BioChem Pharma Expects Profits For 1996

Canada-based biotechnology firm BioChem Pharma is anticipating its first profits for the 1996 fiscal year, and revenues of some C$200 million ($146.1 million), with its first therapeutic product - 3TC for the treatment of HIV infection and AIDS - already well-accepted only a few months after its launch in Canada and the USA, shareholders were told by the firm's president and chief executive Francesco Bellini.

Dr Bellini stressed that a major hurdle was crossed with the Canadian and US approval of 3TC in late 1995, and said that since then it has been approved Switzerland, Australia and Brazil. Moreover, the European Committee for Proprietary Medicinal Products has issued a favorable recommendation for 3TC's approval.