ProStrakan confirms strong growth in 2010 financial report

ProStrakan has published its preliminary financial results for the year ending December 31st 2010, confirming its strong year-on-year growth during the period.

The company was able to increase its total revenue from 79 million pounds in 2009 to 100.2 million last year, experiencing a 21 percent increase in its European sales.

Earnings and profit levels returned to positive growth following losses in 2009, while key products such as Abstral and Adcal-D3 saw strong demand.

Meanwhile, ProStrakan was also able to forge important strategic agreements in the last year, including the acquisition of the company's existing secured debt facility by Paladin Labs.

More prominently, it was announced last month that the firm is to be sold to Kyowa Hakko Kirin in a deal worth 292 million pounds that is expected to close in June 2011.

Peter Allen, chairman and acting chief executive of ProStrakan, said this "will mark a new chapter in the ProStrakan story which I believe will be beneficial to all concerned – shareholders and staff alike".