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0001102624-10-000122.txt : 20100331
0001102624-10-000122.hdr.sgml : 20100331
20100331145242
ACCESSION NUMBER: 0001102624-10-000122
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20100331
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20100331
DATE AS OF CHANGE: 20100331
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: 10718420
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: March 31, 2010
(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)
|
|
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 March 31, 2010, we issued a press release announcing financial results for the quarter and year ended December 31, 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 March 31, 2010
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: March 31, 2010
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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 March 31, 2010 |
EX-99
2
cypressbiosciencein.htm
CYPRESS BIOSCIENCE PRESS RELEASE
Cypress Bioscience Announces 2009 Financial Results
SAN DIEGO, CA -- (Marketwire - March 31, 2010) - Cypress Bioscience, Inc. (NASDAQ: CYPB) today
announced financial results for the quarter and year ended December 31,
2009. The Company reported total revenue of $8.1 million for the quarter
ended December 31, 2009, which includes commercial revenues of $7.0 million
and revenues under collaborative agreement of $0.9 million, and total
revenue of $27.3 million for the year ended December 31, 2009, which
includes commercial revenues of $17.0 million and revenues under
collaborative agreement of $10.0 million. For the quarter ended December
31, 2009, the Company reported a net loss of $5.0 million or $0.13 per
share compared to a net loss of $7.2 million or $0.19 per share for the
same period in 2008. For the year ended December 31, 2009, the Company
reported a net loss of $28.3 million or $0.74 per share compared to a net
loss of $18.2 million or $0.48 per share for the same period in 2008. At
December 31, 2009, the Company had cash, cash equivalents and investments
totaling $141.7 million.
The $8.1 million and $27.3 million in revenues the Company reported for the
quarter and year ended December 31, 2009, respectively, compare to $0.9
million and $16.7 million for the same periods in 2008. During the quarter
ended December 31, 2009, the Company recognized commercial revenues of $7.0
million, which includes royalty revenue of $2.1 million and sales force
reimbursement of $4.6 million, in connection with the launch of Savella.
During the year ended December 31, 2009, the Company recognized commercial
revenues of $17.0 million, which includes royalty revenue of $4.9 million
and sales force reimbursement of $10.9 million.
Total operating expenses for the quarter and year ended December 31, 2009
were $13.3 million and $57.2 million, respectively, compared to $9.0
million and $39.6 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. Additionally, during
the quarter ended December 31, 2009, the Company recorded a $1.1 million
impairment charge in connection with the goodwill assigned to its
personalized medicine services business.
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 expected competitive and
commercial advantages of Savella™ and our personalized medicine services
and the ability of our products and services to meet the needs of
physicians and patients and enable us to foster a unique relationship with
physicians. 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 physicians and patients,
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 Year ended
December 31, December 31,
2009 2008 2009 2008
--------- --------- --------- ---------
(unaudited)
Revenues:
Revenues under collaborative
agreement $ 863 $ 949 $ 10,026 $ 16,659
Commercial revenues 6,997 - 16,976 -
Revenues from personalized
medicine 199 - 333 -
--------- --------- --------- ---------
Total revenues 8,059 949 27,335 16,659
Operating expenses:
Cost of personalized medicine
services 566 267 1,987 267
Research and development 1,399 1,957 11,996 9,171
Selling, general and
administrative 10,262 6,824 42,138 17,603
In-process research and
development - - - 12,590
Goodwill impairment 1,100 - 1,100 -
--------- --------- --------- ---------
Total operating expenses 13,327 9,048 57,221 39,631
--------- --------- --------- ---------
Interest income 255 858 1,634 4,746
--------- --------- --------- ---------
Net loss $ (5,013) $ (7,241) $ (28,252) $ (18,226)
========= ========= ========= =========
Net loss per share - basic and
diluted $ (0.13) $ (0.19) $ (0.74) $ (0.48)
========= ========= ========= =========
Shares used in computing net
loss per share - basic and
diluted 38,297 37,883 38,150 37,734
========= ========= ========= =========
Balance Sheet Data:
December 31, December 31,
2009 2008
------------- -------------
Assets
Cash, cash equivalents and short-term
investments $ 141,673 $ 145,495
Other current assets 10,404 1,214
Goodwill 21,929 26,466
Other non-current assets 2,059 1,418
------------- -------------
Total assets $ 176,065 $ 174,593
============= =============
Liabilities and Stockholders' Equity
Current liabilities $ 11,573 $ 7,958
Long-term liabilities 23,908 6,720
Stockholders' equity 140,584 159,915
------------- -------------
Total liabilities and stockholders' equity $ 176,065 $ 174,593
============= =============
CONTACT:
Mary Gieson, Investor Relations
Cypress Bioscience, Inc.
(858) 452-2323
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