Biolitec reports profit growth in 2010

Biolitec has published its financial results for 2010, reporting a year-on-year increase in profit levels.

The pharmaceutical company's gross profits for the year came to 19.56 million euros (16.95 million pounds), up by 1.1 million euros on 2009, while group turnover level remained roughly stable at 30.4 million euros.

During the last 12 months, the company was able to maintain its research and development expenditure at the same level, while executing a planned reduction in inventories.

The performance of Biolitec's cancer drug Foscan was also highlighted as a positive, having yielded favourable results in a clinical trial and receiving approval from a growing number of European territories.

A combination of Foscan and photodynamic therapy was shown by data published in April 2010 to offer benefits for sufferers who have proven unresponsive to other approaches.

Dr Wolfgang Neuberger, chief executive officer of Biolitec, said: "Foscan is a carrier of hope for patients with head and neck cancer … especially for patients for whom no other treatment can be found."