CV Thera records 1st-qtr 2006 losses of $70.5M

California, USA-headquartered drug developer CV Therapeutics, a specialist in the field of chronic cardiovascular diseases, says its first-quarter 2006 losses reached $70.5 million, or $1.57 per share, compared with the $46.4 million loss it recorded in the same period last year. The group also saw a 10% decline in its revenues to $5.1million, still better than the average estimate of analysts polled by Thomson Financial who forecast a loss of $1.71 on turnover of $4.0 million.

The firm said that its operating expenses for the period leapt 48% to $76.3 million, and attributed the increase to the effects of its 2005 recruitment of a specialty cardiovascular sales force to launch the chronic angina drug Ranexa (ranolazine extended-release tablets). The group added that its new sales force had also taken part in the co-marketing of Aceon (perindopril erbumine), a heart attack and hypertension drug, in collaboration with its partner Solvay Pharmceuticals.

The company's share price closed down $0.30 at $21.81 on the Nasdaq on the day of the announcement, but tumbled a further 4.8% to $20.76 in the after-hours trading session.