Medicure, a biopharmaceutical company engaged in the research, development and commercialization of novel small molecules to treat cardiovascular and neurological disorders, has reported a net loss of C$3.64m, or C$0.03 per share, for the third quarter ended February 28, 2009, compared to a net loss of C$22.67m, or C$0.17 per share, for the same period in fiscal 2008.
The nine-month consolidated net loss to February 28, 2009 was C$13.63m, or C$0.10 per share, compared to a net loss of C$54.69m, or C$0.44 per share, for the prior-year period.
Net product revenues for the three- and nine-month periods ending February 28, 2009 were C$1.49m and C$4.11m, compared to C$703,000 and C$1.51m for the same periods in fiscal 2008 – an increase of 111% and 173%, respectively. The increase is attributable to a higher demand from the company’s wholesalers and the strengthening of the US dollar, said Medicure.
Albert Friesen, Medicure’s president and CEO, said: We are pleased to report the continued growth in revenue in the third quarter of fiscal 2009, with year to date revenue now well over double the same period in the previous fiscal year.
While Medicure’s commercial team continues to strengthen and grow the Aggrastat brand, progress is being made in the clinical development of the Avastrem. Continuation of the positive trends we have seen in our commercial business and developments from our research program over the last few quarters will enhance our potential to attract necessary additional capital.