OSLO, Nov 6 (Reuters) - Norway’s Algeta, which has developed a novel prostate cancer drug with Germany’s Bayer , reported a smaller-than-expected loss on Wednesday and raised slightly its estimates for 2013 revenues and marketing costs.
Algeta’s pre-tax loss grew to 97 million crowns ($16.24 million) from a 39 million crown loss a year earlier, beating expectations for a 125 million loss.
The sales of cancer drug Xofigo, its key product, has now started in the U.S. and is expected to be launched in Europe in the fourth quarter, the company said.
The company now expects capital expenditure for 2013 between 35 million and 50 million crowns, below a previous guidance for between 50 million and 80 million crowns. ($1 = 5.9739 Norwegian krones) (Reporting by Terje Solsvik; editing by Balazs Koranyi)