stronger Canadian dollar relative to comparable periods in 2006.
Product gross margin for 2007 decreased to 56% compared to 63% for
2006 due to inclusion of freight charges and foreign exchange
- Operating income for the fourth quarter of 2007 was $0.8 million and
$4.1 million for all of 2007 compared to $1.6 million and
$5.6 million respectively for the same periods in 2006. The decrease
for both periods in 2007 was due to decreased volumes, pressures on
margins from a strong Canadian dollar, regulatory filing fees and
increased business development activities.
- On October 11, 2007, the Company was informed by Health Canada that
an Abbreviated New Drug Submission ("A/NDS") for DRAXIMAGE(R)
Sestamibi that had been filed by the Company on August 17, 2007 with
Health Canada had been screened and found acceptable for review.
- On December 20, 2007, DRAXIS announced that its radiopharmaceutical
division had appointed GE Healthcare, an industry leader in nuclear
medicine, as the exclusive distributor of DRAXIMAGE(R) Sestamibi in
the United States. DRAXIMAGE has granted GE Healthcare the exclusive
right to market, distribute and sell its generic DRAXIMAGE(R)
Sestamibi in the U.S. market and through its U.S. and Canadian
radiopharmacy network once the primary innovator patent expires and
marketing authorizations are received from the U.S. Food and Drug
Administration (FDA) and Health Canada. Furthermore, GE Healthcare
has agreed to purchase Technetium 99m Sestamibi injection
exclusively from DRAXIMAGE. The initial term of the distribution
agreement is for a minimum of three years following FDA approval of
the DRAXIMAGE product.
|SOURCE DRAXIS Health Inc.|
Copyright©2008 PR Newswire.
All rights reserved