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Medicure post '08 loss from continuing operations of $57.4 million |
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Written by THE CANADIAN PRESS
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Thursday, 28 August 2008 |
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WINNIPEG - Drug developer Medicure Inc. (TSX:MPH) says its loss from continuing operations for 2008 amounted to $57.4 million compared to $31.7 million the previous year.
For the year ended May 31, Medicure posted revenues of $2.2 million from its commercial asset Aggrastat, down from $5.9 million in 2007.
The lower sales were the result of the restructuring of the company's commercial operations.
Research and development also increased to $28.7 million in 2008 from $23.3 million, while company recorded a write-down of $13.1 million for intangible assets.
On a per share basis the company's loss amounted to 46 cents, compared to 30 cents.
At May 31, Medicure had cash and cash equivalents totalling $11.9 million, as well as $11.9 million of restricted cash.
Medicure is focused on the research, development and commercialization of drugs to treat cardiovascular disorders.
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