Speedel's 2007 loss down 19.2% on sales

Switzerland-based Speedel Holding AG says that lower operating costs helped reduce its 2007 operating loss to 69.1 million Swiss francs ($67.7 million), an improvement of 19.2% on the prior year's deficit. The Basel-headquartered firm added that its generation of 3.1 million francs in annual revenue, as a result of royalty payments from its Tekturna/Rasilez (aliskiren) partner Novartis, had further narrowed its shortfall.

Speedel's R&D expenditure was down 18.2% to 60.1 million francs, after the firm stopped its SPP301 (avosentan) program on safety concerns (Marketletter January 1 and 8, 2007). General and administrative costs for the period remained unchanged at 12.0 million francs, as increased communication expenses were offset by savings in other business areas.