Eurand narrows nine-month loss to $2.3M

Dutch drugmaker Eurand NV says that its net loss for the first nine months of 2007 was 1.6 million euros ($2.3 million), or 0.04 per share on a pro forma basis versus 3.0 million euros or 0.09 per share for the same period in 2006. However, operating profit fell to 800,000 euros from 4.0 million euros due to increased sales, general and administrative spending.

Total revenues were 63.7 million euros, up 5% at constant currency rates as product sales were 53.4 million euros, representing an increase of 4%. Royalties rose 5% to 2.9 million euros, as development fees jumped 9% to 7.4 million euros compared to the same period in 2006, due to milestones earned.

Gearoid Faherty, chief executive of Eurand, commented: "the third quarter was a very successful time for Eurand and we achieved a number of significant milestones. Two important highlights included the acquisition by Cephalon of Amrix (cyclobenzaprine HCl), a product we co-developed, from ECR Pharmaceuticals, and the successful completion of a pivotal clinical study of EUR-1048, our undisclosed co-development product with GlaxoSmithKline."