November 16, 2010 / 3:43 PM / in 7 years

ProMetic Life Sciences shares fall on Q3 loss

Nov 16 (Reuters) - Shares of ProMetic Life Sciences Inc (PLI.TO) fell as much as 19 percent on Tuesday, a day after the biopharmaceutical company reported a quarterly loss hurt by higher costs.

For the July-September quarter, the company, which develops therapeutics to treat blood-related disorders, posted a net loss of C$2.9 million, or 1 Canadian cent a share, compared with a profit of C$0.2 million, or breakeven a share, a year ago. [ID:nASA01345]

Revenue fell 34 percent to C$2.1 million, hurt by delayed revenue from one of its key customers, Octapharma. Operating costs were up 29 percent to C$4.5 million.

Octapharma has also delayed its orders for the second half of the year into 2011, which is expected to impact ProMetic’s revenue forecast for the period, Chief Financial Officer Bruce Pritchard said in a statement.

Shares of Montreal, Quebec-based ProMetic, which have gained 42 percent in value since the company reported its second quarter results in August, were down about 15 percent at 11.5 Canadian cents in late morning trade Tuesday on the Toronto Stock Exchange. They touched a low of 11 cents earlier in the session. (Reporting by Arnika Thakur in Bangalore; Editing by Unnikrishnan Nair)

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