CoTherix says Ventavis sales up 118% for the third quarter

By Lisa Kerner

Charlotte, N.C., Nov. 1 - CoTherix, Inc. said third-quarter sales of its Ventavis (iloprost) Inhalation Solution rose to $18.4 million, up 118% from the third-quarter 2005.

The company reported a GAAP net loss of $2.8 million, or $0.10 per share, in the quarter, compared to a net loss of $6.2 million, or $0.26 per share, for the same period in 2005.

Operating expenses for the third quarter were up at $22.1 million, from $15.0 million for the prior-year period.

CoTherix said its research and development expenses more than doubled to $5.2 million in the third quarter, compared to $2.8 million in the same period of 2005.

At Sept. 30, CoTherix had cash, cash equivalents and securities available-for-sale of $83.7 million, a decrease of $4.9 million from June 30, 2006.

"In addition to the strong sales of Ventavis, we initiated clinical pharmacokinetic testing of fasudil and are on track to begin our phase 2 trials in the first half of 2007 in both stable angina and PAH (pulmonary arterial hypertension)," chief executive officer Donald J. Santel said in a news release.

"We're also in the final stages of selecting a dry powder formulation of iloprost and look forward to commencing our phase 1 program in the first half of 2007."

The company expects Ventavis net product sales to be between $100.0 million and $105.0 million in 2007, with the gross margin is expected to be between 71% and 73% of net product sales.

CoTherix is a biopharmaceutical company based in Brisbane, Calif.

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