03:45 PM EST - Velan Inc. : reported financial results for the first quarter, posting net income that declined from the prior-year quarter, negatively impacted by the strengthening of the Canadian dollar, which increased an average of 18.6% and 19.7% against the U.S. dollar and the euro, respectively, when compared to the same quarter last year. For the first quarter, net income was $1.07 million or $0.05 per share, compared to $14.3 million or $0.64 per share in the prior-year period. Sales for the period declined to $91.6 million from $120.3 million in the previous year. Velan Inc.
shares T.VLN are trading down $0.09 at $14.44.
