Velan reported strong financial results for the first quarter ended May 31, 2009, as the company benefited because the U.S. dollar was on average 20.7% stronger than the Canadian dollar compared to last year. Net earnings for the quarter were $14.3 million, and earnings per share were 64 cents. Sales for the quarter were $120.4 million, 13.6% less than the previous year but 6.7% higher after adjusting for the sales of the Italian joint venture in last year’s figures.