Galapagos sees 3-fold 2006 sales increase

Belgian drugmaker Galapagos NV says that its consolidated revenues for the full year 2006 will be in the 33.0 -35.0 million euros range ($42.7-45.3 million), which represents a three-fold increase on its turnover for 2005. The company, which provided the financial update as part of a discussion of its R&D programs, also reported that it ended the year with a cash balance of 51.5 million euros.

The firm's alliance with UK drug major GlaxoSmithKline was a highlight of its R&D update. The collaboration, which is focused on the development of novel drugs for the treatment of osteoarthritis, achieved its first developmental milestone, in addition to demonstrating proof-of-principal in a relevant animal model.

Galapagos also reported that it has made significant progress in its rheumatoid arthritis drug development program, adding that it has three lead optimization compounds that have demonstrated promising results in animal models.