Labopharm to open European HQ in Dublin

Canadian company Labopharm is to open its European headquarters in Clontarf, Co Dublin tomorrow.

The pharmaceutical firm received European regulatory approval in Q4 2003 for its Tramadol product.

Produced in-house, Tramadol is used in the treatment of osteoarthritis, lower back spasm, cancer, and other acute aging ailments and had sales of US$1.3bn (€1.03bn) in 2002.

Its Dublin base will be fully integrated with regulatory, sales and marketing divisions.

Labopharm Europe was established in 2002 to address the regulatory, marketing and supply chain management functions in the commercialization of Labopharm Inc.'s products on the continent.

In September 2003 Labopharm Inc announced net losses for the third quarter of CND$7.9m (€4.8m), compared to CND$3.5m (€2.13m) for the quarter ended August 2002.

Revenue to the end of September Q3 period was CND$217,000 (€132,217) compared with CND$437,000 (€266,263) for the quarter ended August 31, 2002.

The company is listed on the Toronto Stock Exchange.