Orbus Pharma Inc.
TSX : ORB

Orbus Pharma Inc.

August 09, 2005 18:09 ET

Orbus Pharma Inc. Reports Second Quarter 2005 Results

TORONTO, ONTARIO--(CCNMatthews - Aug. 9, 2005) -

(All amounts in thousands of dollars, except per share data)

Orbus Pharma Inc. (TSX:ORB) reported that the net loss for the first half of 2005 was $3,266 ($0.11 per share) compared to $1,874 ($0.06 per share) in 2004.




------------------------------------------------------------------------
Three months Six months
ended June 30, ended June 30,
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2005 2004 2005 2004
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Continuing operations
Revenues $ 555 $ 1,432 $ 1,312 $ 2,392
Net loss (2,000) (833) (3,251) (1,890)
Net loss per share (0.07) (0.03) (0.11) (0.06)

Cash provided by (used in)
Continuing operations (1,318) (1,142) (2,153) (2,155)
Discontinued operations (8) (301) (19) (269)
Investing activities (94) (1,954) (234) (2,200)
Financing activities (65) (65) (56) (100)
------------------------------------------------------------------------
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The second quarter 2005 report to shareholders including management's discussion and analysis of financial condition and results of operations is available on-line at www.sedar.com.

For the six month period ended June 30, 2005, consolidated revenues decreased to $1,312 in 2005 from $2,392 in 2004. The decrease is mainly attributable to a higher than normal volume of purchases by one customer in Central America to replenish their inventory in 2004. Revenue from manufacturing activities continues to grow representing $790 of 2005 revenues (2004 - $nil).

For the first half of 2005, cash used in continuing operations remained consistent with 2004 despite incurring costs of $410 in connection with a proposed plan of arrangement. The Convertible Debenture holders have agreed to exercise warrants in an amount sufficient to replace the expenses related to the plan of arrangement. At June 30, 2005, the Company's continuing operations had cash of $4,749 compared to $7,163 on December 31, 2004.

In June 2005, the Company signed a drug development and licensing agreement with Docpharma NV, a European pharmaceutical company. The Company now has six generic drug development projects in process.

Orbus Pharma Inc., listed on The Toronto Stock Exchange under the symbol ORB, pursues a strategy of generating revenue through the development of drug delivery systems and manufacture of off-patent pharmaceuticals, capitalizing on its ability to support the development and commercialization of a range of products at affordable costs.

Contact Information

  • Orbus Pharma Inc.
    Denis C. Arsenault
    V.P. Finance & Chief Financial Officer
    (905) 943-9444
    or
    Orbus Pharma Inc.
    Jeffrey W. Renwick
    President & Chief Executive Officer
    (905) 943-9444