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news.Labopharm, a developer of novel polymeric, nano-delivery systems for delivery of water-insoluble and poorly bio-available drugs, has reported revenue of $5.29m for the first quarter ended 31 March 2011, compared to $4.69m for the same period in 2010.
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For the first quarter of 2011, the company has reported a net loss of $12.36m, or $0.17 loss per diluted share, compared to $8.18m or $0.13 per diluted share, for the same period last year.
The net loss for the first quarter of 2011 was negatively impacted by restructuring costs of $1.9m related to the company’s workforce reduction in March 2011, which is expected to result in cost savings of approximately $3.8m.
Revenue from product sales for the first quarter of 2011 was $4m compared with $3.2m for the first quarter of 2010.
Labopharm president and CEO Mark D’Souza said the strategic review is their top priority.
"Preservation of capital remains an important focus as we move through the process," D’Souza said.