CollaGenex third-quarter revenues boosted by $2.2 million in Oracea net sales

By Lisa Kerner

Charlotte, N.C., Nov. 8 - CollaGenex Pharmaceuticals, Inc. said for the third quarter ended Sept. 30, its total net revenues increased to $5.6 million, including $2.2 million in net sales of Oracea, from $4.5 million in total net revenues, with no Oracea sales, for the third quarter of 2005.

The company reported a net loss for the quarter of $10.4 million, or $0.59 per share, compared with a net loss of $5.4 million, or $0.37 per share, for the prior-year period. CollaGenex attributed the increased loss in part to sales and marketing costs associated with the launch of Oracea.

"While the primary focus of the quarter was on the successful launch of Oracea, we remain on track with regard to advancements of our pipeline," president and chief executive officer Colin Stewart said in a company news release.

"This includes the development of incyclinide for the treatment of acne and Col-118 for the treatment of erythema, or skin redness, associated with rosacea."

Data from a phase 2 clinical trial evaluating incyclinide for the treatment of acne is expected during the first quarter of 2007.

Cash and cash equivalents fell to $9.6 million at Sept. 30 from $26.2 million at Dec. 31, 2005.

The Newtown, Pa., specialty pharmaceutical company reaffirmed its financial guidance for 2006, including total revenues of about $24 million, research and development expenses of about $16 million and cash burn of roughly $36 million.

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