Axcan Pharma Inc. Announces Second Quarter Results.MONTREAL--(BUSINESS WIRE)--May 23, 1997--AXCAN PHARMA INC.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ;ME AXP ) In announcing results for its second quarter ended March 31, 1997, Axcan Pharma Inc. indicated revenues of $4,780,000 compared to $4,245,000 for the corresponding period in the previous fiscal year. The Company ended the quarter with a net loss of $233,000, or $0.017 per share compared to net earnings of $88,000, or $0.007 per share for the quarter ended March 31, 1996. The increase in revenue is mostly due to the amount of contract sales included in the quarter. In the previous year such contact sales mainly occurred in the last two quarters. Cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold increased, in terms of percentage of sales, due to the amount of contract sales included in the quarter as margins are lower on this type of sales. For the second quarter, selling and administrative expenses increased by $358,000 due to costs for promotional programs planned for fiscal 1997. URSO URSO University Radiation Safety Officer (assesses radiation hazards on campus) (R) The second quarter has been very active for Axcan. Phase II studies for URSO(R) in the prevention of colorectal cancer as well as for the treatment of hypercholesterolemia have been initiated. In addition, Axcan has crossed a major threshold towards obtaining final approval to market URSO(R) in the USA for the treatment of primary biliary cirrhosis Primary Biliary Cirrhosis Definition Primary biliary cirrhosis is the gradual destruction of the biliary system for unknown reasons. Description (PBC PBC 1 Peripheral blood cells 2 Primary biliary cirrhosis, see there ). The FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. has issued an approvable letter which is the last step before final approval in the United States. Axcan also announced that it had completed its joint venture arrangement with Schwarz Pharma Inc. of Milwaukee (Wisconsin) to form Axcan Schwarz LLC, a Delaware limited liability company. This company will market and distribute URSO(R) ursodiol tablets in the USA, initially for the treatment of PBC and later for other indications as well, once they are approved by the FDA. Axcan and Schwarz each have a 50 percent ownership interest in Axcan Schwarz. Triple therapy study Axcan has also completed enrollment for its Canadian multicentre clinical study evaluating the efficacy and safety of the co-administration of two antibiotics (tetracycline tetracycline (tĕ'trəsī`klēn), any of a group of antibiotics produced by bacteria of the genus Streptomyces. They are effective against a wide range of Gram positive and Gram negative bacteria, interfering with protein , metronidazole metronidazole /met·ro·ni·da·zole/ (-ni´dah-zol) an antiprotozoal and antibacterial effective against obligate anaerobes; used as the base or the hydrochloride salt. It is also used as a topical treatment for rosacea. ) and Axcan's BARRIER(R) product (colloidal colloidal of the nature of a colloid. colloidal bath a bath containing gelatin, bran, starch or similar substances, to relieve skin irritation and pruritus. bismuth subcitrate) in eradicating Helicobacter pylori (H. pylori) bacteria. This double blind placebo controlled phase III study involves research centers in Halifax, Montreal, Toronto, Hamilton and Edmonton. The study was initiated in 1994 and involves ulcer and dyspepsia patients. If the results are as positive, the Company intends to file a New Drug Submission to the Health Protection Branch for the approval of this therapy within this fiscal year. PROTECTAID(R) - Taiwan and Spain During the second quarter, Axcan has signed its second and third licensing agreements for the PROTECTAID(R) contraceptive sponge with Yeong Being Enterprises of Taipei for Taiwan and with Lineafarm of Madrid for Spain. This follows a first agreement that was signed last December with C & L Pharmaceuticals of Kowloon, Hong Kong to distribute the product in Hong Kong and Macau. Shipments under these two new agreements will begin as soon as the product is registered in each market. The Company is presently negotiating similar agreements for several other markets. Axcan specializes in the field of gastroenterology 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 100 people in Canada and has its head office on Montreal's South Shore as well as affiliates and offices in Laval (Montreal). CONTACT: Axcan Pharma Inc., Montreal Leon F. Gosselin, 514/467-5138 or Bertrand Bolduc, 514/467-5138 FAX: 514/464-9979 bbolduc@axcan.com |
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