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."

Cadence Pharmaceuticals Announces U.S. Launch and Availability of OFIRMEV™ (acetaminophen) Injection

Cadence Pharmaceuticals, Inc. (Nasdaq: CADX) today announced the launch of OFIRMEV™ (acetaminophen) injection, the first and only intravenous (IV) formulation of acetaminophen to be approved in the United States. The U.S. Food and Drug Administration (FDA) approved OFIRMEV in November 2010 for the management of mild to moderate pain, the management of moderate to severe pain with adjunctive opioid analgesics, and the reduction of fever. OFIRMEV is now available to hospitals across the U.S.

"With the launch of OFIRMEV, physicians will have access to the first new class of IV pain medication in nearly two decades," said Ted Schroeder, president and CEO of Cadence. "Our focus now turns to working closely with hospitals and physicians to expand access and utilization and establish OFIRMEV as a foundational therapy in the management of pain in hospitalized patients. At this initial stage of commercialization, we are pleased with the early signals of physician demand and formulary access. We anticipate that by the end of this year OFIRMEV will be on formulary at approximately 800 - 1,000 hospitals, which will represent approximately half of the IV analgesic opportunity."

The national launch of OFIRMEV is being supported by 147 hospital sales specialists and 13 field medical science liaisons. These field personnel have extensive hospital experience and have completed rigorous training in preparation for the launch. Through agreements with the three major pharmaceutical wholesalers, distribution centers across the U.S. are fully stocked and accepting orders from hospitals.

Until now, the only injectable drugs available to treat pain and fever were opioids and NSAIDs. When used as part of a multi-modal approach to pain management in placebo-controlled clinical studies, OFIRMEV demonstrated significant pain relief, reduced the consumption of opioids, and improved patient satisfaction. OFIRMEV is also the first and only IV medication indicated for the treatment of pain and fever in children two years of age and older.

"We have long needed better tools to improve pain management in hospitalized patients," said Keith Candiotti, M.D., Professor of Anesthesiology at the University of Miami. "The safety and effectiveness of IV acetaminophen has been well established in numerous clinical trials and has become the foundation of IV pain management in Europe since its introduction in 2002. I believe that OFIRMEV will meet a longstanding unmet need in the U.S. and expect it to play a prominent role in the treatment of pain not only in my practice, but across the U.S."