MGI Pharma On Verge Of Breaking Even

15 October 1997

MGI Pharma, based in Minnesota, USA, has reported a significantreduction in loss for the third quarter of 1997 to $136,842, or $0.01 per share from a loss of nearly $2 million or $0.15 per share for the corresponding period last year. Product sales climbed 68% to $2.6 million, taking total revenues to about $3.6 million, up 60% on the like, year-earlier period. For the first nine months of 1997, product sales rose 53% to $6.8 million compared to a year ago, while net loss totaled $1.5 million or $0.11 per share, compared to $4.0 million or $0.31 per share in 1996.

Salagen Success MGI noted that its product sales in the first nine months of 1997 have already surpassed total sales for all of 1996, and that this is principally due to the performance of its relaunched Salagen (pilocarpine HCI) tablets, to treat severe dry eyes and dry mouth caused by Sjogren's syndrome. Salagen is currently marketed in the USA, Canada, the UK, Ireland, Greece, Israel and Germany as a treatment for dry mouth caused by radiation used to treat head and neck cancer.

Charles Blitzer, president of MGI, said that the company's ability to break even and maintain profitability will largely depend on the success of its antitumor compound MGI 114, which is in Phase I clinical trials.

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK



Companies featured in this story

More ones to watch >


Today's issue

Company Spotlight