-Biotec Pharmacon limits net loss to NOK5.4m in Q3 2011.
M2 EQUITYBITES-November 8, 2011--Biotec Pharmacon limits net loss to NOK5.4m in Q3 2011(C)2011 M2 COMMUNICATIONS http://www.m2.com
8 November 2011 - Norwegian company Biotec Pharmacon ASA (OSL:BIOTEC) said today its net loss melted to NOK5.4m in the third quarter of 2011 from NOK7.9m a year earlier.
The better result mirrors mainly the completion of the Phase III trials in the first half of the year, the workforce reduction and other downsizing in external research activities in 2011, the firm said.
Biotec Pharmacon's cash position at the end of September was NOK42m.
Third-quarter sales rose to NOK4.9m from NOK2.2m in the previous year. Revenue from the Enzymes segment rose 158% to NOK3.1m.
The operating loss narrowed to NOK5.7m in the third quarter of 2011 from NOK8m in the third quarter of 2010, due to staff reduction.
(EUR1 = NOK7.4)
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