FINANCIAL HIGHLIGHTS
• Accelerated revenue growth o Product sales up 22% to £40.9m o Total revenues up 19% to £45.6m • Gross profit up 28% to £29.4m • Operating loss reduced by 3% to £17.7m • Retained loss down by 41% to £17.3m • Loss per share reduced by 44% to 8.6p per share • Strong cash position of £24.5m with further available debt facility of £30m
OPERATING HIGHLIGHTS
• Pan-European products (Tostran, Rectogesic & Droperidol) display strong growth with sales up 47% • Best-selling product, Adcal-D3 grows sales by 14% • New Drug Application (“NDA”) for Sancuso under consideration by FDA, with US launch planned for H2 2008 • European Marketing Authorisation Application (“MAA”) for Sancuso lodged. EU launches expected in 2009 • Rapinyl approved in Sweden and currently under CHMP review. Swedish launch expected Q3 2008. Other EU launches expected from end 2008 • Enrolment now complete for US Phase III trial for Fortigel (Tostran). FDA filing expected during 2008 • Phase III US trial for Cellegesic (Rectogesic) under way. FDA filing planned for late 2008 or early 2009 • Significant progress achieved in creation of US infrastructure to support US Sancuso launch
Commenting on the results, Dr Wilson Totten, ProStrakan’s Chief Executive Officer, said:
“ProStrakan has reached a pivotal point in its development. In 2007, with the creation of a sales and marketing infrastructure in the US, we put in place the last of the building blocks that will provide the platform for our future growth.
“2008 is set to be a transformational year, with regulatory approvals of key products anticipated in both Europe and the US and important results due on two further products in Phase III US trials. The Company is strongly funded and remains on track to achieve its target of break-even during 2009, with increasing profitability thereafter generated from the growing sales of new products.”
There will be a presentation and conference call for analysts today (Thursday 13 March) at 9.30am. Contact Mo Noonan, Financial Dynamics (+44 (0)20 7269 7116) for details.
For more information on this announcement, please contact:
ProStrakan +44 (0)1896 664000 Dr Wilson Totten, Chief Executive Paul Garvey, Chief Financial Officer Callum Spreng, Corporate Comms
Financial Dynamics +44 (0)20 7831 3113 David Yates / Ben Brewerton
Trout Group (for US investor enquiries) Gitanjali Jain (646) 378-2949
