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0001102624-08-000306.txt : 20081110
0001102624-08-000306.hdr.sgml : 20081110
20081110063426
ACCESSION NUMBER: 0001102624-08-000306
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20081110
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20081110
DATE AS OF CHANGE: 20081110
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: CYPRESS BIOSCIENCE INC
CENTRAL INDEX KEY: 0000716054
STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
IRS NUMBER: 222389839
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-12943
FILM NUMBER: 081173356
BUSINESS ADDRESS:
STREET 1: 4350 EXECUTIVE DRIVE,SUITE 325
CITY: SAN DIEGO
STATE: CA
ZIP: 92121
BUSINESS PHONE: 8584522323
MAIL ADDRESS:
STREET 1: 4350 EXECUTIVE DRIVE,SUITE 325
CITY: SAN DIEGO
STATE: CA
ZIP: 92121
FORMER COMPANY:
FORMER CONFORMED NAME: IMRE CORP
DATE OF NAME CHANGE: 19920703
8-K
1
cypressbioscienceinc8k.htm
CYPRESS BIOSCIENCE 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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Date of Report: November 10, 2008
(Date of earliest event reported)
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Cypress Bioscience, Inc
(Exact name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction of incorporation)
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0-12943
(Commission File Number)
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22-2389839
(IRS Employer Identification Number)
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4350 Executive Drive Suite 325
(Address of principal executive offices)
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92121
(Zip Code)
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858-452-2323 (Registrant's telephone number, including area code)
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Not Applicable (Former Name or Former Address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
- o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
- o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
- o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
- o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
On November 10, 2008, we issued a press release announcing financial results for the quarter ended September 30, 2008. The text of this press release is set forth as Exhibit 99.1.
In accordance with general instructions B.6 of Form 8-K, the information in this report, including Exhibit 99.1, is furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Press Release of Cypress Bioscience, Inc dated November 10, 2008
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
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Dated: November 10, 2008
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CYPRESS BIOSCIENCE, INC
By: /s/ Jay D. Kranzler
Jay D. Kranzler
Chief Executive Officer
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Exhibit Index
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Exhibit No. |
Description |
99.1 |
Press Release of Cypress Bioscience, Inc dated November 10, 2008 |
EX-99
2
cypressbiosciencein.htm
CYPRESS BIOSCIENCE PRESS RELEASE
Cypress Bioscience, Inc. Announces Third Quarter 2008 Results
SAN DIEGO, CA -- 11/10/2008 -- Cypress Bioscience, Inc. (NASDAQ: CYPB) today
announced its financial results for the third quarter of 2008. For the
quarter ended September 30, 2008, the Company reported a net loss of
approximately $4.1 million or $0.11 per share basic and diluted compared to
a net loss of approximately $0.6 million or $0.02 per share basic and
diluted for the corresponding period in 2007. At September 30, 2008, the
Company had cash, cash equivalents and investments totaling $149.8 million.
The Company reported revenues of $1.0 million and $16.2 million for the
quarter and nine months ended September 30, 2008, respectively, compared to
$1.0 million and $7.9 million for the quarter and nine months ended
September 30, 2007, respectively. The increase in revenues during the nine
months ended September 30, 2008 is due to a $10.0 million milestone payment
received from Forest Laboratories in February 2008 upon acceptance by the
Food and Drug Administration of our New Drug Application, or NDA, for
milnacipran and a $3.2 million payment received from Forest Laboratories
also upon NDA acceptance in February 2008 as reimbursement for one-third of
the costs paid in connection with the second Phase III trial for
milnacipran. This increase in revenues during 2008 was partially offset by
the receipt of a $5.0 million milestone payment received from Forest
Laboratories in June 2007 as a consequence of the results of our second
Phase III trial for milnacipran. The revenues recognized during 2008 and
2007 consist solely of amounts earned pursuant to the Company's
collaboration agreement with Forest Laboratories for the development and
marketing of milnacipran, which was entered into during January 2004. Such
revenues include the recognition of the upfront payment of $25.0 million
over a period of eight years, an additional $1.0 million license payment
received from Forest Laboratories in July 2007 to extend the territory to
include Canada recognized over the remainder of the eight year amortization
period, sponsored development reimbursements, funding received from Forest
Laboratories for certain of our employees devoted to the development of
milnacipran, a $10.0 million milestone payment and $3.2 million payment for
reimbursement of certain costs that were received from Forest Laboratories
during the first quarter of 2008 and a $5.0 million milestone payment
received from Forest Laboratories during the second quarter of 2007.
Total operating expenses for the quarter and nine months ended September
30, 2008 were $6.1 million and $31.1 million, respectively, compared to
$3.9 million and $12.5 million for the quarter and nine months ended
September 30, 2007, respectively. The increase in operating expenses for
the quarter ended September 30, 2008 was primarily due to costs incurred
during the third quarter of 2008 in connection with our proof of concept
studies for new compounds, development costs incurred during the third
quarter of 2008 in connection with validation activities for our
personalized medicine services, marketing expenses and recruitment costs
for the hiring of our sales force incurred during the third quarter of 2008
in connection with the launch of our personalized medicine services, higher
legal fees incurred during the third quarter of 2008 due to increased
patent filing activity and increased share-based compensation expense
related to options granted in 2008. The increase in operating expenses for
the nine months ended September 30, 2008 was primarily due to a charge in
the amount of $12.6 million for in-process research and development in
connection with the acquisition of Proprius in March 2008. Also
contributing to the increase in operating expenses for the nine months
ended September 30, 2008 was a $1.0 million milestone payment and $0.5
million sublicense fee owed to Pierre Fabre upon NDA acceptance in
connection with our collaboration agreement with Forest Laboratories and
one-time costs owed to Forest Laboratories as agreed upon in the amendment
to our agreement with Forest Laboratories, as well as the reasons
contributing to the increase in operating expenses for the three months
ended September 30, 2008 as described above.
About Cypress Bioscience, Inc.
Cypress Bioscience, Inc. develops therapeutics and personalized medicine
services, to facilitate improved and individualized patient care. Cypress'
goal is to address the evolving needs of specialist physicians and their
patients by identifying unmet medical needs in the areas of pain,
rheumatology, and physical medicine and rehabilitation, including
challenging disorders such as fibromyalgia and rheumatoid arthritis.
For more information about Cypress, please visit the Company's web site at
www.cypressbio.com.
This press release, as well as Cypress' SEC filings and website at
http://www.cypressbio.com, contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements include statements related to the potential approval of
milnacipran to treat fibromyalgia syndrome, the expected benefits of the
personalized medicine services, and the expected competitive and commercial
advantages of offering these services to rheumatologists. Actual results
could vary materially from those described as a result of a number of
factors, including the risk that there may not be FDA approval of
milnacipran and even if approved, that the FDA delay may be longer than
expected, risks involved with Cypress' ability to successfully build a
sales force and execute its marketing strategy, risks around market
acceptance of our personalized medicine services and whether they will
facilitate improved diagnostic, prognostic and therapeutic decision making
for Rheumatologists, risks involved with the development and
commercialization of Cypress' product candidates and personalized medicine
services, and other risks and uncertainties described in Cypress' most
recent Annual Report on Form 10-K, most recent Quarterly Report on Form
10-Q and any subsequent SEC filings. You are urged to consider statements
that include the words "may," "will," "would," "could," "should,"
"believes," "potential," "expects," "plans," "anticipates," "intends," or
the negative of those words or other comparable words to be uncertain and
forward-looking. The statements in this press release speak only as the
date hereof, and Cypress undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information, future
events or otherwise.
CYPRESS BIOSCIENCE, INC.
Condensed Consolidated Financial Data
(In thousands except per share data)
Statement of Operations Data:
Quarter ended Nine months ended
September 30, September 30,
2008 2007 2008 2007
--------- --------- --------- ----------
(unaudited) (unaudited)
Revenues under collaborative
agreement $ 979 $ 971 $ 16,210 $ 7,881
Operating expenses:
Research and development 2,035 1,642 7,715 4,828
Selling, general and
administrative 4,075 2,238 10,778 7,678
In-process research and
development - - 12,590 -
--------- --------- --------- ----------
Total operating expenses 6,110 3,880 31,083 12,506
--------- --------- --------- ----------
Interest income 1,019 2,276 3,889 5,110
--------- --------- --------- ----------
Net income (loss) $ (4,112) $ (633) $ (10,984) $ 485
========= ========= ========= ==========
Net income (loss) per share -
basic $ (0.11) $ (0.02) $ (0.29) $ 0.01
========= ========= ========= ==========
Shares used in computing net
income (loss) per share -
basic 37,883 37,361 37,684 34,465
========= ========= ========= ==========
Net income (loss) per share -
diluted $ (0.11) $ (0.02) $ (0.29) $ 0.01
========= ========= ========= ==========
Shares used in computing net
income (loss) per share -
diluted 37,883 37,361 37,684 35,846
========= ========= ========= ==========
Balance Sheet Data:
September 30, December 31,
2008 2007
------------- -------------
(unaudited)
Assets
Cash, cash equivalents and short-term
investments $ 149,759 $ 181,807
Other current assets 1,215 794
Goodwill 26,466 -
Other non-current assets 452 99
------------- -------------
Total assets $ 177,892 $ 182,700
============= =============
Liabilities and Stockholders' Equity
Current liabilities $ 5,726 $ 4,625
Long-term liabilities 7,556 10,060
Stockholders' equity 164,610 168,015
------------- -------------
Total liabilities and stockholders'
equity $ 177,892 $ 182,700
============= =============
CONTACT:
Michael Hufford
VP Corporate Development
Mary Gieson
Investor Relations
Cypress Bioscience, Inc.
(858) 452-2323
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