C$4 Million Profits For Cangene

6 October 1996

Canadian biotechnology company Cangene, which is a subsidiary of Apotex, has reported net income of just over C$4 million ($2.9 million) or C$0.07 per share for the year ended July 31, 1996. Sales for the year were C$12.3 million, a significant increase on the previous year, the company noted.

The reverse takeover of Cangene by Rh Pharmaceuticals became effective October 31, 1995. This means that the year-end results reflect the financial position of Rh Pharmaceuticals for the period August 1 to October 31, 1995, and combined operations thereafter.

Research revenues were C$6.5 million, up 160% on the earlier aggregate 16-month period ended July 31. The firm said that the increase reflects the "continued commitment from Apotex to fund research at Cangene." Research expenses for the year rose C$3.8 million over the earlier 16-month period to C$6.7 million.

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK



Companies featured in this story

More ones to watch >


Today's issue

Company Spotlight