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Vivus Piles New Debt On Top Of Excuses (Updated)

Stepping back from the positives and negatives of the loan, the fact that Vivus needs more money now reeks of desperation. The company ended 2012 with $214 million in cash and marketable securities. Taking on another $50 million in debt now -- plus $60 million later this year -- is a signal that current Qsymia marketing efforts are not gaining traction with doctors or obese Americans. Management expects to spend a lot more money -- and lose a lot more money -- into the foreseeable future. At least Vivus has a weight-loss pill to sell. Arena Pharmaceuticals (ARNA - Get Report) can't seem to get its drug Belviq out of the starting gate.

And then there's Stendra. Forgotten about Vivus' erectile dysfunction drug? You're not alone. FDA approved Stendra last April -- almost one year ago -- but the drug remains on the shelf because Vivus has been unable to find any company willing to buy it.

Shares of Vivus were down 3.6% to $10.54 in Tuesday trading.

-- Reported by Adam Feuerstein in Boston.

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.
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