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0001102624-09-000521.txt : 20091109
0001102624-09-000521.hdr.sgml : 20091109
20091109132739
ACCESSION NUMBER: 0001102624-09-000521
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20091109
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20091109
DATE AS OF CHANGE: 20091109
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: 091167485
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
cypressbioscience8k.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
|
Date of Report: November 09, 2009
(Date of earliest event reported)
|
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 9, 2009, we issued a press release announcing financial results for the quarter ended September 30, 2009. 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
(a) Financial statements:
None
(b) Pro forma financial information:
None
(c) Shell company transactions:
None
(d) Exhibits
99.1 Press Release of Cypress Bioscience, Inc dated November 09, 2009
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 09, 2009
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CYPRESS BIOSCIENCE, INC
By: /s/ Jay D. Kranzler
Jay D. Kranzler
Chief Executive Oficer
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Exhibit Index
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Exhibit No. |
Description |
99.1 |
Press Release of Cypress Bioscience, Inc dated November 09, 2009 |
EX-99
2
cypressbiosciencein.htm
CYPRESS BIOSCIENCE PRESS RELEASE
Cypress Bioscience Announces Third Quarter 2009 Financial Results
SAN DIEGO, CA -- (Marketwire - November 09, 2009) - Cypress Bioscience, Inc. (NASDAQ: CYPB) today
announced financial results for the third quarter of 2009. The Company
reported total revenue of $6.1 million for the quarter ended September 30,
2009, which includes commercial revenue of $5.2 million and revenues under
collaborative agreement of $0.8 million. For the quarter ended September
30, 2009, the Company reported a net loss of $5.5 million or $0.14 per
share compared to a net loss of $4.1 million or $0.11 per share for the
same period in 2008. At September 30, 2009, the Company had cash, cash
equivalents and investments totaling $144.8 million.
The Company reported revenues of $6.1 million and $19.7 million for the
quarter and nine months ended September 30, 2009, respectively, compared to
$1.0 million and $16.2 million for the same periods in 2008. During the
quarter ended September 30, 2009, the Company recognized commercial
revenues of $5.2 million, which includes royalty revenue of $1.3 million
and sales force reimbursement of $3.4 million, in connection with the
launch of Savella. The sales force reimbursement of $3.4 million
recognized during the third quarter reflects a downward adjustment of $0.5
millon related to the second quarter.
Total operating expenses for the quarter and nine months ended September
30, 2009 were $11.8 million and $44.3 million, respectively, compared to
$6.1 million and $31.1 million for the same periods in 2008. The increase
in operating expenses in 2009 primarily reflects costs associated with
building and supporting our commercial organization.
About Cypress Bioscience, Inc.
Cypress Bioscience, Inc. provides therapeutics and personalized medicine
services, facilitating improved and individualized patient care. Cypress
addresses 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. This approach to improving
patient care creates a unique partnership with physicians. Current
products include Savella™ (milnacipran HCl) and the Avise PG(SM) and
Avise MCV(SM) therapeutic monitoring, diagnostic and prognostic tests for
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 marketing of Savella™ for
the management of fibromyalgia, 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 risks involved with Cypress' ability to create a successful
sales force and execute its marketing strategy, risks around market
acceptance of Savella™ and 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,
2009 2008 2009 2008
--------- --------- --------- ---------
(unaudited) (unaudited)
Revenues:
Revenues under collaborative
agreement $ 840 $ 979 $ 9,163 $ 16,210
Commercial revenues 5,151 - 10,432 -
Revenues from personalized
medicine 75 - 134 -
--------- --------- --------- ---------
Total revenues 6,066 979 19,729 16,210
Operating expenses:
Cost of personalized medicine
services 563 - 1,421 -
Research and development 1,311 2,035 10,597 7,715
General and administrative 9,915 4,075 32,329 10,778
In-process research and
development - - - 12,590
--------- --------- --------- ---------
Total operating expenses 11,789 6,110 44,347 31,083
--------- --------- --------- ---------
Interest income 254 1,019 1,379 3,889
--------- --------- --------- ---------
Net loss $ (5,469) $ (4,112) $ (23,239) $ (10,984)
========= ========= ========= =========
Net loss per share - basic and
diluted $ (0.14) $ (0.11) $ (0.61) $ (0.29)
========= ========= ========= =========
Shares used in computing net
loss per share - basic and
diluted 38,257 37,883 38,101 37,684
========= ========= ========= =========
Balance Sheet Data:
September 30, December 31,
2009 2008
------------- -------------
(unaudited)
Assets
Cash, cash equivalents and short-term
investments $ 144,814 $ 145,495
Other current assets 10,127 1,214
Goodwill 23,029 26,466
Other non-current assets 2,189 1,418
------------- -------------
Total assets $ 180,159 $ 174,593
============= =============
Liabilities and Stockholders' Equity
Current liabilities $ 11,297 $ 7,958
Long-term liabilities 25,208 6,720
Stockholders' equity 143,654 159,915
------------- -------------
Total liabilities and stockholders' equity $ 180,159 $ 174,593
============= =============
CONTACT:
Mary Gieson
Investor Relations
Cypress Bioscience, Inc.
(858) 452-2323
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