ProStrakan narrows 2006 loss to L18.3M

Galashiels, Scotland-based drugmaker ProStrakan says that its full-year 2006 revenue rose 22% to L38.5 million ($75.9 million), as ongoing like-for-like product sales grew 23% to L33.6 million, Income from the firm's lead product, the branded calcium and vitamin supplement Adcal D3, used as an adjunct therapy for osteoporsis, increased 29% to L13.0 million.

During the period, the firm's operating loss (before discontinued operations) narrowed to L18.3 million (L19.6 million) versus L33.8 in 2005, as retained loss (including discontinued operations) reached L29.6 million (L33.8 million), with loss per share reduced to 15.4 pence (21.5 pence).

At its results presentation, the firm also announced that it has entered into a L50.0 million debt facility with the initial advance being provided by funds managed by Fortress Investment Group, Morgan Stanley and Och-Ziff Capital Management Group, with Morgan Stanley Bank International Limited as the administrative agent. According to ProStrakan, the move will help increase its focus on marketed products with growth potential or near-to-market product launches, which are expected to drive revenue growth, leading to break-even and profitability thereafter.