TheraTech Inc., 417 Wakara Way, a company manufacturing controlled-release drug delivery products, had net income of $276,111 or three cents per share in the quarter ending Sept. 30 compared to a net loss of $1.4 million or 17 cents per share in the same quarter a year ago.
Dinesh C. Patel, president and chief executive officer, said the increase in revenue is due primarily to a payment received from SmithKline Beecham after completion of an agreement for licensing of the company's testosterone transdermal patch.In the first nine months of 1993, TheraTech lost $3.3 million or 32 cents per share compared to a net loss of $4.2 million or 56 cents per share in the same period a year ago.
Patel said another significant milestone in the quarter was the establishment of a wholly owned subsidiary in Japan.