Solid 1st qtr for Switzerland's Modex

10 May 2001

Modex Therapeutics of Switzerland says that operating income for thefirst quarter of 2001 reached 325,000 Swiss francs ($187,623), an increase of 223,000 francs on the like, year-earlier period. The company noted that the rise was due to receiving, for the first time, income from the sale in Germany of its EpiDex skin replacement product. Operating expenses for the quarter went up 2.2 million francs to 3.9 million francs as a result of increased sales and marketing costs connected with EpiDex, while Modex' net loss almost doubled to 3 million francs. At the end of the quarter, the firm had cash and equivalents of 68.5 million francs.

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