Labopharm revenues up four-fold at C$3.3 million for the quarter

By Lisa Kerner

Charlotte, N.C., Nov. 2 - Labopharm Inc. said its revenue for the third quarter ended Sept. 30 was up at C$3.3 million, from C$72,000 for the third quarter of fiscal 2005.

Product sales for the period were C$1.1 million, representing sales of the company's once-daily tramadol product in Germany, the Czech Republic and Slovakia. There were no product sales in the third quarter of fiscal 2005.

Research and development expenses for the quarter decreased to C$3.4 million, from C$4.7 million in the prior-year period.

Labopharm's selling, general and administrative costs for the third quarter were up at C$4.1 million from C$2.7 million for the third quarter 2005.

The company reported a net loss for the third quarter of C$4.4 million, or C$0.08 per share, from C$7.5 million, or C$0.18 per share, for the same quarter in 2005.

Cash, cash equivalents and short-term investments at Sept. 30 were C$106.3 million, compared with C$34.9 million as at Dec. 31, 2005.

Labopharm said its top priority remains the U.S. approval of its once-daily tramadol formulation.

"We have had an initial meeting with the FDA regarding our Approvable Letter for once-daily tramadol and are making progress toward determining the appropriate path forward in pursuit of final regulatory approval," president and chief executive officer James R. Howard-Tripp said in a company news release.

Labopharm is an international, specialty pharmaceutical company based in Laval, Quebec.

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