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UPDATE 2-ProStrakan FY loss narrows; sees 2 US launches in 2010
March 18, 2010 / 7:53 AM / 8 years ago

UPDATE 2-ProStrakan FY loss narrows; sees 2 US launches in 2010

* Sees delay in EU launch of Sancuso - CEO

* Expects to launch 20 products in 2010 with partners

* Says Abstral, Sancuso to drive growth

* Sees US launch of Abstral in H2 (Recasts; adds CEO’s comments)

By Aditi Samajpati

BANGALORE, March 18 (Reuters) - Scottish speciality pharmaceutical firm ProStrakan PSK.L posted a narrower full-year loss, helped by strong European sales of its breakthrough cancer-pain drug Abstral, and said it saw the U.S. launch of the drug in the second half of 2010.

The company, which markets drugs for age-related diseases and cancer, also expects its anal-fissure pain drug Rectogesic to be launched in the United States later in the year.

“On the international partnering side, we have 20 new product launches in 2010. The next few years are going to be about launching the pipeline and driving revenue,” Chief Executive Wilson Totten told Reuters.

ProStrakan, which expects partner Endo Pharmaceuticals (ENDP.O) to refile its Fortesta testosterone gel in the United States by mid 2010, however, sees a delay in the European marketing approval of Sancuso, a transdermal patch used in cancer patients.

“I think it will be more than one year before Sancuso is launched in Europe,” Totten said.

Earlier, the European launch of Sancuso was expected in 2010. The patch is already available in the United States.

“Between Abstral and Sancuso, they have the potential of generating another $200 million plus of revenue in the coming years. That is going to be a strong driver for us,” he said.

For the year to end-December, the company posted a pretax loss of 15 million pounds ($23 million), compared with 21.3 million pounds a year ago.

Revenue rose 40.8 percent to 79 million pounds. Abstral, which was launched in UK, Germany, France and Spain in 2009, booked sales of 5.8 million pounds.

The company ended 2009 with 19 million pounds in cash, down from 34.7 million a year ago.

ProStrakan shares were up 2.7 percent at 105.5 pence at 1106 GMT on Thursday on the London Stock Exchange. ($1=.6529 Pound) (Reporting by Aditi Samajpati; Editing by Unnikrishnan Nair and Gopakumar Warrier)

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