ProStraken aims to break even in 2009

ProStraken maintains its target to break even in 2009 without the need for further fundraising, it has claimed.

Dr Wilson Totten, chief executive officer of the company, made these comments in light of the release of its financial report for 2008, which he asserted had been an excellent year for the business.

The firm revealed product sales were up 32 per cent to £53.8 million and total revenues had increased by 23 per cent to £56.1 million.

Exceptional costs for last year were £6.3 million and retained loss was £18.8 million.

Strong sales growth over the previous 12 months has allowed the firm to report revenues in line with consensus forecasts and resulted in it finishing 2008 with a strong cash position, explained Dr Totten.

He noted the future growth of ProStraken is partly underpinned by the approval last year of Abstral in the European Union, adding this had been well received by prescribers.

“We look forward in 2009 to growing sales momentum from further EU Abstral launches,” Dr Totten concluded.

The company employs around 200 people in its operations and the research and development department is located in Scotland.