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Labopharm Reports Results for Third Quarter Fiscal 2007
Date:11/9/2007

d from the corresponding quarter of fiscal 2006 at $0.8 million.

Selling, general and administrative expenses for the third quarter of fiscal 2007 increased to $4.6 million from $4.1 million for the third quarter of fiscal 2006. The increase is due primarily to increased headcount and related compensation expense and increased sales and marketing and other operational costs as the Company transitions from a research and development company to a commercial operation.

At September 30, 2007, the Company held investments in Canadian third party asset-backed commercial paper (ABCP) with an original cost of $5.6 million. When acquired, these investments were rated R1 (High) by Dominion Bond Rating service (DBRS), the highest credit rating issued for commercial paper. These investments matured in October 2007 but, as a result of liquidity issues in the ABCP market, did not settle on maturity. As a result, the Company has adjusted the estimated fair value of the investment and taken a charge in the third quarter of $0.9 million and classified its ABCP as a long-term investment.

Net loss for the third quarter of fiscal 2007 was $9.0 million, or $0.16 per share, compared with $4.4 million, or $0.08 per share, for the third quarter of fiscal 2006.

Cash, cash equivalents and marketable securities at September 30, 2007 were $68.4 million ($73.3 million including the ABCP that was classified as a long-term investment) compared with $99.5 million at December 31, 2007. Excluding the reclassification and write down of the ABCP discussed above, Labopharm's cash, cash equivalents and marketable securities decreased $25.3 million compared to December 31, 2007. This decrease was primarily the result of the use of funds for operating activities.

For the nine-month period ended September 30, 2007, revenue increased to $16.3 million from $10.7 million for the first nine months of 2006. Product sales increased to $10.4 million from $4.0 million, primarily the r
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SOURCE Labopharm Inc.
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