Cadence Pharmaceuticals Reports Fourth Quarter and Full Year 2011 Financial Result

Cadence Pharmaceuticals, Inc. (NASDAQ: CADX), a biopharmaceutical company focused on acquiring, in-licensing, developing and commercializing proprietary products principally for use in the hospital setting, today reported financial results for the fourth quarter and year ended December 31, 2011.Highlights for the year ended December 31, 2011, and the fourth quarter of 2011, included the following:The launch of OFIRMEV® (acetaminophen) injection, the first and only intravenous formulation of acetaminophen approved in the United States, in January 2011Net revenue for the fourth quarter of 2011 of $5.9 million, an increase of over 66% from the third quarter of 2011Total net product revenue for the year ended December 31, 2011 of $11.5 millionOver 2,200 accounts had ordered OFIRMEV as of December 31, 2011, an increase of 27% from September 30, 2011Accounts that have placed multiple orders increased 37% during the fourth quarter of 2011 as compared to the previous quarterOFIRMEV received hospital formulary acceptance at over 1,580 institutions as of December 31, 2011An estimated 400,000 to 600,000 patients were treated with OFIRMEV during 2011License revenue of $5.2 million recognized during the second quarter of 2011FDA approval of the Company's supplemental supplier of OFIRMEV in March 2011Public offering of 21.8 million shares in November 2011, resulting in net proceeds of approximately $77.3 millionAmended the Company's credit facility in December 2011, providing a net $3.4 million of additional capital, as well as a delay in principal payments until 2013"We believe that achieving the milestone of having approximately 400,000 to 600,000 patients treated with OFIRMEV during its first year of commercial sales provides a strong indication that physicians are embracing the product as the foundation for a multi-modal approach to managing acute pain," said Ted Schroeder, President and CEO of Cadence. "In addition to growing revenues, during the fourth quarter, we strengthened our balance sheet by completing a public stock offering, amending our credit facility, and restructuring our workforce. We believe that the combination of increased capital and expense rationalization will enable us to continue to focus on growing sales of OFIRMEV."