May 8, 2008 / 3:03 PM / 9 years ago

UPDATE 1-Labopharm's loss grows as revenue drops

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TORONTO, May 8 (Reuters) - Labopharm Inc DDS.TO said on Thursday that its first-quarter loss deepened as revenue fell and research costs grew.

The small biotechnology company said it lost C$9.7 million, or 17 Canadian cents a share, for the quarter, compared with a loss of C$6.5 million, or 11 Canadian cents a share, a year earlier.

Revenue was C$3.2 million, down from C$5.4 million for the same period last year when it included money it received from increased shipments of its tramadol pain treatment to new countries.

Analysts had expected an average loss of 14 cents a share and revenue of $4.5 million, according to Reuters Estimates.

Research and developments costs were C$5.7 million, up from C$4.5 million.

Typically expenses will mount for biotech companies as they advance further into trials before receiving regulatory approval.

Labopharm also said it expected to file a new drug application for its trazodone Contramid once-a-day depression treatment with the U.S. Food and Drug Administration by the end of the year.

But it is still waiting to hear from the regulator on the approval of its once-daily version of pain killer tramadol, as it has faced a series of delays as it tries to satisfy key data requirement requests from the FDA. ($1=$1.01 Canadian) (Reporting by Scott Anderson; editing by Rob Wilson)

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