Pronova's 1st-qtr profit plummets on loan
Norway-based Pronova BioPharma's first-quarter 2009 profit plunged due to currency effects on an outstanding loan, as well as legal fees as it prepared to fight generic competition to its lead drug Omacor/Lovaza (concentrated omega-3 poly-unsaturated fatty acids).
The firm generated 358.6 million Norwegian kroner ($64.3 million) in revenue, up 39%, while R&D costs were 8.5 million kroner.
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