CV Therapeutics (CVTX) reaffirmed its financial guidance for the second half of 2007 and the first half of 2008 and said it has enough cash to last two years.
The Palo Alto, Calif., drug company said it estimates that operating expenses, not including cost of sales, will be $105 million to $110 million for the second half of 2007. Product and collaboration revenues, which are not reflected in this operating expense figure, would offset a portion of operating expenses.
CV said its current cash position should be sufficient for approximately two years of operations, assuming that prescriptions for Ranexa continue to grow at the rate observed prior to the publication of the MERLIN TIMI-36 clinical study in April 2007, and assuming that regadenoson is approved by the FDA in 2008 and that the company receives modest royalties under the licensing and collaboration arrangement with Astellas for that program.
At June 30, CV said it had cash, cash equivalents, marketable securities and restricted cash of $223.7 million.