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-Swedish Moberg Derma Q2 loss widens due to bigger costs.

NORDIC BUSINESS REPORT-August 12, 2011--Swedish Moberg Derma Q2 loss widens due to bigger costs(C)2011 M2 COMMUNICATIONS

12 August 2011 - Swedish pharma company Moberg Derma AB (STO:MOB) said today its second-quarter net loss widened to SEK9.6m from SEK8m a year earlier as a big increase in revenue was outweighed by even higher costs.

Revenue amounted to SEK8m in April-June 2011, up from SEK219,000. However, costs of goods sold surged to SEK4.3m from SEK60,000. Research and development (R&D) costs grew to SEK7.1m from SEK4.9m, and expenses for marketing and administration also increased.

As a result, the operating loss widened to SEK9.7m from SEK8m.

This was Moberg Derma's first quarter as a listed company. The firm floated on the Nasdaq OMX Nordic exchange in Stockholm on 26 May after a new share issue that brought net proceeds of SEK69.2m.

In the first half of 2011, Moberg Derma saw its net loss expand to SEK16.2m from SEK12.7m a year earlier although revenue surged to SEK13.5m from SEK823,000.

(EUR1 = SEK9.3)

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Publication:Nordic Business Report
Article Type:Financial report
Date:Aug 12, 2011
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