ProStrakan announces 2006 financial results

ProStrakan has announced its financial results for the 2006 fiscal year, describing the past 12 months as a transforming period that has positioned the firm for sustainable profitability and growth.

The company reported a 22 per cent increase in revenues to 38.5 million pounds, reflecting a 23 per cent increase in product sales revenue to 33.6 million pounds. The company’s retained loss, including its discontinued operations, fell from 33.8 million pounds in 2005 to 29.6 million pounds.

In 2006, the company announced the divestment of Proskelia Discover to Galapogas for up to 45 million euros (30.55 million pounds), with the firm forecasting an annual saving of nine million pounds as a result of the sale.

Dr Wilson Totten, chief executive officer of ProStrakan, said: “2006 has been a transforming year for ProStrakan, with the company having been substantially repositioned to focus on the regulatory approval and global commercialisation of its late-stage product portfolio.”

He added that the firm’s four lead products would continue their regulatory progress during the year, with revenues resulting from these compounds expected to rise during the second half of 2007 and during 2008.

ProStrakan has also announced that it has entered into a 50 million pound debt facility with a five-year term, with no scheduled repayment of the capital for the first three years of the loan.