VANCOUVER, BRITISH COLUMBIA, Nov 14, 2007 (Marketwire via COMTEX) -- Forbes Medi-Tech Inc. (CA:FMI) today announced its financial results for the three and nine-month periods ended September 30, 2007. Comparative periods for these statements are the three months and nine months ended September 30, 2006, respectively. All amounts are in Canadian Dollars unless otherwise noted.
Third Quarter 2007 Highlights
- Reported revenues of $2.4 million for the three months ended September 30, 2007 compared to $1.8 million for the three months ended September 30, 2006, an increase of 33%
- Reported revenues of $6.7 million for the nine months ended September 30, 2007 compared to $4.4 million for the nine months ended September 30, 2006, an increase of 52%
- Announced the launch of a Reducol(TM)-based milk drink with Taiwan's largest drink producer, Uni-President
"We have increased revenue guidance in recent weeks, entered the final stages of compound selection for our pharmaceutical development program and taken steps to reduce excess inventory," said Charles Butt, President and CEO of Forbes Medi-Tech Inc. "For the remainder of 2007, we anticipate more product launches, the completion of compound selection and exploring non-dilutive opportunities that will improve the company's financial position."
Forbes has entered the final stages of compound selection for two of the most rapidly growing therapeutic indications, asthma and type 2 diabetes. Compounds in development are chosen on the basis of selectivity (the ability to home in on one receptor), potency and pharmacokinetics (drug distribution in the body over time). The FM-TP2000 Series targeting type 2 diabetes are based on the neural signal, following a meal, which is known to increase insulin secretion from pancreatic beta cells. The FM-TP3000 Series targeting asthma are inhaled VPAC2 agonists. Other investigational VPAC2 agonists have demonstrated immediate bronchodilatation with the potential for anti-inflammatory effects. The compound differs from long-acting Beta2 adrenoceptor agonists by working through a different receptor and mechanism.
Upon successful completion of current studies underway, it is expected that a compound from the FM-TP3000 Series targeting asthma would be confirmed this quarter and a compound from the FM-TP2000 Series targeting diabetes would be selected early in 2008.
Revenue from sales of Forbes cholesterol-lowering ingredient, Reducol(TM), and other cholesterol-lowering ingredients and value added products have grown 33% over the same quarter last year. Where the company has enjoyed several product launches in other parts of the world, the U.S. market penetration remains to be a key focus for Forbes. The company is working with US food manufacturers in various stages of product development. While the timing and completion of the product development stage is unclear at this point, the company will update its shareholders in the event of a successful product launch.