Speedel earned $2.4M in 1st-qtr 2008

Swiss biotechnology firm Speedel earned a total of 2.6 million Swiss francs ($2.4 million) in the first quarter of 2008, which compares well with the 2.2 million francs estimate that management had previously forecast ahead of the release of official turnover by partner Novartis. The latter licensed Speedel's only marketed product, the blood pressure drug Tekturna/Rasilez (aliskiren).

The communication from the Swiss drug major contains details on the royalties due to Speedel from Novartis' reported net sales of $28.0 million for SPP100/aliskiren in the USA, Europe and other countries. Company chief executive Alice Huxley said: "we are glad that the cost-of-goods savings arising from Novartis' use of the manufacturing process developed by Speedel for SPP100 are making a growing contribution to our revenues. It is encouraging to see the first fruits of our major technical breakthrough which enabled the first renin inhibitor to come to market."