments recognized as research and development
expenses during the third quarter of 2010 in connection with
licensing and asset purchase agreements for new compounds, which
target large unmet medical needs for patients suffering from
disorders of the central nervous system. Additionally, the Company
recorded a restructuring charge in the amount of $3.7 million
during the third quarter of 2010 in connection with a reduction in
its workforce by approximately 86%.
About Cypress Bioscience, Inc.
Cypress Bioscience is a pharmaceutical company dedicated to the
development of innovative drugs targeting large unmet medical needs
for patients suffering from a variety of disorders of the central
nervous system. Since 1999, Cypress has received FDA approvals for
both of the products it brought to the FDA during that period,
including for Prosorba™, a medical device for rheumatoid arthritis,
and Savella® (milnacipran HCl), for fibromyalgia. The Company
focuses on generating stockholder value by reaching clinical
development milestones as quickly and efficiently as possible.
Cypress' development-stage assets include CYP-1020 for cognitive
impairment in schizophrenia, Staccato® nicotine for smoking
cessation and intranasal carbetocin for autism. More information on
Cypress and its products and development assets is available at
http://www.cypressbio.com/.
This press release, as well as the Company's 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 Company's drug development activities and means of generating
shareholder value. Actual results could vary materially from those
described as a result of a number of factors, including risks and
uncertainties described in the Company's 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 the Company 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,
2010 2009 2010 2009
--------- --------- --------- ---------
(unaudited) (unaudited)
Revenues:
Revenues under collaborative
agreement $ 838 $ 840 $ 2,532 $ 9,163
Commercial revenues 7,211 4,698 22,385 9,980
--------- --------- --------- ---------
Total revenues 8,049 5,538 24,917 19,143
Operating expenses:
Research and development 37,406 1,080 39,074 7,819
Selling, general and
administrative 7,115 9,462 27,792 31,876
Restructuring 3,706 - 3,706 -
--------- --------- --------- ---------
Total operating expenses 48,227 10,542 70,572 39,695
--------- --------- --------- ---------
Interest income 86 254 408 1,379
--------- --------- --------- ---------
Net loss from continuing
operations (40,092) (4,750) (45,247) (19,173)
--------- --------- --------- ---------
Net loss from discontinued
operations (730) (719) (1,934) (4,066)
--------- --------- --------- ---------
Net loss $ (40,822) $ (5,469) $ (47,181) $ (23,239)
========= ========= ========= =========
Net loss per share - basic and
diluted:
Continuing operations $ (1.04) $ (0.12) $ (1.18) $ (0.50)
========= ========= ========= =========
Discontinued operations $ (0.02) $ (0.02) $ (0.05) $ (0.11)
========= ========= ========= =========
Shares used in computing net
loss per share - basic and
diluted 38,588 38,257 38,448 38,101
========= ========= ========= =========
Balance Sheet Data:
September 30, December 31,
2010 2009
-------------- --------------
(unaudited)
Assets
Cash, cash equivalents and short-term
investments $ 96,298 $ 141,673
Other current assets 7,364 10,404
Goodwill 21,929 21,929
Other non-current assets 802 2,059
-------------- --------------
Total assets $ 126,393 $ 176,065
============== ==============
Liabilities and Stockholders' Equity
Current liabilities $ 7,456 $ 11,573
Long-term liabilities 20,005 23,908
Stockholders' equity 98,932 140,584
-------------- --------------
Total liabilities and stockholders'
equity $ 126,393 $ 176,065
============== ==============
CONTACT: Mary Gieson Investor Relations Cypress Bioscience, Inc.
(858) 452-2323
Cypress Bioscience (NASDAQ:CYPB)
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