Speedel's 2006 loss up 39%, on R&D costs

Swiss drug firm Speedel has reported a loss of 91.1 million Swiss francs ($121.3 million) for the full year 2006, equivalent to 13.28 francs per share and an increase of 39.2% on the 65.4 million francs, or 11.48 franc per share, deficit it recorded in 2005.

Alice Huxley, Speedel's chief executive, said that the year has been a challenging one for the firm, but added that the US Food and Drug Administration's approval of its first-to-market renin inhibitor Tekturna (aliskiren; Marketletter March 12), which it co-developed with Novartis, had validated renin inhibition as a therapeutic approach to hypertension management, justifying the company's R&D expenditure, which increased 39% to 73.5 million francs.

Currently, Speedel has a series of second generation renin inhibitors in preclinical development (SPP600, SPP800 and SPP1100), and has successfully completed a Phase II trial of its vascular graft occlusion treatment, SPP200 (pegmusirudin; Marketletter December 4, 2006).