August 7, 2009 / 12:45 PM / 9 years ago

UPDATE 1-Labopharm Q2 loss narrows on lower costs

* Q2 loss C$0.09 vs. yr-ago loss C$0.18

* Revenue up 29 pct

* Plans to submit FDA response over Trazodone next week

Aug 7 (Reuters) - Labopharm Inc DDS.TO DDSS.O posted a narrower quarterly loss, helped by lower research and development costs and higher gross margin.

For the second quarter ended June 30, Labopharm reported a net loss of C$4.9 million ($4.55 million), or 9 Canadian cents per share, compared with a loss of C$10.3 million, or 18 Canadian cents per share, in the same quarter last year.

Two analysts were expecting a loss of 10 Canadian cents per share, excluding items, according to Reuters Estimates.

Quarterly revenue rose 28.6 percent to C$6.3 million, driven by 23 percent rise in sales of its painkiller once-daily tramadol product.

Research and development costs, before research and development tax credits, for the quarter were C$3.2 million, down from C$7.0 million a year-ago.

Labopharm said it intends to submit its response over once-daily depression treatment Trazodone to the U.S. Food and Drug Administration next week after the agency failed to approve it last month.

Last month, in an interview with Reuters, Labopharm Chief Executive James Howard-Tripp said the company still expects to launch Trazodone in the United States early next year. [ID:nN23394642]

Shares of the Montreal-based company closed at C$2.09 Thursday on the Toronto Stock Exchange. They closed at $1.95 on Nasdaq. ($1=1.077 Canadian dollar) (Reporting by R. Manikandan in Bangalore; Editing by Maju Samuel)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below