Labopharm Reports Results for Third Quarter F...(quarter of fiscal 2009 were $3.5 million...),Health

Date:11/6/2009

quarter of fiscal 2009 were $3.5 million compared with $7.3 million for the third quarter of fiscal 2008. Selling, general and administrative expenses for the third quarter of fiscal 2009 were $8.0 million compared with $5.0 million for the third quarter of fiscal 2008 and included an accrual of $2.7 million for the Company's share of litigation costs for patent enforcement related to its once-daily tramadol product in the U.S. Net loss for the third quarter of fiscal 2009 was $6.9 million, or $0.12 per share, compared with $6.0 million, or $0.11 per share, for the third quarter of fiscal 2008.

Corporate Streamlining

The Company announced it is streamlining its operations, eliminating 35 positions. Following the action, Labopharm will have 124 employees, approximately 75 of which will be in research and development positions. The reduction in workforce is expected to result in annual cost savings of approximately $3 million.

"After careful consideration, Labopharm is today announcing measures that focus the organization to better support the full commercial potential of our products, our pipeline and our technologies," added Mr. Howard-Tripp.

The Company expects to incur a restructuring charge related to the reduction in workforce of approximately $1 million in the fourth quarter of 2009.

Key Developments

Novel Trazodone Formulation

New PDUFA Action Date Assigned by FDA/API Manufacturing Issues Resolved - Labopharm's response to the FDA's complete response letter was accepted as complete and designated as a Class 2 resubmission. The FDA assigned the Company a new Prescription Drug User Fee Act (PDUFA) action date of February 11, 2010. Subsequently, the Company was informed by Angelini, the manufacturer of the active pharmaceutical ingredient (API), that it had received a letter from the FDA stating that Angelini has appropriately addressed all deficiencies cited by the FDA following it
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SOURCE Labopharm Inc. Copyright©2009 PR Newswire. All rights reserved

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