Home » Economy » Specialty pharma – Santhera confirms sales targets for Raxone News

Specialty pharma – Santhera confirms sales targets for Raxone News

Tuesday, September 5th, 2017 | Economy

In the first six months of 2017, the net sales of the drug Raxone in patients with neurological eye disease LHON (liver hereditary optic neuropathy) rose to 10.9 million from 7.2 million last year. Revenues were primarily attributable to product sales to LHON patients in Germany and France, as Santhera reported on Tuesday. However, further sales markets would increasingly contribute to growth. Raxone is currently sold in 17 European countries.
This was offset by higher operating expenses as a result of increased commercial and clinical activities. Total operating expenses amounted to 30.5 million after 22.6 million in the same period of the previous year. The development expenditure increased to 11.7 million from 8.1 million due to the implementation of clinical trials in late development stages as well as processing and preparation of the application for DMD (Duchenne muscular dystrophy).
Marketing and sales expenses rose to € 12.6 million from € 8.9 million and general and administrative expenses to € 6.1 million from € 5.5 million. This includes the establishment of a subsidiary in Boston.
As a result, the operating loss expanded to 21.4 million (previous year: -17.2 million). The bottom line resulted in a net loss of CHF 22.7 million compared to a loss of EUR 18.0 million in the previous year.
Guidance for Raxone confirmed
As of June 30, 2017, the Company had freely available cash and cash equivalents (cash and cash equivalents and current financial assets) of 78.0 million compared to 49.8 million at the end of 2016; In February, Santhera placed a convertible bond in the amount of CHF 60 million. As a result, the company has sufficient funds to implement the strategic and operational plans, CEO Thomas Meier is quoted in the announcement.
"We are well on the way to achieving our targets for 2017," Meier continued. Accordingly, the previous guidance that Raxone sales between 21 and 23 million CHF are expected to be generated in the year as a whole is confirmed.
The company also notes that the Committee for Medicinal Products for Human Use (CHMP) is currently reviewing Santheras' application for Raxone in patients with DMD. An opinion from the CHMP is expected shortly.

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