ProStrakan scores profit and hopes for US drug deals

Pharmaceuticals firm ProStrakan swung to its first profit on core earnings in the first half, helped by higher European sales of its drugs for cancer pain and to treat elderly patients.

The company posted earnings before interest, tax, depreciation and amortisation of £1.2 million for the six months to the end of June, against a £4.3 million loss a year earlier, on 23% higher revenue of £45.4 million.

Pre-tax loss dropped to £2.7 million from £9.4 million.

Sales of Abstral, a formulation of fentanyl used to treat sudden bouts of severe pain in cancer patients, rose to £7.4 million after launches in France and Spain in the second half of last year.

Rectogesic, its treatment for pain associated with chronic anal fissures, also recorded strong growth, with sales up 25% to £4.9 million, it said.

ProStrakan expected approval of Abstral in the US in June, but the Food and Drug Administration extended the review period by three months to agree a patient safety strategy. ProStrakan said it expecta feedback next month.

Its application for US approval of testosterone gel Fortesta, licensed in America by Endo Pharmaceuticals, has also been delayed for re-analysis of some of the samples.

ProStrakan said it looked forward to approval for both in the second half.