British biotechnology group Vernalis has said that revenues from its migraine drug frovatriptan, which is marketed by Elan in the US, could be much larger than projected, taking it to profit earlier than expected.
The company said it was encouraged by the drug's successful US launch and clinical trial results showing it can also prevent menstrual migraine. Vernalis said that frovatriptan had already gained 2.6 per cent of the market following its June launch in the US under the brand name Frova. At this rate, it would have over 5 per cent of the market by the end of 2002, it said.
Analysts said the news underpinned their forecasts for Frova for this year. Goodbody is expecting income of $21 million (€21.5 million) from Frova for Elan in 2002 while Davy anticipates income of $24 million this year and $55 million next year.
Goodbody also noted that the drug has successfully completed Phase IV trials for the prevention of menstrually associated migraine. This could provide a large potential market, of between 26 million and 34 million women in the US and Europe, for the drug, the broker noted.
Colt Telecom to cut 800 jobs worldwide
COLT Telecom, a British telecoms firm with significant operations in Dublin, will shed about 800 jobs, or 16 per cent of its workforce, in a restructuring prompted by the meltdown in the industry.
The firm, which employs 50 people in Dublin, also said it was expecting to post an exceptional charge of £550 million sterling (€873 million) to cover a write down of the value of assets for the quarter ending September.
A Colt spokesman said there was no accurate breakdown of where the job losses would fall but they would affect every country and every aspect of Colt's operations.
Colt began operating in the Republic during the height of the telecoms boom in 2000.
In its first nine months of operation in the Republic it lost €1.65 million as it started its network roll out in Dublin.
The company has invested more than €30 million in building fibre networks in Dublin and a data centre, which it recently mothballed due to lower -than -expected demand for hosting and services.
Aminex takeover fight costs $1.9m
OIL and gas company Aminex said it spent $1.94 million (€1.98 million) defending the company against a hostile takeover bid from Apple Oil & Gas in the first half.
This cost contributed to an operating loss of $3.4 million in the six months ended June compared to a profit of $451,000 in the same period a year earlier.
The company said it had made steady progress in its core business in the period with drilling scheduled to commence in Tanzania in the fourth quarter.
Aminex also said its strong balance sheet, with $12.2 million in net cash, left it in a position to exploit new opportunities.
Viridian performance meets expectations
VIRIDIAN Group, owner of Northern Ireland Electricity, has said the group's businesses have been performing in line with expectations in the first half of its financial year.
The company, which will release interim results on November 12th, said the construction programme for its generating plant at Huntstown near Dublin remains on target. Final commissioning is scheduled for early December. It also said that its IT and outsourcing company, Sx3, is performing according to budget. Its telecoms and internet joint venture, nevada, is achieving growth in revenue, it said.
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