Bio-Technology General Corp. has received marketing approvalfor its first product, human growth hormone to treat shortstature, from the Netherlands, Denmark and Luxembourg, thecompany announced Friday.
SmithKline Beecham Pharmaceuticals, BTGC's Europeanlicensee, expects to begin sales of hGH under the brand nameEskatrope in early 1992. BTGC of New York will receive 30percent royalties on sales.
BTGC estimates the European market for short stature will be$275 million in 1991. The market is growing about 20 percentannually.
The company expects royalties from European sales of hGH toput it into the black next year. In 1990, BTGC lost $6.2 million,or 40 cents a share, on revenues of $4.3 million. For the sixmonths ended June 30, BTGC had a net loss of $3.8 million, or20 cents a share, on $2.2 million in revenues, including$494,000 in product sales.
The European Committee for Proprietary Medicinal Productsrecommended approval of hGH in June. BTGC expects anotherthree or four countries to approve hGH by the end of this yearand several others in early 1992.
BTGC stock (NASDAQ:BTGC) closed at $8, up $1, on Friday.
(c) 1997 American Health Consultants. All rights reserved.