Advitech has strong Q3 on Dermylex sales
supplement Dermylex have propped-up financial results for its third
quarter ended September 30, 2006.
The Quebec-based company announced sales of $298,098 for the third quarter, of which $292,594 came from Dermylex sales. Dermylex has recently come to market in France and Canada, and is aimed at alleviating mild to moderate psoriasis.
The peak in sales is a milestone for Advitech following over a decade leading up to Dermylex roll out to the market, and is interpreted by the company as a sign of the market potential for the product as it continues its global roll out.
Dermylex is the first commercialized product originating from Advitech's XP-828L platform. According to the company, most of the sales were carried out in Canada through Jamieson Laboratories, but are also sold in France through Cothera.
The company reported revenues for the third quarter of 2006 were $298,098, compared to$89,169 in 2005. The 2005 sales were generated primarily by the distribution of Lactium, the saleof which has since been terminated by the Company.
Advitech reported gross research and development expenses reached $138,644 during 2006 Q3, down from $204,038 for the same period last year. This decrease is due primarily to the higher R&D expenses incurred during the same period last year for the double-blind, placebo-controlled study of Dermylex, said the company.
Since April 2006, within a market test program, Dermylex has been distributed, on a selected basis, by Jamieson Laboratories in some drugstores and pharmacies in Quebec City and Toronto.
Advitech also announced it has just signed an agreement in principle with Associated Medical Supplies Company from Hong Kong for distribution of Dermylex in the Hong Kong and Macao markets. And the company is still continuing negotiations with other partners in other countries to expand distribution and accelerate its sales program for 2007.
"According to the results obtained in Canada, and with the other signed distribution partnerships, Advitech is confident that it will be able to reach its objectives quickly, thus increasing its revenues, and ensuring the Company's profitability," Advitech president and CEO Renaud Beauchesne.
