Valera product sales down 21%, company pipeline 'remains on track'

By Lisa Kerner

Charlotte, N.C., Nov. 8 - Valera Pharmaceuticals, Inc. said its product sales fell 21% in the third quarter ended Sept. 30 to $2.9 million from $3.7 million in the third quarter of 2005. The decline was attributed in part to Medicare reimbursements.

The company sold 1,968 units of Vantas at a net average selling price of $1,478 per unit in the quarter, compared with 1,747 units at a net average selling price of $2,099 in the prior-year period.

Net product sales for the nine months ended Sept. 30 were $14.6 million, compared with $21.6 million for the first nine months of 2006. During the nine-month period, Valera sold 9,339 units of Vantas in the United States at a net average selling price of $1,549 per unit. For the same nine-month period in 2005, the company sold 8,646 units at a net average selling price of $2,502.

Valera had cash, cash equivalents and investments of roughly $18.9 million at Sept. 30, compared with $2.3 million at Dec. 31, 2005. The company said its cash position reflects net proceeds of $30 million from an initial public offering of common stock in February 2006.

"Our product pipeline remains on track with regard to clinical and regulatory milestones," president and chief executive officer David S. Tierney said in a company news release.

"In fact, during the third quarter we successfully completed a proof-of-concept study for a biodegradable ureteral stent which is being developed to be naturally voided from the body, a significant advantage over existing ureteral stents. We expect to bring this into additional porcine model studies in the fourth quarter."

Valera is a Cranbury, N.J., specialty pharmaceutical company focused on products to treat urology and endocrinology diseases and disorders.

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