ProStrakan highlights strong growth in 2010

ProStrakan has hailed the financial growth and progress it has achieved over the last 12 months in a pre-close trading update for 2010.

Ahead of the company's planned March 2011 publication of its preliminary financial results, ProStrakan has revealed that revenues for the year are expected to stand at around 100 million pounds, up by 27 percent on 2009.

Product sales growth played a key role in this increase, with drugs such as Tostran, Adcal-D3 and Xomolix seeing year-on-year improvements, while the newly-launched Abstral also experienced success in its first full year on sale.

The firm has also made progress in its global expansion efforts, receiving US regulatory approval for both Abstral and Fortesta in the last few weeks.

Peter Allen, chairman and acting chief executive of the company, said: "2010 has demonstrated once more that ProStrakan's business model of distributing our proprietary products through our own sales forces and those of our partners is robust."

Last month, the firm agreed a new financing arrangement that saw Paladin Labs pay 50 million pounds to acquire ProStrakan's existing secured debt facility.