Javelin Pharmaceuticals, Inc. (NYSE Amex: JAV - News), a leading developer of novel acute care pain products, today reported its unaudited financial results for the first quarter ended March 31, 2010. Highlights for the three months ended March 31, 2010:
Ended the first quarter with approximately $1.1 million in cash and cash equivalents
Net loss decreased to approximately $6.3 million, or $0.10 per share, in the first quarter of 2010 from approximately $14.8 million, or $0.24 per share, in the first quarter of 2009
In February 2010, Javelin received an FDA PDUFA date of October 3, 2010 for Dyloject™
On April 19, 2010, Javelin announced that it had entered into a Definitive Merger Agreement with Hospira, Inc. pursuant to which Hospira launched an all cash tender offer of $2.20 per share. The transaction is scheduled to close during the second quarter of 2010.
Financial Performance For the three months ended March 31, 2010, we recorded $0.3 million in amortization of partner milestone payments compared to $0.2 million for the similar period a year ago. For the three months ended March 31, 2009, partner revenue also included approximately $1.7 million in product sale to Therabel. For the three months ended March 31, 2010, our cost of revenue was approximately $0.1 million, compared to $1.9 million for the same period a year ago. Our cost of revenue for the period ended March 31, 2010 is primarily attributable to our portion of royalties that were payable to third parties for sales recorded by Therabel. Research and development expenses for the three months ended March 31, 2010, were $3.9 million compared to $11.8 million for the same period in 2009. Total research and development expense for the quarter decreased to $6.5 million from $16.9 million for the similar period a year ago, primarily attributable to reductions in clinical trial expenses for Dyloject and Ereska.