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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - An impairment charge pushed ProStrakan deeper into losses in the six months to June 30 even as new product launches and the stronger euro helped the speciality pharmaceuticals group lift revenues.

Total revenues in the six months ended June 30 climbed to £26.4m from £20.9m over the same period a year ago, with product sales climbing to £25.4m from £18.5m.

The stronger euro accounted for 9% of product sales growth, the Galashiels-based company said.

Pre-tax losses widened to £11.8m from £8.5m due largely to an impairment charge of £2.2m related to the reduction in value of the company’s shareholding in drug discovery company Galapagos NV.

Sales of Adcal D3, a calcium vitamin D supplement sold in the UK, climbed by 17% to £7.8m, while revenues from Isotard XL, an angina treatment also available in the UK, climbed by 5% to £2.4m.

Sales of Pencial, a prostrate cancer treatment sold in Spain, jumped to £2.3m from £500,000.

Having lifted revenues in European markets, Prostrakan said it is now well placed to increase its presence in the US.

“The remainder of 2008 should prove to be even more eventful as our US business gathers momentum with the first launch from our portfolio of late stage products,” chief executive Wilson Totten said.

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