Ardana's fiscal 2007 loss per share widens 28.6%

Scottish drugmaker Ardana says that total revenues from product sales for the year ended March 31, 2007, were L240,000 ($449,016) versus L384,000 in the like, year-ago period. The firm's main earner during the period was Striant SR, a testosterone replacement therapy for men with primary or secondary hypogonadism.

Product revenues from Ardana's European partners are, and will continue to be, periodic bulk contractual sales into the relevant territories and, therefore, do not allow a consistent comparison year on year. Income from services represent revenue from sales and marketing activities, which totaled L17,000 vs L106,000.

Despite its solid earnings, Ardana made an operating loss of L13.0 million vs L10.0 million, due principally to its investment in R&D activity as its pipeline progressed. Fiscal 2007 R&D costs represented 67% of the firm's operating expenses compared to 60% in the year before. During the period, Ardana's loss per basic and diluted share widened to 18.9 pence from 14.7 pence.