C$4 Million Profits For Cangene

Canadian biotechnology company Cangene, which is a subsidiary of Apotex, has reported net income of just over C$4 million ($2.9 million) or C$0.07 per share for the year ended July 31, 1996. Sales for the year were C$12.3 million, a significant increase on the previous year, the company noted.

The reverse takeover of Cangene by Rh Pharmaceuticals became effective October 31, 1995. This means that the year-end results reflect the financial position of Rh Pharmaceuticals for the period August 1 to October 31, 1995, and combined operations thereafter.

Research revenues were C$6.5 million, up 160% on the earlier aggregate 16-month period ended July 31. The firm said that the increase reflects the "continued commitment from Apotex to fund research at Cangene." Research expenses for the year rose C$3.8 million over the earlier 16-month period to C$6.7 million.