Salix Pharmaceuticals announced after the markets closed today that revenue jumped 23 percent in the third quarter while sales of its best-selling drug Xifaxan increased 53 percent.

The Morrisville drug company said revenue for the three month period ending Sept. 30 was $80.6 million, up from $65.7 million a year ago. That beat Wall Street expectations.

Xifaxan revenues were $65.2 million versus $42.7 million a year ago.

In March, the Food and Drug Administration said Salix could market Xifaxan as a treatment for serious liver disease, or hepatic encephalopathy.

The company projects that approval will eventually boost Xifaxan sales by as much as $1 billion a year.

Carolyn Logan, Salix's president and CEO, said in a release that Xifaxan continues to gain momentum in the marketplace.

"The service is being well received by physicians and is enhancing patients access to this important HE therapy," she said.
 

Salix Pharmaceuticals, which raised more than $300 million on Wall Street in May, is putting some cash to use by buying an experimental drug to detect colon cancer.

The Morrisville-based company announced this morning that it acquired the rights to Lumacan from Photocure of Norway. Salix will pay $4 million now and up to $126.5 million more if the drug wins regulatory approval and hits various sales milestones.

Salix also will pay Photocure royalties on net sales of Lumacan. The prescription product is designed to test for precancerous and cancerous lesions in the colon.

Salix Pharmaceuticals reported stronger third-quarter sales of its drugs to treat various gastrointestinal diseases.

The Morrisville company announced today that revenue rose to $65.7 million, up 53 percent from the same period last year. Salix reported a net loss of $7.3 million, or 15 cents a share. The results beat the average expectation of Wall Street analysts.

Salix shares have more than tripled since March as investors grow increasingly optimistic about Salix's prospects. The stock closed at $21.14 Monday, up 20 cents.

Salix has become one of the Triangle's most successful drug companies, with several products already on the market and promising experimental treatments in development.

"The third quarter of 2009 was one of the most exciting and rewarding periods in the company's history to date," said CEO Carolyn Logan, in a prepared statement.

Salix Pharmaceuticals is planning to expand its sales force as the company prepares to win regulatory approval for new medicines that treat gastrointestinal ailments.

The Morrisville company already has 96 salespeople, but wants to hire and train 64 more this year.

There are now a handful of Triangle companies looking to boost their business as they bet the worst of the recession is over. Last week, ChannelAdvisor of Research Triangle Park announced plans to hire about 25 salespeople and other workers by the end of the year.