This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Labopharm loses $6.9-million in third quarter 2009-11-06 12:53 ET - News Release Mr. Mark D'Souza reports LABOPHARM REPORTS RESULTS FOR THIRD QUARTER FISCAL 2009
Labopharm Inc. today released its financial results for the third quarter ended Sept. 30, 2009.
"We have made strong progress in recent months towards the commercialization of our novel trazodone formulation in both the United States and Canada," said James R. Howard-Tripp, president and chief executive officer, Labopharm. "In the United States, with the matters raised in the Food and Drug Administration (FDA)'s complete response letter now resolved, we await the agency's decision regarding approval of our formulation and continue to prepare for commercialization in the first half of 2010 pending such approval. In Canada, our new drug submission (NDS) has been accepted for review by Health Canada and we look forward to its response during the third quarter of next year."
Financial summary
Revenue from sales of the company's once-daily tramadol product for the third quarter of fiscal 2009 increased to $5.2-million from $3.9-million for the third quarter of fiscal 2008 and was composed of product sales outside of the United States of $4.5-million and product sales in the United States of $700,000. Total revenue for the third quarter of fiscal 2009 was $6.6-million compared with $9.4-million for the third quarter of fiscal 2008, which included non-recurring licensing revenue of $4.4-million.
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