The Vancouver-based company reports growing sales for the branded plant sterol ingredient it markets for its cholesterol-lowering properties. Forbes Medi-Tech reported a total revenue from continuing operations of $2.1m for the quarter, up from $1m for same period in 2006. Net loss from continuing operations over the same period decreased to $0.06 per share from $0.10. The company has indicated it is using the success of Reducol - which it says grew 100 percent over the quarter - to prop up its pharmaceutical development. "Our revenue is up, there are more customer product launches on the way and our re-focused pharmaceutical development program with reduced expenditures has formed a strong foundation with the FM-TP series of compounds," said Charles Butt, president and CEO. "To further enhance our portfolio of products, we are pursuing other technologies and compounds through potential strategic partnership and M&A activities." Forbes will market its FM-TP compounds at treating both metabolic syndrome and inflammatory lung diseases. The ingredient has been met with an especially warm response in Europe with dairy product manufacturers, having garnered cobranding deals with groups like Tesco. Additional product launches for Reducol over the first quarter included use in dairy products through Portuguese companies Modelo Continente and Jeronimo Martins. Over the same quarter Forbes spent $1.2m on research and development, primarily on the FM-TP series of compounds and a clinical trial for its novel cholesterol absorption inhibitor, FM-VP4.
