August 12, 2010 / 11:36 AM / 7 years ago

UPDATE 2-Labopharm net loss widens, shares slump

* Q2 loss C$6 mln vs C$4.9 mln a yr ago

* Q2 revenue up 8 pct to C$6.8 mln (Updates with share )

TORONTO, Aug 12 (Reuters) - Shares of biotech company Labopharm Inc DDS.TO sank 14 percent on Thursday after it reported a bigger second-quarter loss, citing unfavorable currency translations.

Laval, Quebec-based Labopharm said its net loss widened to C$6 million, or 8 Canadian cents a share, from C$4.9 million, or 9 Canadian cents a share, a year earlier, when the company had roughly 26 percent fewer shares outstanding.

Quarterly revenue rose 8 percent to C$6.8 million, thanks to increased royalty payments.

The company markets proprietary controlled-release technologies for existing drugs. Its lead product is the once-daily formulation of the pain-killer tramadol.

Shares slumped 17 Canadian cents, or 14 percent, to close at C$1.05 on The Toronto Stock Exchange.

$1= $1.05 Canadian Reporting by Euan Rocha and Solarina Ho; editing by Rob Wilson

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