SOUTH PLAINFIELD, N.J., Aug. 26, 2010 (GLOBE NEWSWIRE) -- Laxai Pharma, Ltd. (the "Company") (OTCBB:LAXAF), an international pharmaceutical contract research organization ("CRO"), is pleased to announce that it has published its second quarter results last week for the period ended as of June 30, 2010.
For the six month period ended as of June 30, 2010, revenues in the amount of $1,735,000 were generated from the clinical staffing and integrated services provided across the drug development spectrum, compared to no revenues for the six month period ended as of June 30, 2009. Out of the $1,735,000 in revenues, $1,212,000 was generated during the second quarter. This was the first full quarter since the Company completed the purchase of the assets of OSR Solutions, Inc.
For the six month period ended as of June 30, 2010, the Company's total net operating loss was $1,331,000. Of that, $878,000 consists of non-recurring expenses related to the purchase of the assets of OSR (including legal, one-time interest, etc.). $823,000 of the net operating loss was during the second quarter of which $450,000 was non-recurring expenses.
The Company also received its first purchase order for chemistry related services in its newly formed wholly owned subsidiary, Laxai Life Sciences, Inc. "Laxai Life Sciences should allow us to capture more key business going forward. We expect this division to be an important component of revenue," stated Naren Mallakunta, Chief Executive Officer.
Ram Ajjarapu, Executive Chairman, stated: "We are pleased to have our first full post acquisition quarter completed, and will push for continuous improvement both in revenue and profits going forward. In addition, we believe our new subsidiary will allow us to add to our book of business. This is one of the many key business development initiatives of Mr. Mallakunta that we are confident will help to accelerate our growth."
About Laxai Pharma, Ltd.
Laxai Pharma Ltd. is a Contract Research Organization providing integrated services across the drug discovery and development spectrum. The Company has steadily evolved, with global facilities in the United States and India. Laxai provides services in Medicinal Chemistry, Biology, Process R&D and Analytical Services, Clinical Research, Strategic Resourcing and Training to the Biopharmaceutical and Agrochemical Companies. Laxai offers a unique value proposition to clients in their drug discovery and development initiatives through innovative global partnership models.
SAFE HARBOR: This press release contains certain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward looking statement made by or on behalf of Laxai Pharma, Ltd.Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Management's judgment based on assumptions as of the date hereof which may or may not prove to be correct. Readers are referred to the documents filed by the company with the United States Securities and Exchange Commission, that identify important risks which could cause actual results to differ from those contained in the forward looking statements.
CONTACT: Laxai Pharma Ltd. Ram Ajjarapu, Executive Chairman (908) 756-7300 http://www.laxai.com