For Immediate Release (2004)Full Document 

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FOR IMMEDIATE RELEASE

 

Investor Contacts:   Media Contact:
Dan Spiegelman   John Bluth
SVP & Chief Financial Officer   Senior Director, Corporate Communications
(650) 384-8509   (650) 384-8850

 

Christopher Chai

Treasurer & Executive Director, Investor Relations

(650) 384-8560

 

CV THERAPEUTICS REPORTS 2004 SECOND QUARTER

FINANCIAL RESULTS

 

PALO ALTO, Calif., July 29, 2004 – CV Therapeutics, Inc. (Nasdaq: CVTX) today announced financial results for the second quarter ended June 30, 2004. For the quarter ended June 30, 2004, the Company reported a net loss of $37.2 million, or $1.18 per share, compared to a net loss of $22.9 million, or $0.81 per share, for the same period in 2003. For the six months ended June 30, 2004, the Company reported a net loss of $68.6 million, or $2.22 per share, compared to a net loss of $43.6 million, or $1.56 per share, for the same period in 2003.

 

Operating expenses for the quarter ended June 30, 2004 increased to $36.9 million from $24.9 million for the same quarter in 2003. Operating expenses increased to $69.6 million for the six months ended June 30, 2004, from $48.1 million for the same period in 2003. The increase in operating expenses in the second quarter of 2004 compared to the same quarter in 2003, as well as the increase in operating expenses for the six months ended June 30, 2004 compared to the comparable period in 2003, were primarily due to increased expenses for the Company’s two ongoing Phase III regadenoson studies, preparation to initiate additional Phase III Ranexa studies, pre-commercialization marketing expenses and general and administrative expenses.

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