Speedel revises cash burn forecast for 2006

Switzerland-based drugmaker Speedel says that, for the third quarter of 2006, its losses were 16.1 million Swiss francs ($12.9 million), a slight increase on the 15.3 million franc deficit it recorded in the comparable period last year.

Speedel explained that the loss was the result of its increased cash burn for the period, which hit 17.8 million francs, up 4.4%, due to slower-than-expected recruitment in a Phase III trial of SPP301, its agent for the treatment of kidney disease. The company said that it has taken a number of steps to speed up enrollment, and added that it still expects to complete the study by the end of 2009.

The firm also said that it had revised its cash burn forecast for full-year 2006 to between 70.0 million francs and 75.0 million francs, down from the 80.0 million francs it originally predicted.