CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Javelin Pharmaceuticals, Inc. (NYSE Amex: JAV), a leading developer of novel acute care pain products, today reported its unaudited financial results for the third quarter ended September 30, 2009.

Financial highlights for the three months ended September 30, 2009:

Financial Performance

The Company ended the third quarter of 2009 with $3.3 million in cash and cash equivalents. During the fourth quarter, the Company raised approximately $3.7 million in additional net proceeds from an unsolicited registered direct placement of its common stock to a new shareholder.

For the three and nine months ended September 30, 2009, total revenues were $1.1 million and $3.5 million, compared to $0.4 million and $0.6 million for each of the respective periods a year ago.

Javelin's net loss decreased to approximately $6.8 million, or $0.11 per share, for the three months ended September 30, 2009, from approximately $10.9 million, or $0.18 per share, for the comparable period in 2008. For the nine months ended September 30, 2009, the net loss was approximately $29.5 million, or $0.49 cents per share, down from $29.7 million, or $0.54 cents per share, for the same period a year ago.

Javelin incurred approximately $7.5 million in total operating expenses in the third quarter of 2009 compared to approximately $11.4 million for the comparable period a year ago. For the nine months ended September 30, 2009 and 2008, Javelin's total operating expenses were $32.6 million and $31.1 million, respectively.

For the three months ended September 30, 2009 and 2008, our cost of revenues was approximately $0.9 million and $0.3 million, respectively. For the nine months ended September 30, 2009, cost of revenues was approximately $2.9 million compared to $0.5 million in the same period for 2008.

Research and development expenses decreased from approximately $6.9 million for the three months ended September 30, 2008 to $4.2 million for the three months ended September 30, 2009. Total research and development expense increased from $17.0 million for the nine months ended September 30, 2008 to $21.3 million for the nine months ended September 30, 2009.

Selling, general and administrative expenses for the three months ended September 30, 2009 were $2.4 million, as compared to $4.2 million for the three months ended September 30, 2008, and were $8.2 million for the nine months ended September 30, 2009, compared to $13.4 million for the similar period in 2008.

Preferred stock, $0.001 par value, 5,000,000shares authorized; as of September 30, 2009 andDecember 31, 2008, none of which are outstanding

Common stock, $0.001 par value; 200,000,000 shares authorizedas of September 30, 2009 and December 31, 2008; 60,675,016and 60,649,358 shares issued and outstanding as ofSeptember 30, 2009 and December 31, 2008, respectively

Net loss per share attributable to commonstockholders:

About Javelin

With corporate headquarters in Cambridge, MA, Javelin applies innovative proprietary technologies to develop new drugs and improved formulations of existing drugs to target unmet and underserved medical needs in the acute pain management market. The Company has one marketed drug in the UK and three drug candidates in US Phase 3 clinical development. For additional information about Javelin, please visit the Company's website at http://www.javelinpharmaceuticals.com.

Forward Looking Statement

This news release contains forward-looking statements. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made, including today's initial study results. These statements are based on our current beliefs and expectations as to such future outcomes. Drug discovery and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties related to the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development thereof, the completion of clinical trials, the FDA review process and other governmental regulation, our ability to obtain working capital, our ability to successfully develop and commercialize drug candidates, and competition from other pharmaceutical companies.

JAV-E