Depomed narrows year-on-year Q1 loss based on diabetes drug sales

MENLO PARK, Calif. Depomed recently released its first quarter results for 2008, which ended on March 31.

The company reported a net loss of $7.3 million for the quarter compared to a loss of $10.9 million for the same period in 2007. Revenue, though, increased by almost $2 million this quarter—compared with the same quarter in 2007—to $5.7 million, based primarily on the $5.2 million in sales of the company’s diabetes drug Glumetza.

Glumetza, (metformin hydrochloride extended release tablets) is approved for use in adults with type 2 diabetes.