Novagali Pharma: Revenue for the 1st Quarter of 2011
May 12 2011 - 12:50PM
Business Wire
Regulatory News:
Novagali Pharma, a pharmaceutical company that develops
innovative ophthalmic products, today announces its revenue for the
first quarter 2011.
First-quarter revenue
In thousands of euros - IFRS*
Q1 2011 Q1
2010 Sales
131 107 Subsidies, public funding and
research tax credits
379 208
Total revenue 510
315
* Unaudited
For the 1st quarter of 2011, Novagali Pharma’s revenue,
reflecting sales of Cationorm®, totalled €131k, up a buoyant +22.6%
compared to the 1st quarter of 2010. This pursuance of buoyant
revenue growth is associated with the upramping of sales in
countries in which the product is already marketed and with the
preparations being made to market it in new countries. Cationorm®
is currently marketed in 10 countries.
Subsidies, public funding and research tax credits, consist of
accounting provisions computed on the basis of the schedule of the
on-going projects and/or ongoing contractual commitments, and
totalled €379k for the 1st quarter of 2011 versus €208k for the 1st
quarter of 2010.
All in all, the Company’s activity generated revenue of €510k
over the 1st quarter of 2011, compared to €315k a year earlier.
Milestones and recent
events
- Clinical developments
- Finalising of the recruitment of
patients (April 2011) within the framework of the Phase II
clinical trials for Catioprost® in the United States
- EMA Positive scientific advice to
initiate Cyclokat® Phase III trials (January
2011) and recruitment of the first patients (March
2011)
- Strengthening of the Company’s
organisation: recruitment of Dr. Ronald R. Buggage as
Scientific Director of Novagali Pharma
2011 outlook
- Acceleration in the commercial
development of Cationorm®
By the end of 2011, Cationorm® should have received the
necessary marketing authorisations to launch in new countries. This
should result in further buoyant activity for Cationorm® sales.
- Further development of the product
portfolio
As it does every year, Novagali Pharma attended the ARVO
(Association for Research in Vision and Ophthalmology), the first
worldwide conference devoted to research and development in
ophthalmology, which took place from May 1, to May 5, 2011 in Fort
Lauderdale, Florida.This conference gave Novagali Pharma an
opportunity to present 7 posters of its various products under
development with major preclinical and clinical breakthroughs to
the scientific and medical community. All of these breakthroughs
received an excellent reception.
Jérôme Martinez, Chairman of Novagali Pharma, concludes: “As is
the case with Cationorm®, whose sales are in line with our plans,
the clinical breakthroughs recorded by our portfolio’s main
products are in line with expectations. In the short term, major
milestones are expected, such as the further extension of
Cationorm® distribution network and the results of the Phase II
clinical trials for Catioprost® in the United States. Our unique
status as a pure player in ophthalmology, a fast-growing market, is
being reinforced every day, and we have total confidence in the
pursuance of Novagali Pharma’s development.”
About NOVAGALI Pharma
(www.novagali.com)Founded in 2000, Novagali Pharma SA is a
pharmaceutical company that develops ophthalmic innovative products
for all segments of the eye. Thanks to its three proprietary
technology platforms, the Company has an advanced portfolio of
highly innovative products, one of which is already on sale and two
of which are undergoing phase III clinical trials.In 2009, Frost
& Sullivan recognised Novagali with the Award for Industry
Innovation & Advancement of the Year, for its proprietary
emulsion technology platforms, and Siemens awarded the company the
“Health Award” Grand Prix de l’Innovation for Novasorb®. Novagali
Pharma carried out a successful IPO in July 2010 enabling the
Company to raise €22 million.Novagali Pharma is listed on NYSE
Euronext Paris - Compartment C. ISIN code: FR0010915553 - Ticker:
NOVA.
DisclaimerThis press release
contains forward-looking statements. Although Novagali Pharma
considers these statements to be based on reasonable assumptions,
they could be affected by risks and uncertainties causing actual
results to differ significantly from these forward-looking
statements. For details of the risks and uncertainties that could
potentially affect Novagali Pharma’s results, financial situation,
performances or achievements and thus result in a variation in
these figures compared to the forward-looking statements contained
in this document, please refer to the Risk Factors section of the
Document de Référence (reference document) registered with the
French Autorité des Marches Financiers (“AMF”) under n° R. 11-021
on April 29th 2011 and available on the AMF
(http://www.amf-france.org) and Novagali Pharma (www.novagali.com)
websites.This press release and the information contained herein do
not constitute an offer to sell or subscribe to, or a solicitation
of an offer to buy or subscribe to, shares in Novagali Pharma in
any country.
Next press
releaseRevenue for the 2nd quarter and
1st half of 2011:July 28, 2011 (after
market)
Novagali Pharma is listed on NYSE Euronext
Paris - Compartment CISIN code: FR0010915553 - Ticker: NOVA
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