MOUNTAIN VIEW, Calif., Aug. 11 /PRNewswire-FirstCall/ -- VIVUS, Inc. , a biopharmaceutical company dedicated to the development and commercialization of novel therapeutic products, today reported its financial results for the second quarter ended June 30, 2009.
Net loss for the second quarter of 2009 was $13.2 million, or $0.19 per share, as compared to net income of $3.6 million, or $0.06 per share, for the second quarter of 2008. The net loss in the second quarter of 2009 as compared to the net income in the second quarter of 2008 is primarily due to a decrease in license and other revenue as a result of the last portion of K-V Pharmaceutical (“K-V”) deferred license revenue being recognized in the second quarter of 2009, and increased operating expenses. The increase in operating expenses, as compared to the second quarter of 2008, was primarily attributable to spending related to our phase 3 clinical trials of avanafil, our investigational product candidate for the treatment of erectile dysfunction. Spending on Qnexa, our investigational product for obesity, was consistent quarter over quarter.
Six Month Results
Cash, Cash Equivalents and Available for Sale Securities
Qnexa Update
“The highlight of the second quarter was the two podium presentations of Qnexa at this year’s American Diabetes Association Scientific Session. The medical and scientific communities have long recognized the link between obesity and type 2 diabetes. Now they are beginning to recognize the importance of weight loss in the treatment of type 2 diabetes. The top-line results from the year-long studies of Qnexa for the treatment of obesity are expected in the third quarter of 2009. Progress on the preparation of the NDA for Qnexa in obesity also remains on schedule for an expected filing by the end of 2009,” stated Leland Wilson, president and chief executive officer of VIVUS. “Pivotal studies for avanafil for the treatment of erectile dysfunction are also in process, with results expected in the fourth quarter of 2009.”
VIVUS is a biopharmaceutical company developing innovative, next-generation therapies to address obesity, diabetes and sexual health. The company’s lead product in clinical development, Qnexa(TM), is expected to complete phase 3 clinical trials for the treatment of obesity in 2009. Qnexa is also in phase 2 clinical development for the treatment of type 2 diabetes. In the area of sexual health, VIVUS is in phase 3 development with avanafil, a PDE5 inhibitor, and in phase 3 development of Luramist(TM) for the treatment of hypoactive sexual desire disorder (HSDD). For more information about the company, please visit www.vivus.com.
As previously announced, VIVUS will hold a conference call to discuss the second quarter financial results today, August 11, 2009, beginning at 1:30 p.m. Pacific Time. You can listen to this call by dialing 1-877-548-7907 and outside the U.S. 1-719-325-4848. A 30-day archive of the call can be accessed at http://ir.vivus.com/.
SOURCE VIVUS, Inc.
CONTACT: Timothy E. Morris, Chief Financial Officer of VIVUS, Inc.,
+1-650-934-5200; or Investor Relations, Brian Korb of The Trout Group,
+1-646-378-2923, or Media Relations, Sheryl Seapy of Pure Communications,
Inc., +1-949-608-0841
Web site: http://www.vivus.com/
