FOR IMMEDIATE RELEASE
|SVP & Chief Financial Officer
||Senior Director, Corporate Communications|
Treasurer & Executive Director, Investor Relations
CV THERAPEUTICS REPORTS 2004 SECOND QUARTER
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.