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

product for the United Kingdom from its licensing and distribution partner.

Research and development expenses, before research and development tax credits, for the third quarter of fiscal 2009 were $3.5 million compared with $7.3 million for the third quarter of fiscal 2008. The decrease was primarily the result of lower clinical trial costs in the third quarter of fiscal 2009. Research and development tax credits for the third quarter of fiscal 2009 declined to $0.3 million from $1.0 million for the third quarter of fiscal 2008, the result of a deferral in the utilization of non-refundable Canadian federal tax credits due to a change in tax planning.

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. The increase is primarily the result of the accrual of $2.7 million for the Company's share of litigation costs incurred by Purdue to enforce certain of Purdue's U.S. patents related to Labopharm's once-daily tramadol product.

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.

Cash, cash equivalents and marketable securities at September 30, 2009 were $23.8 million compared with $27.9 million at June 30, 2009. During the third quarter, the Company drew down in its entirety the $2.6 million revolving credit facility with National Bank of Canada, which is collateralized by the Long-Term Notes that the Company received in exchange for the Montreal Proposal ABCP. The Company's cash position at September 30, 2009 does not include the 3.5 million Euros (CAD$5.4 million) up-front payment that Labopharm received under its distribution and supply agreement with Grunenthal GmbH, which was completed subsequent to quarter end.

Nine-Month Period Ended September 30, 2009


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SOURCE Labopharm Inc.
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