For full year 2008, the company reported net loss applicable to common stock shareholders of $15.84 million, or $0.32 diluted net loss per common share, compared to a net income of $48.5 million, or $1.06 diluted net income per common share, in 2007.
The company reported total revenues of $8.72 million for the fourth quarter of 2008, compared to $5.3 million for the same period of 2007. For the full year 2008, total revenues were $34.8 million compared to $65.6 million for 2007.
Carl Pelzel, president and CEO of Depomed, said: “In the fourth quarter, we consummated two very important transactions with Solvay and Covidien that further improved our current cash position and may result in additional future payments as we achieve certain development milestones.
“We are very pleased to report a balance of $82.1 million in cash, cash equivalents and marketable securities at the end of 2008, which prepares us well for this challenging macroeconomic environment. We are focused on execution for 2009 with three ongoing Phase III trials and related upcoming milestones.”