MGI Pharma 2nd Qtr Approaching Breakeven

MGI Pharma Inc reports that product sales for the second quarter of 1998increased 63%, driving revenue (which includes product sales, promotion, licensing and interest income) up 54% to $4.2 million. Higher revenues produced a 91% drop in losses for the quarter to $70,875, compared to a loss of $822,780 in second-quarter 1997.

The main driver of product sales in the USA was Salagen Tablets (pilocarpine HCl) to $3 million. On April 1, MGI launched Salagen Tablets as a treatment for dry mouth symptoms with Sjogren's syndrome.

Commenting on the company's development-stage anticancer product MGI 114, MGI president and chief executive Charles Blitzer said "we expect to begin treating patients in our initial Phase II trial for MGI 114 this month" (see page 28).