Javelin Pharmaceuticals, Inc. (NYSE – Amex: JAV) recently reported its audited financial results for the full year and quarter ending December 31, 2009.
Corporate Highlights:
– On January 15, 2009 Javelin entered into an exclusive European marketing partnership for Dyloject with Therabel N.V., worth up to $71.0 million, including $7 million upfront, future milestone payments and royalties on sales.
– On June 15, 2009 Javelin announced that a study showed Dyloject was well tolerated in patients with impaired renal and hepatic function.
– On June 23, 2009 Javelin announced that it had completed a large open label safety study of Dyloject.
– On December 2, 2009, Javelin submitted its NDA for Dyloject and was successfully accepted for filing with the US FDA on February 2, 2010. Dyloject has received a PDUFA date of October 3, 2010.
– On December 18, 2009, Javelin entered into a definitive merger agreement with Myriad Pharmaceuticals, Inc. (Nasdaq: MYRX). Additional information relating to the transaction can be found by accessing the registration statement on Form S-4 (File No. 333-164890) filed by Myriad Pharmaceuticals, Inc. with the SEC.
Financial Highlights for the Year Ended December 31, 2009:
– Ended the year with $0.77 million in cash, and cash equivalents.
– Total revenues for the year ended December 31, 2009 were $3.8 million compared to $1.1 million for the same period a year ago. For the three months ended December 31, 2009 total revenues were $.3 million compared to $.5 million in 2008.
– Partner revenue was $3.6 million in 2009 as a result of our January 2009, EU marketing partnership with Therabel. There were no partner revenues in 2008. Partner revenue was $.3 million in the quarter 2009. There were no partner revenues in the fourth quarter of 2008.
– Product revenues for the year ended December 31, 2009 were $.188 million and $1.1 million for the same period in 2008. For the three months ended December 31, 2009 there were no product revenues compared to $.5 million for the same period in 2008.
– Net loss decreased to approximately $37.6 million, or $0.62 per share, for the 12 months ended December 31, 2009, from $43.5 million, or $0.77 per share, for the same period in 2008. Net loss decreased to approximately $8.1 million, or $0.13 per share, in the fourth quarter of 2009, from $13.8 million, or $0.23 per share, in the fourth quarter of 2008.
– Javelin incurred approximately $41 million in total operating expenses for the full year ending December 31, 2009 compared to $45 million in the prior year. For the three months ended December 31, 2009 operating expenses were $8.4 million compared to $14 million for the same period in 2008.
– Cost of product revenues for the year ended December 31, 2009 was approximately $3.0 million compared to $.85 million for the same period in 2008. For the three months ended December 31, 2009 cost of product revenues were $.08 million compared to $.4 million for the same period a year ago.
– Research and development expenses decreased to $24.5 million for the year ended December 31, 2009 from $26.8 million for the same period in 2008. For the three months ended December 31, 2009, research and development expenses were $3.2 as compared to $9.8 million for the same period a year ago.
– Reported non-cash stock based compensation expense for the year ended December 31, 2009 was approximately $5.4 million, or $0.09 per share impact on operations, compared to $3.3 million, or $0.06 per share impact on operations for 2008.
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