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Labopharm Reports Results for Third Quarter Fiscal 2009
Date:11/6/2009

    - Company Advances Plans to Realize the Benefits of Commercialization:
    Streamlines Operations to Focus on Nearer-Term Commercial Opportunities -

LAVAL, QC, Nov. 6 /PRNewswire-FirstCall/ - Labopharm Inc. (TSX: DDS; NASDAQ: DDSS) today reported its financial results for the third quarter ended September 30, 2009. All figures are in Canadian dollars unless otherwise stated.

"We have made strong progress in recent months towards the commercialization of our novel trazodone formulation in both the United States and Canada," said James R. Howard-Tripp, President and Chief Executive Officer, Labopharm Inc. "In the U.S., with the matters raised in the Food and Drug Administration (FDA)'s complete response letter now resolved, we await the Agency's decision regarding approval of our formulation and continue to prepare for commercialization in the first half of 2010 pending such approval. In Canada, our new drug submission (NDS) has been accepted for review by Health Canada and we look forward to its response during the third quarter of next year."

Financial Summary

Revenue from sales of the Company's once-daily tramadol product for the third quarter of fiscal 2009 increased to $5.2 million from $3.9 million for the third quarter of fiscal 2008 and was composed of product sales outside of the U.S. of $4.5 million and product sales in the U.S. of $0.7 million. Total revenue for the third quarter of fiscal 2009 was $6.6 million compared with $9.4 million for the third quarter of fiscal 2008, which included non-recurring licensing revenue of $4.4 million.

Gross margin for sales outside of the U.S. for the third quarter of fiscal 2009 increased to 65% from 55% for the third quarter of fiscal 2008. Research and development expenses, before research and development tax credits, for the third
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SOURCE Labopharm Inc.
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