Cadence reports Ofirmev sales

Cadence Pharmaceuticals Inc. (NASDAQ:CADX) reported 1Q11 revenues of $400,000 for pain drug Ofirmev IV acetaminophen, which was launched in January. The Street was expecting revenue of $710,000. The company said the sales team focused primarily on obtaining formulary acceptance of Ofirmev in hospitals. Cadence increased its estimate for formulary acceptance from 800-1,000 hospitals to 1,000-1,200 hospitals by year end, which the company said would represent more than 50% of the U.S. IV analgesic market. Cadence was off $0.46 to $7.84 on Thursday. ...