Axcan Pharma Inc. Announces First Quarter Results.MONTREAL--(BUSINESS WIRE)--Feb. 21, 1997--AXCAN PHARMA (TSE/ME: AXP The brand name Digital gave to its first family of Alpha-based computers. In 1998, Digital was acquired by Compaq. See Alpha. .) Axcan Pharma Inc. announced results for its first quarter ended December 31, 1996, and indicated revenues of $4,169,000 compared to $3,999,000 for the corresponding period of the previous fiscal year. The Company ended the quarter with a net loss of $361,000 or $0.028 per share compared to net earnings of $28,000, or $0.003 per share for the quarter ended December 31, 1995. Research and development expenses during the first quarter, increased almost threefold from $262,000 to $641,000 and this trend is expected to continue throughout fiscal 1997. Selling and administrative expenses increased by $518,000 due to costs for promotional programs planned for 1997. In addition, the Company will begin to record the results of Axcan Schwarz LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , including substantial pre-launch and launch expenses while sales activity will commence following the approval of URSO URSO University Radiation Safety Officer (assesses radiation hazards on campus) (TM) in the United States. The Company thus expects to post a loss at the end of the current fiscal year. Qualification of shares under 1996 special warrants issue Axcan expects to receive by the end of February, 1997, the proceeds of $17,356,950 now in escrow under the terms of the issue of 1,509,300 special warrants in December 1996, at a purchase price of $11.50. The release to Axcan of these proceeds will be made following the issue of receipts by the Quebec, Ontario and Manitoba securities commissions for a final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. dated February 21, 1997. Axcan specializes in the field of gastroenterology gastroenterology Medical specialty dealing with digestion and the digestive system. In the 17th century Jan Baptista van Helmont conducted the first scientific studies in the field; William Beaumont published his own observations in 1833. and is also active in areas related to contraception, the prevention of sexually transmitted diseases Sexually transmitted diseases Infections that are acquired and transmitted by sexual contact. Although virtually any infection may be transmitted during intimate contact, the term sexually transmitted disease is restricted to conditions that are largely and hemodialysis. Founded in 1983, it now employs some 100 people in Canada and has its head office on Montreal's South Shore as well as affiliates and offices in Laval (Montreal), Calgary and Plattsburgh, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . CONTACT: Axcan Pharma Inc. Leon F. Gosselin, 514/467-5138 or Axcan Pharma Inc. Bertrand Bolduc, 514/467-5138 514/464-9979 (FAX) bbolduc@axcan.com |
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