LAB International revenues for the first quarter up 20% to C$11.2 million

By Lisa Kerner

Erie, Pa., May 12 - LAB International Inc.'s consolidated revenues for the first quarter of 2006 were C$11.2 million, a 20% increase over the first quarter of the previous year.

The company's LAB Research's revenues rose 22% to C$11.0 million, primarily attributable to a C$5.2 million contribution from LAB Denmark.

LAB Canada revenues for the first quarter were up at C$4.2 million, compared to C$4.0 million for the first quarter of 2005 and C$3.5 million for the fourth quarter of 2005.

LAB Pharma revenues were said to be down as both LAB and Grupo Ferrer Internacional set aside the co-development and licensing agreement for Fentanyl Taifun.

Consolidated net loss for the first quarter of 2006 was C$5.0 million, or C$0.07 per share, up from C$3.2 million, or C$0.06, per share in the first quarter of 2005.

LAB International had cash and cash equivalents as of March 31 of C$11.3 million, down from C$16.9 million as of December 31, 2005 and C$5.2 million as of March 31, 2005.

The company said its operational highlights for the quarter include release of safety and pharmacokinetic results from its phase 1 trial of LAB CGRP for asthma and the decision to monetize its LAB Research business through sale or initial public offering.

Located in Laval, Quebec, LAB International is an integrated drug development company.

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