Scotland-based speciality pharmaceuticals group ProStrakan has posted its financials for 2007 which show that revenues rose 19% while its losses were reduced dramatically.

Revenues came in at £45.6 million, while its retained loss fell 41% to £17.3 million or 8.6p per share (-44%). The firm ended the year with a strong cash position of £24.5 million and has with further available debt facility of £30 million.

Sales growth was driven by Rectogesic (glyceryl trinitate), an ointment for chronic anal fissures, Tostran (testosterone gel) and Droperidol (xomolix) for the treatment of post-operative nausea and vomiting. ProStakan will be hoping that these products will soon be joined on the market by the cancer pain drug Rapinyl, a fast-dissolving formulation of fentanyl.

Earlier this month, the latter was approved in Sweden which is acting as the Reference Member State for the wider filing of the drug in the European Union. Prostrakan said it expects to have completed the filing procedure by the end of the year.

Chief executive Wilson Totten said that ProStrakan “has reached a pivotal point in its development”, noting that 2007 also saw the firm set up a sales and marketing operation in the USA, in readiness for the launch Sancuso (granisetron), a transdermal patch for the prevention of chemotherapy-induced nausea and vomiting. He went on to say that 2008 “is set to be a transformational year”, with regulatory approvals of key products anticipated in both Europe and the USA.

Dr Totten said that the company is strongly funded and remains on track to achieve its target of break-even during 2009, “with increasing profitability thereafter generated from the growing sales of new products”.