EXHIBIT 99.1
Critical Therapeutics Reports Financial Results
for the Quarter Ended March 31, 2007
ZYFLO Prescriptions Grow 56% on Unit Basis Over Prior Year Period
Quarter Highlighted By Co-promotion Agreement With Dey, L.P.
LEXINGTON, Mass.--(BUSINESS WIRE)--May 8, 2007--Critical
Therapeutics, Inc. (Nasdaq: CRTX), a biopharmaceutical company focused
on developing and commercializing innovative products for respiratory,
inflammatory and critical care diseases, today reported financial
results for the first quarter ended March 31, 2007.
For the three months ended March 31, 2007, the Company posted a
net loss of $4.7 million, or $0.11 per share, based on 42.5 million
weighted average shares outstanding. This compares with a net loss of
$16.7 million, or $0.49 per share, for the same period in 2006, based
on 34.1 million weighted average shares outstanding. The increase in
common shares outstanding resulted primarily from the Company's
registered offering of 7.5 million shares in October 2006.
During the first quarter of 2007, sales of ZYFLO(R) (zileuton
tablets) totaled $2.9 million, an increase of 183 percent over the
same period last year and 49 percent over the fourth quarter of 2006
under U.S. generally accepted accounting principles. Through the end
of 2006, revenue from product sales of ZYFLO was recognized when the
product was dispensed through patient prescriptions rather than when
the product was shipped to third parties. Beginning in the first
quarter of 2007, the Company converted to recognizing revenue from
sales of ZYFLO when the product is shipped to third parties, less an
estimate of expected product returns. This change resulted in a net
increase in product sales of approximately $953,000 in the first
quarter of 2007. Going forward, revenue per prescription should be
positively impacted by a six percent price increase for ZYFLO that was
implemented in April 2007.
As part of the Company's March 2007 co-promotion agreement with
Dey, L.P. (DEY), an affiliate of Merck KGaA in Germany, DEY's
200-person sales force began promoting ZYFLO on April 30, 2007. Under
the agreement, Critical Therapeutics and DEY will jointly promote the
twice-daily, controlled-release formulation of zileuton (zileuton CR),
subject to regulatory approval, with a combined sales force of
approximately 240 representatives.
The total number of ZYFLO prescriptions filled in the first
quarter of 2007 was 9,248, compared with 5,938 in the first quarter of
2006, an increase of 56 percent, and 9,404 in the fourth quarter of
2006, a decrease of 1.7 percent. The total number of prescriptions for
ZYFLO continues to increase on a quarterly basis in territories where
sales representatives still promote ZYFLO. These prescription data are
based on third-party data purchased by the Company.
"The financial and operational results reflect the significant
progress we have made in restructuring and focusing the Company. We
have realigned our cost structure to give us more financial
flexibility while investing in more focused development opportunities
to drive value going forward," said Frank Thomas, Critical
Therapeutics' President and Chief Executive Officer. "DEY is a strong
co-promotion partner that provides us with additional resources to
help ensure that ZYFLO and zileuton CR achieve their potential. This
co-promotion arrangement provides substantial commercial resources
behind zileuton CR and reduces the risk associated with launching this
important product on our own, pending regulatory approval."
Cash and short-term investments as of March 31, 2007 totaled $46.0
million, compared with $49.0 million at December 31, 2006. Net cash
used in the first quarter of 2007 was $3.1 million, which was
positively impacted by the $3.0 million payment that the Company
received from DEY in connection with the signing of the co-promotion
agreement for zileuton. This compares with net cash used of $9.9
million in the fourth quarter of 2006 and $18.2 million in the first
quarter of 2006. The Company ended the first quarter of 2007 with
approximately 43.1 million shares of common stock outstanding,
excluding warrants and stock options.
Recent Developments
Since the beginning of 2007, Critical Therapeutics has
accomplished the following:
-- Signed a co-promotion agreement with DEY that leverages the
expertise of both companies in the U.S. respiratory market. A
combined sales force of approximately 220 U.S. sales
representatives is currently promoting ZYFLO. Pending
regulatory approval by the FDA of zileuton CR, a combined
sales force of more than 240 U.S. sales representatives will
be promoting zileuton CR to more than 15,000 physicians
(allergists, pulmonologists and primary care physicians)
across the country.
-- Gained co-promotion rights to a second product that allows
Critical Therapeutics to increase the efficiency of and
leverage its sales force. DEY and Critical Therapeutics signed
a binding letter agreement that allows Critical Therapeutics
to promote DEY's clinical candidate for Chronic Obstructive
Pulmonary Disease (COPD), if approved by the FDA. A more
detailed written agreement between the two companies is being
finalized.
-- Continued to increase unit volume and sales of ZYFLO in
territories staffed by a sales representative.
-- Received a product development fee from Beckman Coulter, which
exercised its option to continue to license patent rights
relating to developing a diagnostic to detect and measure
levels of HMGB1 in the bloodstream.
-- Licensed to Innovative Metabolics, Inc. (IMI) certain
intellectual property rights related to the development and
commercialization of medical device approaches to stimulating
the vagus nerve. Upon the completion of IMI's financing in May
2007, Critical Therapeutics received 400,000 shares of junior
preferred stock of IMI and a license fee of $400,000, after
payments to The Feinstein Institute.
-- Executed a publication strategy to enhance the scientific and
medical understanding of our commercial and development
programs through a series of Critical Therapeutics co-authored
publications in peer-reviewed medical journals, including the
following:
Zileuton:
-- Respiratory Medicine electronically published a peer-reviewed
article based on a study comparing zileuton with a low-dose
inhaled corticosteroid (beclomethasone dipropionate) to
doubling the dose of beclomethasone. The results suggest that
zileuton with a low dose beclomethasone improves lung function
and may be an effective therapeutic approach to achieving
asthma control in patients with moderate to severe persistent
asthma. The print version of the article will be published in
the June issue of Respiratory Medicine.
-- International Journal of Clinical Practice published a paper
reviewing multiple articles on the clinical development of
zileuton for asthma in its April 2007 issue. This publication
was a summation of several previously published articles.
Alpha-7:
-- Shock published preclinical research work in its April 2007
issue demonstrating that a small molecule alpha-7 agonist
attenuated endotoxin-induced inflammation and peritoneal influx
of neutrophils by a mechanism separate from anti-TNF.
-- Critical Care Medicine published an article in April 2007 in
which a selective alpha-7 receptor agonist was shown to improve
survival in murine endotoxemia and severe sepsis.
HMGB1:
-- Nature Immunology published an article in May 2007
demonstrating that HMGB1 is a critical part of DNA complexes
that can stimulate immune cells to produce potent inflammatory
mediators, suggesting that HMGB1 antibodies could be an
effective therapeutic for the treatment of Lupus and other
chronic autoimmune diseases.
-- Journal of Leukocyte Biology published a paper in January 2007
describing a method, the ELISPOT, that provides a novel tool to
study pathways promoting or inhibiting HMGB1 secretion.
Financial Results for the Three Months Ended March 31, 2007 and
2006
Total revenue for the three months ended March 31, 2007 was $3.5
million, compared with $2.3 million for the same period in 2006, an
increase of 54 percent.
Revenue for the first quarter of 2007 included:
-- Sales of ZYFLO that accounted for $2.9 million in revenue,
compared with $1.0 million in the first quarter of 2006 and
$1.9 million in the fourth quarter of 2006. Through the end of
2006, revenue from ZYFLO was recognized when the product was
dispensed through patient prescriptions rather than when the
product was shipped to third parties. Beginning in the first
quarter of 2007, the Company converted to recognizing revenue
from sales of ZYFLO when the product is shipped to third
parties, less an estimate of expected product returns.
-- Collaboration revenue of $601,000 from Critical Therapeutics'
HMGB1 collaboration with MedImmune, Inc. and its license
agreement with Beckman Coulter, Inc. to develop HMGB1
diagnostic assays. This compares with collaboration revenue of
$1.3 million in the first quarter of 2006. The decrease in the
revenue under collaboration agreements resulted from a decline
in the Company's obligations associated with the HMGB1
program. As the HMGB1 program advances into later stages of
preclinical development, a larger portion of the costs and
activities are being assumed by MedImmune resulting in lower
revenue recognized by the Company under its collaboration
agreement. In future periods, the Company's collaboration
revenue under the MedImmune agreement will increase in periods
when milestones are achieved. As of March 31, 2007, the
Company has $105,000 of revenue deferred under its
collaboration agreement with MedImmune.
Total operating expenses for the three months ended March 31, 2007
decreased $11.0 million, or 56 percent, to $8.7 million, compared with
$19.7 million for the same period in 2006.
Total operating expenses for the first quarter of 2007 included:
-- Cost of products sold that totaled $741,000, including
$166,000 related to previously deferred revenue, resulting in
gross margins on net sales of ZYFLO of approximately $2.2
million, or 74 percent. This compares to cost of products sold
of $504,000 and gross margins of 51 percent in the first
quarter of 2006.
-- Research and development (R&D) expenses that decreased $6.5
million, or 69 percent, to $2.9 million in the first quarter
of 2007, compared with $9.4 million for the first quarter of
2006. This decrease was primarily due to lower expenses
associated with the Company's clinical trials, as well as the
reduction in the number of employees performing R&D activities
following the Company's 2006 restructurings.
-- Sales and marketing expenses that decreased $4.9 million, or
71 percent, to $2.0 million in the first quarter of 2007,
compared with $6.9 million in the first quarter of 2006. This
decrease was primarily associated with the 2006 reduction in
the sales force.
-- General and administrative (G&A) expenses that increased
slightly to $3.1 million, compared with $2.9 million in the
first quarter of 2006. Cost savings in G&A expenses resulting
from the 2006 restructurings were offset by consulting, legal
and advisory fees associated with the Company's co-promotion
agreement with DEY.
-- Stock-based compensation expense, as calculated under SFAS
123(R), totaled $1.0 million for the quarter ended March 31,
2007, compared with $1.4 million in the first quarter of 2006.
Research & Development Update
Critical Therapeutics is progressing its preclinical and
development programs and expects to initiate three clinical trials
during 2007.
Zileuton CR Clinical Trial
The Company currently plans to conduct a clinical trial evaluating
zileuton CR as an add-on therapy to moderate doses of inhaled
corticosteroids in asthma patients to support the sales and marketing
of zileuton CR, pending regulatory approval. The Company expects to
begin enrolling patients in this trial in the second quarter of 2007.
Injectable Formulation of Zileuton (zileuton injection)
The Company is developing an injectable formulation of zileuton
for use in emergency room or urgent care settings for patients
experiencing acute exacerbations of asthma and other acute
hospital-based pulmonary conditions. The Company expects to initiate a
Phase II clinical trial in the second half of 2007 following favorable
results from an earlier clinical trial in asthma patients. This Phase
II trial will be focused on identifying the optimal dose to be tested
in Phase III clinical trials.
Zileuton Life Cycle Extension Program
The Company is currently pursuing life cycle extension strategies
to enhance the intellectual property position of zileuton for the
treatment of asthma and provide for possible development opportunities
in other inflammatory diseases, including COPD and nasal polyps.
Critical Therapeutics plans to initiate a Phase I clinical trial in
the second half of 2007 examining the pharmacokinetic profile of the R
isomer of zileuton. Development of the R isomer may lead to potential
dosing improvements for patients.
Alpha-7
The Company's alpha-7 program, which is directed at the discovery
and development of novel small molecule drugs for the treatment of
inflammation, has selected two exploratory development candidates from
a series of proprietary lead molecules. The Company is conducting
non-GLP (Good Laboratory Practice) toxicology studies with these
candidates before selecting a lead clinical candidate to take into GLP
toxicology studies. The Company believes that this innovative
anti-inflammatory approach will have potential for broad applications
in both acute and chronic inflammatory diseases and is exploring
possible collaborations with larger pharmaceutical companies to
leverage the broad potential of this pathway.
HMGB1
The Company's HMGB1 program, which is partnered with MedImmune,
Inc., continues to make progress toward the identification of a first
clinical candidate. The collaboration has narrowed down potential
clinical candidates to a few fully human antibodies that have shown
efficacy in pre-clinical models of arthritis. The joint development
team expects to select a clinical candidate for the development of
HMGB1 antibodies for chronic inflammatory disease, such as rheumatoid
arthritis or Lupus, in 2007. The collaboration also is making progress
with the development of HMGB1 antibodies for acute inflammatory
diseases, such as sepsis. According to the terms of the Company's
collaboration agreement with MedImmune, the obligations of both
companies remain unchanged as a result of MedImmune's recently
announced sale to AstraZeneca PLC, and the two companies expect to
continue to move forward with the HMGB1 program.
Financial Guidance
For the year ending December 31, 2007, the Company is projecting
net cash expenditures to be between $19 million and $23 million. These
projections include the anticipated receipt of an additional $9
million in milestone payments in 2007 from DEY related to the approval
and launch of zileuton CR, but exclude the impact of any future
business development agreements, such as co-development deals for
alpha-7, zileuton life cycle extension or zileuton injection.
Under the DEY co-promotion agreement signed in the first quarter
of 2007, Critical Therapeutics has deferred the $3 million payment
received upon signing. The $3 million payment will be amortized over
the term of the agreement, along with any future milestone payments
received from DEY. The Company expects to record all ZYFLO sales
generated by the combined sales force and record any co-promotion fees
paid to DEY as an operating expense.
Because the milestone payments are being amortized in future
years, the Company expects a net loss for 2007 of between $31 million
and $35 million, or between $0.72 and $0.81 per share, assuming 43
million shares outstanding. Research and development expenses for 2007
are expected to be between $16 million and $20 million, including
approximately $3.1 million in milestone payments that would be due to
third parties upon the approval of zileuton CR. Sales and marketing
expenses are expected to increase in the second half of 2007 as the
Company prepares for the commercial launch of zileuton CR and
increases the size of its sales force to approximately 40 sales
representatives. These estimates for 2007 include the impact of
non-cash charges related to stock-based compensation expense for
employees and non-employees of approximately $3.0 million.
Critical Therapeutics expects net cash expenditures to be between
$4 million and $6 million in the second quarter of 2007, based on a
net loss of between $9 million and $11 million, or $0.21 to $0.26 per
share. These projections assume that zileuton CR is approved during
the second quarter of 2007 and the Company receives a $4 million
milestone payment from DEY.
Conference Call Information
Critical Therapeutics will hold an audio webcast and conference
call today to discuss the Company's first quarter 2007 financial
results, strategy, upcoming milestones and financial guidance.
Investors and other interested parties can access the call as follows:
Date: Tuesday, May 8, 2007
Time: 9:00 A.M. Eastern Time
Dial-in: (800) 475-3716 (U.S. and Canada)
(719) 457-2728 (International)
Webcast Information: www.crtx.com
A live and archived audio webcast of the conference call also will
be available on the "Investors" section of the Critical Therapeutics
website. From the home page, click on "Investors" and then on
"Webcasts & Presentations."
About ZYFLO(R)/Zileuton
ZYFLO(R) (zileuton tablets) is indicated for the prevention and
chronic treatment of asthma in adults and children 12 years of age and
older. Zileuton inhibits 5-lipoxygenase (5-LO), an enzyme that
catalyzes the formation of leukotrienes from arachidonic acid. 5-LO is
the main enzyme responsible for the production of leukotrienes, a
family of inflammatory mediators that can trigger asthma symptoms,
including inflammation, swelling, bronchoconstriction and mucus
secretion. ZYFLO is the only 5-LO inhibitor approved for marketing by
the U.S. Food and Drug Administration.
ZYFLO is not indicated for use in the reversal of broncospasm in
acute asthma attacks, including status asthmaticus. Mild to moderate
side effects associated with the use of ZYFLO are abdominal pain,
upset stomach and nausea. A small percentage of patients treated with
ZYFLO show an increased release of a liver enzyme known as ALT. As a
result, the level of liver enzymes in patients treated with ZYFLO
should be measured by a simple blood test. It is recommended that
physicians perform this test before administering ZYFLO and repeat the
test on a regular basis while patients are on the medication. ZYFLO is
contraindicated in patients with active liver disease or transaminase
elevations greater than or equal to three times the-more-upper limit
of normal. For full prescribing information, please visit
www.crtx.com/pat_pi.html or call the Company's toll free telephone
number 1-866-835-8216 to request medical information.
About Critical Therapeutics
Critical Therapeutics, Inc. is developing and commercializing
innovative products for respiratory, inflammatory and critical care
diseases. The Company owns worldwide rights to ZYFLO(R) (zileuton
tablets), which is marketed in the United States for the prevention
and chronic treatment of asthma in patients 12 years of age and older.
Critical Therapeutics is working to expand its zileuton franchise by
developing a twice daily, controlled-release formulation for the
prevention and chronic treatment of asthma and an injectable
formulation for acute asthma attacks that lead patients to the
emergency room and other urgent care settings. The Company also is
collaborating with MedImmune, Inc. to design antibody therapies that
treat acute and chronic diseases triggered by the inflammatory
cytokine HMGB1. Research pipeline programs include lifecycle
management to extend the zileuton franchise and an alpha-7 project for
the treatment of inflammation. Critical Therapeutics is located in
Lexington, Mass. For more information, please visit www.crtx.com.
Forward-Looking Statements
Any statements in this press release about future expectations,
plans and prospects for Critical Therapeutics, Inc., including,
without limitation, statements regarding possible therapeutic
benefits, market acceptance and future sales of ZYFLO and, if
approved, zileuton CR; the anticipated success of the co-promotion
arrangement with DEY; the progress, timing and success of our
regulatory filings, regulatory approvals and product launches,
including for zileuton CR; the progress and timing of our drug
development programs and related trials; our strategy, future
operations, financial position, future revenues, and projected costs,
including net cash expenditures, net loss and research and development
expenses for 2007; the receipt of milestone payments in 2007 from the
co-promotion agreement with DEY and net cash expenditures and net loss
for the second quarter of 2007; prospects, plans and objectives of
management; and all other statements that are not purely historical in
nature, constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Without limiting
the foregoing, the words "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "plan," "project," "should," "will,"
"would" and similar expressions are intended to identify
forward-looking statements. Actual results may differ materially from
those indicated by such forward-looking statements as a result of
various important factors, including risks and uncertainties relating
to: the expected timing and outcome of the new drug application (NDA)
for zileuton CR and related discussions with the FDA, including our
ability to rely on historical data in the NDA, and the sufficiency and
acceptability of the results of pharmacokinetic studies of zileuton CR
for FDA purposes; our ability to successfully market an sell ZYFLO
and, if approved, zileuton CR, including the success of our
co-promotion arrangement with DEY; our ability to develop and maintain
the necessary sales, marketing, distribution and manufacturing
capabilities to commercialize ZYFLO, and, if approved, zileuton CR;
patient physician and third-party payor acceptance of ZYFLO and, if
approved, zileuton CR, as a safe and effective therapeutic product;
adverse side effects experienced by patients taking ZYFLO and, if
approved, zileuton CR; our heavy dependence on the commercial success
of ZYFLO and, if approved, zileuton CR; our ability to maintain
regulatory approvals to market and sell ZYFLO and, if approved,
zileuton CR; our ability to successfully enter into additional
strategic co-promotion, collaboration or licensing transactions on
favorable terms, if at all; conducting clinical trials, including
difficulties or delays in the completion of patient enrollment, data
collection or data analysis; our ability to obtain the substantial
additional funding required to conduct our research, development and
commercialization activities; our dependence on our strategic
collaboration with MedImmune, Inc.; and our ability to obtain,
maintain and enforce patent and other intellectual property protection
for ZYFLO, zileuton CR, our discoveries and our drug candidates. These
and other risks are described in greater detail in the "Risk Factors"
section of our Annual Report on Form 10-K and other filings that we
make with the Securities and Exchange Commission (SEC). If one or more
of these factors materialize, or if any underlying assumptions prove
incorrect, our actual results, performance or achievements may vary
materially from any future results, performance or achievements
expressed or implied by these forward-looking statements.
In addition, the statements in this press release reflect our
expectations and beliefs as of the date of this release. We anticipate
that subsequent events and developments will cause our expectations
and beliefs to change. However, while we may elect to update these
forward-looking statements publicly at some point in the future, we
specifically disclaim any obligation to do so, whether as a result of
new information, future events or otherwise. These forward-looking
statements should not be relied upon as representing our views as of
any date subsequent to the date of this release.
ZYFLO(R) is a registered trademark of Critical Therapeutics, Inc.
Financial Tables Follow
CRITICAL THERAPEUTICS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
in thousands except share and per share data 2007 2006
- ----------------------------------------------------------------------
Revenues:
Net product sales $ 2,894 $ 1,022
Revenue under collaboration agreements 601 1,251
- ----------------------------------------------------------------------
Total revenues 3,495 2,273
- ----------------------------------------------------------------------
Costs and expenses:
Cost of products sold 741 504
Research and development 2,918 9,393
Sales and marketing 1,982 6,907
General and administrative 3,055 2,928
- ----------------------------------------------------------------------
Total costs and expenses 8,696 19,732
- ----------------------------------------------------------------------
Operating loss (5,201) (17,459)
Other income (expense):
Interest income 590 772
Interest expense (39) (60)
- ----------------------------------------------------------------------
Total other income 551 712
- ----------------------------------------------------------------------
Net loss ($4,650) ($16,747)
- ----------------------------------------------------------------------
Net loss per share ($0.11) ($0.49)
- ----------------------------------------------------------------------
Basic and diluted weighted-average common
shares outstanding 42,456,700 34,096,625
- ----------------------------------------------------------------------
CRITICAL THERAPEUTICS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, December 31,
in thousands 2007 2006
- ----------------------------------------------------------------------
Assets:
Current assets:
Cash and cash equivalents $45,330 $48,388
Accounts receivable, net 807 877
Amount due under collaboration agreements 31 650
Short-term investments 650 650
Inventory, net 4,622 4,048
Prepaid expenses and other 974 980
- ----------------------------------------------------------------------
Total current assets 52,414 55,593
- ----------------------------------------------------------------------
Fixed assets, net 2,237 2,421
Other assets 168 168
- ----------------------------------------------------------------------
Total assets $54,819 $58,182
- ----------------------------------------------------------------------
Liabilities and Stockholders' Equity:
Current liabilities:
Current portion of long-term debt and capital
lease obligations $926 $1,012
Accounts payable 1,123 1,049
Accrued expenses 2,954 3,941
Deferred collaboration revenue and fees 3,105 675
Deferred product revenue, net - 1,178
- ----------------------------------------------------------------------
Total current liabilities 8,108 7,855
- ----------------------------------------------------------------------
Long-term debt and capital lease obligations,
less current portion 229 421
Stockholders' equity:
Preferred stock - -
Common stock 43 43
Additional paid-in capital 205,566 204,378
Deferred stock-based compensation (64) (99)
Accumulated deficit (159,049) (154,399)
Accumulated other comprehensive loss (14) (17)
- ----------------------------------------------------------------------
Total stockholders' equity 46,482 49,906
- ----------------------------------------------------------------------
Total liabilities and stockholders' equity $54,819 $58,182
- ----------------------------------------------------------------------
CRITICAL THERAPEUTICS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
in thousands 2007 2006
- ----------------------------------------------------------------------
Cash flows from operating activities:
Net loss ($4,650) ($16,747)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization expense 166 248
Amortization of premiums on short-term
investments and other 3 30
Gain on sale of fixed assets (8) -
Reserve for inventory - 144
Stock-based compensation expense 1,042 1,423
Changes in assets and liabilities:
Accounts receivable 70 535
Amount due under collaboration agreements 619 (250)
Inventory (574) 15
Prepaid expenses and other 6 512
Accounts payable 74 (1,902)
Accrued expenses (987) (518)
Deferred collaboration revenue and fees 2,430 (1,001)
Deferred product revenue (1,178) (278)
- ----------------------------------------------------------------------
Net cash used in operating activities (2,987) (17,789)
- ----------------------------------------------------------------------
Cash flows from investing activities:
Proceeds from sale of fixed assets 26 -
Purchases of fixed assets - (206)
Proceeds from sales and maturities of short-term
investments - 20,126
Purchases of short-term investments - (2,317)
- ----------------------------------------------------------------------
Net cash provided by investing activities 26 17,603
- ----------------------------------------------------------------------
Cash flows from financing activities:
Proceeds from exercise of stock options 181 41
Repayments of long-term debt and capital lease
obligations (278) (293)
- ----------------------------------------------------------------------
Net cash used in financing activities (97) (252)
- ----------------------------------------------------------------------
Net decrease in cash and cash equivalents (3,058) (438)
Cash and cash equivalents at beginning of period 48,388 57,257
- ----------------------------------------------------------------------
Cash and cash equivalents at end of period $45,330 $56,819
- ----------------------------------------------------------------------
CONTACT: Critical Therapeutics, Inc.
Linda S. Lennox, 781-402-5708
Vice President, Investor & Media Relations
llennox@crtx.com