Healthcare - Thursday, November 26, 2009 15:05 - 0 Comments

Labopharm Inc. DDSS Market Open’s up 12.33% in Morning Trading Session

Labopharm Inc. a specialty pharmaceutical company, on Wednesday announced that it has having a deal with a standby equity distribution agreement with YA Global Master SPV Ltd., a fund handle by Yorkville Advisors, LLC. Under the terms of the agreement, Yorkville Advisors have committed to provide up to $25 million of capital during the next three years, at Labopharm’s discretion, through the purchase of newly issued Labopharm common shares. The company was founded in 1990 and is headquartered in Laval, Canada.

“With a number of potential cash-generating milestones on the horizon, a standby equity facility is well suited to our Company at this time,” said James R. Howard-Tripp, President and Chief Executive Officer, Labopharm Inc. “Should we choose to access it, the facility provides a flexible, low cost source of capital in an amount and at the time of our choosing, with a built-in minimum price.”

Last Trade: 1.64
Trade Time: Nov 25
Change: Up 0.18 (12.33%)
Prev Close: 1.46
Open: 1.50
Day’s Range: 1.48 – 1.64
52wk Range: 0.32 – 2.95
Volume: 1,629,814
Avg Vol (3m): 590,864
Market Cap: 94.17M

About Labopharm Inc.

Labopharm Inc., a specialty pharmaceutical company, develops drugs by incorporating its proprietary controlled-release technologies. It offers once-daily formulation of the analgesic tramadol under the RYZOLT brand name for the treatment of severe chronic pain in adults. The company sells RYZOLT primarily in the United States, Europe, Canada, South Korea, and Australia. Labopharm’s products in pipeline include once-daily formulation of trazodone, a serotonin antagonist reuptake inhibitor for the treatment of depressive disorder. Its product candidates in clinical development based on Contramid platform comprise twice-daily formulation of tramadol plus acetaminophen to address acute pain; and Abuse Deterrent Platform to provide safer medications through resistance to the uncontrolled release of the active ingredient after actions, such as breaking, chewing, crushing and heating, or consumption with alcohol. Its product candidates in clinical development based on the Polymeric Nano-Delivery System platform comprise lipid-and preservative-free formulation of the intravenous anaesthetic agent propofol; and SN-38, which is the active metabolite in the prescribed intravenous colon cancer drug irinotecan. Labopharm was formerly known as Centre de recherche appliquee pharmaceutique CRAP inc. and changed its name to Labopharm Inc. in September 1994.