Labopharm Reports Results for First Quarter F...(r the first quarter of fiscal 2007. The ...),Health

Date:5/8/2008

r the first quarter of fiscal 2007. The increase was primarily the result of a higher level of clinical trial activity and the general increase in the Company's research and development activities in the first quarter of fiscal 2008. Research and development tax credits for the first quarter of fiscal 2008 were $1.2 million compared with $0.8 million for the first quarter of fiscal 2007.

Selling, general and administrative expenses for the first quarter of fiscal 2008 decreased to $4.8 million from $5.2 million for the first quarter of fiscal 2007. The decrease is primarily due to lower non-cash stock-based compensation expense.

During the first quarter, the Company made an additional adjustment to the estimated fair value of its asset backed commercial paper (ABCP) investment and took an additional impairment charge of $0.7 million. The total impairment charge taken to date on the ABCP is $2.2 million. The initial ABCP investment was $5.6 million.

Net loss for the first quarter of fiscal 2008 was $9.7 million, or $0.17 per share, compared with $6.5 million, or $0.11 per share, for the first quarter of fiscal 2007.

Cash, cash equivalents and available-for-sale marketable securities at March 31, 2008 were $64.4 million, compared with $71.9 million at December 31, 2007. The cash, cash equivalents and available-for-sale marketable securities position at March 31, 2008 does not include the Company's ABCP having an estimated fair value of $3.7 million that was reclassified as a long term investment in the third quarter of 2007. Labopharm's cash, cash equivalents and available-for-sale marketable securities at March 31, 2008 decreased by $7.5 million compared to December 31, 2007, primarily due to the use of funds for operating activities.

Labopharm continues to expect global sales of its once-daily tramadol product to be variable from quarter to quarter as a result of pipeline fill and other supply chain and market dynamics associated w
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SOURCE Labopharm Inc. Copyright©2008 PR Newswire. All rights reserved

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