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Cangene reports positive cash position of C$7.691 million for fiscal 2006
By Angela McDaniels
Seattle, Oct. 17 - Cangene Corp.'s cash grew to C$7.691 million at July 31 from negative C$3.999 million at the beginning of the year and from zero at July 31, 2005, according to a company news release.
The company said it will use the positive short-term cash position to invest in additional working capital and to prepare for the stockpiling phase following contract awards from the U.S. Department of Health and Human Services to supply anthrax immune globulin and botulinum toxin immune globulin to the U.S. Strategic National Stockpile.
Cash generated from operations during the fiscal year ended July 31 was used to repay short-term borrowings.
Revenue grew by 6.4% to C$109.336 million for fiscal 2006 from C$102.725 million for fiscal 2005. Cangene attributed the increase to the sale of vaccinia immune globulin to the U.K. government and to improving WinRho SDF sales.
The increase was partially offset by reduced revenue from contract activities due to the completion of U.S. government biodefense-related research contracts, according to the release.
Net income for the year was C$13.1 million, or C$0.20 per share, compared with a net loss of C$15.5 million, or C$0.24 per share, a year earlier.
"This was a year of impressive numbers. In addition to improved financial results, we signed more than half a billion dollars worth of U.S. government supply contracts through the year and have nearly completed a facility expansion that will significantly increase our plasma fractionation capacity for new products," president and chief executive officer John Langstaff said in the release.
Cangene is a Winnipeg, Man.-based biotechnology company that uses proprietary manufacturing processes to produce plasma-derived and recombinant therapeutic proteins.
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