Cadence Pharmaceuticals, Inc. Completes Acquisition Of IV APAP And Equity Financing
SAN DIEGO, March 30 /PRNewswire/ -- Cadence Pharmaceuticals, Inc., a hospital-focused biopharmaceutical company, today announced that it has completed its previously announced acquisition of the exclusive development and commercialization rights to an intravenous formulation of acetaminophen ("IV APAP") in the United States and Canada from Bristol-Myers Squibb following the early termination by the U.S. Federal Trade Commission of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976.
Cadence Pharmaceuticals also previously announced a $53.8 million equity financing, which was led by Frazier Healthcare Ventures and included Domain Associates, Versant Ventures, Technology Partners, ProQuest Investments, BB Biotech Ventures, CDIB BioScience Venture Management, and private investors. This equity financing is now complete upon the completion of the IV APAP acquisition from Bristol-Myers Squibb.
About IV APAP
IV APAP is a proprietary intravenous formulation of acetaminophen. Although no intravenous formulation has ever been available in the United States, other formulations of acetaminophen have been available for over 50 years. Acetaminophen is the most widely used medication for the treatment of pain and fever. IV APAP has been marketed in Europe since 2001. Prior to IV APAP, an intravenous formulation of the acetaminophen prodrug, propacetamol, was available in Europe since 1984.
About Cadence Pharmaceuticals, Inc.
Cadence Pharmaceuticals, Inc. is a San Diego-based biopharmaceutical company focused on the development and commercialization of therapeutics utilized primarily in the hospital setting. The business of Cadence is driven by in-licensing and acquisition of late-stage development compounds and commercial-stage drugs.
For more information, contact Ted Schroeder, President and CEO, at 858-436-1400, or visit our website at www.cadencepharm.com.
Cadence cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by Cadence that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in Cadence's business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization, or that could result in recalls or product liability claims; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. All forward-looking statements are qualified in their entirety by this cautionary statement and Cadence undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof.
Cadence Pharmaceuticals, Inc.CONTACT: Ted Schroeder, President and CEO of Cadence Pharmaceuticals,Inc., +1-858-436-1400
Web site: http://www.cadencepharm.com/