Drug Developer Loses but Gains
Canadian drug development company Labopharm Inc has reported a net loss of over seven million dollars for its third quarter of this year. At the same time, however, the Canada drug company has also recorded an increase in revenue, with higher licensing income driving its gains up to just over nine and a half million.
Labopharm reported a ten percent loss on its shares in the third quarter of 2010, which was nonetheless an improvement on the twelve percent loss suffered in the same time period last year. “Labopharm now has two products commercially available in the US and our third – a twice daily tramadol/acetaminophen product – is poised for launch in Europe late next year,” says the Canadian drug company’s chief executive, James Howard-Tripp. “We are encouraged by the positive early trends in feedback and use of Oleptro since launch and continue to believe that Oleptro is a valued option in the treatment of depression.”
The Canada drug company’s main product is a formulation of pain relieving drug tramadol, and the company says it is expecting Health Canada to make a decision regarding the acceptability of a once-daily antidepressant that it has developed by the end of this year.
Revenue from product sales has gone down in the third quarter of 2010 compared to the previous year, four million down from over five million, but the number has been made up for by an increase in licensing revenue, up to over four million from just one million in the same period last year.
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