More MS news articles for Dec 2001

Angiotech posts small profit, helped by foreign exchange gains

Tuesday December 11 7:29 PM EST

VANCOUVER (CP) - Foreign exchange gains helped Angiotech Pharmaceuticals Inc. earn a small profit in the company's fiscal fourth quarter. The Vancouver drug maker reported Tuesday it had a net profit of $27,000 or zero cents a share for the period, compared with net profits of about $800,000 or five cents a share in the same period last year.

Revenues rose to $1.1 million from about $300,000 in the 2000 quarter. Fourth-quarter results were affected by increased spending to develop and test the company's treatment for multiple sclerosis.

Angiotech develops treatments for chronic inflammatory diseases by reformulating the successful anti-cancer drug paclitaxel into a treatment that helps block inflammation.

For the year ended Sept. 30, Angiotech lost $8.3 million, up from a loss of $1.65 million last year.

Angiotech benefited from foreign exchange gains of $4.8 million in the fiscal fourth quarter and nearly $6 million for the full year, well above gains in the same 2000 period.

At the end of September, Angiotech had a cash balance of about $156.1 million.

In trading on the Toronto stock market Tuesday, Angiotech shares fell 34 cents to $81.41.

Copyright © 2001 Canadian Press