TopoTarget revises cash burn in light of strong Savene sales

Copenhagen, Denmark-based TopoTarget AS says that European sales of its first product, Savene, are doing so well that it has revised its projected cash burn for 2006 to 162.0 million Danish kroner ($28.5 million) from the previous forecast of 140.0 to 160.0 million kroner.

Savene is a targeted drug used for the prevention of severe tissue damage caused by anthracycline extravasation - the accidental leaking of chemotherapeutics into healthy tissue. According to the firm, Savene is now the "gold standard" and the only approved and evidence-based medical treatment for this type of accident.

"Already in January and February our sales have been sufficient to pay the salary of the sales people," says Peter Buhl Jensen, the firm's chief executive. TopoTarget launched Savene in Europe in October 2006. Since then, it has been sold in 12 European countries, all at a price of 9,750 euros per treatment. Sales totalled 2.0 million kroner in 2006, and in 2007 so far it has generated sales of 1.8 million kroner.