In the nine months ended September 30, 2008, administrative and selling expenses amounted to EUR8.4 million, compared to EUR8.8 million in the nine months ended September 30, 2007. During the first nine months of 2008, general and administrative expenses were EUR5.3 million compared to EUR5.6 million for the corresponding period of 2007 and represented mainly personnel expenses in administrative and financial functions, as well as the remuneration of corporate officers, including stock option, bonus share and warrant attributions. These expenses also included structural costs such as leases, property service charges and maintenance costs (excluding structural costs related to research and development activities), legal and accounting fees and other external administrative costs. For the first nine months of 2008, selling expenses totaled EUR3.1 million, compared to EUR3.2 million for the same period of 2007, and correspond to the market analysis activities for naproxcinod, as well as the business development and communication activities of the Company. The Company anticipates an increase in its selling expenses during the fourth quarter of 2008, due to activities linked to the commercial launch preparation for naproxcinod. On September 30, 2008, the Company employed 37 people in its selling, general, and administrative departments, compared to 32 people on September 30, 2007.
During the nine months ended September 30, 2008, other income totaled EUR3.3 million, compared to EUR3.2 million on September 30, 2007. Other income corresponds to the operational subsidies from the research tax credits which were previously deducted from research and development expenses until December 31, 2007.
In the nine months ended September 30, 2008, the operating loss reached
EUR54.2 million, compared to EUR17.4 million in the corresponding period of
2007. This situa
Copyright©2008 PR Newswire.
All rights reserved