Canadian Drug Companies

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DDS-T NR today 43m at 8.98

Globe says Labopharm's tramadol looking good


2006-04-13 06:28 ET - In the News

The Globe and Mail reports in its Thursday edition that Labopharm said Wednesday its once-daily formulation of the tramadol painkiller did well in a phase III clinical trial. The Globe's Leonard Zehr writes the stage is set for regulatory approval of the drug in the U.S. on Sept. 28. Labopharm stock jumped 56 cents to close Wednesday in Toronto at $8.98. The stock hit an intraday high of $9.30. "We are extremely pleased with these results," said chief executive officer James Howard-Tripp. "This data enhances our NDA." The latest results will help bolster Labopharm's new drug application for the drug in the United States. The study compared the safety and effectiveness of the drug versus placebo over a 12-week period in patients diagnosed with moderate to severe pain from osteoarthritis of the knee. Merrill Lynch predicts Labopharm will turn the corner and become profitable for the first time in 2007, thanks to tramadol driving revenue to $90-million from $30-million this year. Labopharm has regulatory approval to sell its once-daily tramadol in the European Union. Labopharm's medication was also accepted for review by the U.S. Food and Drug Administration last November.