Published on November 9, 2009 at 8:09 AM
Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP) today announced its financial results for the third quarter ended September 30, 2009.
"We were pleased to observe continued strong sales growth in our Proprietary Medical Products business during the quarter, driven primarily by increasing market adoption of our Quill(TM) SRS product line," said Dr. William Hunter, President and CEO of Angiotech. "In addition, our solid early results from our recent commercial launch of the Option(TM) Inferior Vena Cava Filter and our preparations for a potential 2010 launch of our 5-FU anti-infective product candidates leave us increasingly optimistic about the opportunity to further accelerate growth in our Proprietary Medical Products business in 2010 and beyond."
Third Quarter Financial Highlights
- Total revenue was $63.2 million. - Net product sales were $48.7 million. Sales of our Proprietary Medical Products were $14.7 million, or 30% of total product sales. Sales of our Base Medical Products were $34.0 million, or 70% of total product sales. - Royalty revenue was $14.5 million. - Research and development expenses were $4.6 million. - Selling, general and administrative expenses were $17.9 million. - Net loss and net loss per share for the quarter were $7.8 million and $0.09, respectively. - As of September 30, 2009, cash and short-term investments were $53.8 million and net debt was $521.2 million.
SOURCE Angiotech Pharmaceuticals, Inc.
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