SAN DIEGO, CA -- (Marketwire - March 31, 2010) - Cypress Bioscience, Inc. (NASDAQ: CYPB) today announced financial results for the quarter and year ended December 31, 2009. The Company reported total revenue of $8.1 million for the quarter ended December 31, 2009, which includes commercial revenues of $7.0 million and revenues under collaborative agreement of $0.9 million, and total revenue of $27.3 million for the year ended December 31, 2009, which includes commercial revenues of $17.0 million and revenues under collaborative agreement of $10.0 million. For the quarter ended December 31, 2009, the Company reported a net loss of $5.0 million or $0.13 per share compared to a net loss of $7.2 million or $0.19 per share for the same period in 2008. For the year ended December 31, 2009, the Company reported a net loss of $28.3 million or $0.74 per share compared to a net loss of $18.2 million or $0.48 per share for the same period in 2008. At December 31, 2009, the Company had cash, cash equivalents and investments totaling $141.7 million.
The $8.1 million and $27.3 million in revenues the Company reported for the quarter and year ended December 31, 2009, respectively, compare to $0.9 million and $16.7 million for the same periods in 2008. During the quarter ended December 31, 2009, the Company recognized commercial revenues of $7.0 million, which includes royalty revenue of $2.1 million and sales force reimbursement of $4.6 million, in connection with the launch of Savella. During the year ended December 31, 2009, the Company recognized commercial revenues of $17.0 million, which includes royalty revenue of $4.9 million and sales force reimbursement of $10.9 million.
Total operating expenses for the quarter and year ended December 31, 2009 were $13.3 million and $57.2 million, respectively, compared to $9.0 million and $39.6 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. Additionally, during the quarter ended December 31, 2009, the Company recorded a $1.1 million impairment charge in connection with the goodwill assigned to its personalized medicine services business.
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™ (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 expected competitive and commercial advantages of Savella™ and our personalized medicine services and the ability of our products and services to meet the needs of physicians and patients and enable us to foster a unique relationship with physicians. 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™ and our personalized medicine services and whether they will facilitate improved diagnostic, prognostic and therapeutic decision making for physicians and patients, 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 Year ended December 31, December 31, 2009 2008 2009 2008 --------- --------- --------- --------- (unaudited) Revenues: Revenues under collaborative agreement $ 863 $ 949 $ 10,026 $ 16,659 Commercial revenues 6,997 - 16,976 - Revenues from personalized medicine 199 - 333 - --------- --------- --------- --------- Total revenues 8,059 949 27,335 16,659 Operating expenses: Cost of personalized medicine services 566 267 1,987 267 Research and development 1,399 1,957 11,996 9,171 Selling, general and administrative 10,262 6,824 42,138 17,603 In-process research and development - - - 12,590 Goodwill impairment 1,100 - 1,100 - --------- --------- --------- --------- Total operating expenses 13,327 9,048 57,221 39,631 --------- --------- --------- --------- Interest income 255 858 1,634 4,746 --------- --------- --------- --------- Net loss $ (5,013) $ (7,241) $ (28,252) $ (18,226) ========= ========= ========= ========= Net loss per share - basic and diluted $ (0.13) $ (0.19) $ (0.74) $ (0.48) ========= ========= ========= ========= Shares used in computing net loss per share - basic and diluted 38,297 37,883 38,150 37,734 ========= ========= ========= ========= Balance Sheet Data: December 31, December 31, 2009 2008 ------------- ------------- Assets Cash, cash equivalents and short-term investments $ 141,673 $ 145,495 Other current assets 10,404 1,214 Goodwill 21,929 26,466 Other non-current assets 2,059 1,418 ------------- ------------- Total assets $ 176,065 $ 174,593 ============= ============= Liabilities and Stockholders' Equity Current liabilities $ 11,573 $ 7,958 Long-term liabilities 23,908 6,720 Stockholders' equity 140,584 159,915 ------------- ------------- Total liabilities and stockholders' equity $ 176,065 $ 174,593 ============= =============
CONTACT: Mary Gieson, Investor Relations Cypress Bioscience, Inc. (858) 452-2323