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Labopharm Reports Results for Second Quarter Fiscal 2009
Date:8/7/2009

exchange of the Montreal Proposal ABCP, which have an estimated fair value of $2.9 million and that are recorded as a long-term investment. Subsequent to quarter end, the Company drew down the $2.6 million available under the credit facility established with the National Bank of Canada in June of this year.

Six-Month Period Ended June 30, 2009

Revenue for the first half of fiscal 2009 increased to $11.2 million from $8.1 million for the first half of fiscal 2008. Revenue from product sales in all territories for the first half of fiscal 2009 increased to $8.6 million from $6.0 million for the first half of fiscal 2008. Revenue from product sales to territories other than the U.S. was $6.8 million compared with $6.0 million for the first half of fiscal 2008. Product sales to the U.S. were $1.8 million. Royalty revenue for the first half of 2009 was $0.1 million.

Adjusted gross margin (as a percentage of revenue from product sales) for territories outside the U.S. for the first half of fiscal 2009 was 61% compared with 56% for the first half of fiscal 2008. Adjusted gross margin for territories outside the U.S. for the first half of fiscal 2009 excludes the reversal of $0.4 million of previously recorded write downs. The increase in adjusted gross margin was due primarily to a higher average selling price per tablet.

Licensing revenue for the first half of fiscal 2009 was $2.5 million and represented a portion of licensing payments received from the Company's licensing and distribution partners for once-daily tramadol. Licensing revenue for the first half of fiscal 2008 was $2.1 million. The increase was primarily due to the reduction in the third quarter of 2008 of the estimated term over which the Company is recognizing the up-front payment of US$20 million received from Purdue Pharma in 2005.

Net loss for the first half of fiscal 2009 was $12.8 million, or $0.23 per share, compared with $20.0 million, or $0
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SOURCE Labopharm Inc.
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