For Immediate release 26 March 2007
SkyePharma PLC Announces Completion of Disposal of Injectable Business
LONDON, UK, 26 March 2007 - SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) announces
that the Paul Capital Refinancing and the Disposal of the Injectable Business
have been completed. As such, the Placing of the New Ordinary Shares is no
longer conditional and will raise GBP14.8m (net of costs). It is expected that
admission and dealings in the new shares will commence at 8.00 a.m. today.
This completes the major financial restructuring announced on 9 January 2007.
SkyePharma is now able to focus on organic growth of its business by completing
the development of its unique combination product Flutiform™ (fluticasone/
formoterol inhalation treatment for asthma), which is in phase III development,
as well as seeking additional opportunities to leverage the Group's proven range
of skills and technologies in developing oral and inhalation products.
Frank Condella, SkyePharma's Chief Executive, said:
"The completion of the disposal has removed the cash burn attributable to the
Injectable Business and has significantly strengthened the Company's balance
sheet and cash flows.
With the restructuring phase now successfully completed, we can focus fully on
the development of SkyePharma's existing oral and inhalation product pipeline,
and seek further new opportunities to exploit our unique capabilities in the
rapidly growing drug delivery market."
For further information please contact:
SkyePharma PLC +44 (0)20 7491 1777
Frank Condella, Chief Executive Officer
Ken Cunningham, Chief Operating Officer
Peter Grant, Finance Director
Buchanan Communications +44 (0)20 7466 5000
Tim Anderson / Mark Court / Rebecca Skye Dietrich
Trout Group (US)
Seth Lewis +(1) 617-583-1308
Notes for editors
About SkyePharma PLC
Using its proprietary drug delivery technologies, SkyePharma develops new
formulations of known molecules to provide a clinical advantage and life-cycle
extension. The Company has nine approved products in the areas of oral,
inhalation and topical delivery that are marketed throughout the world by
leading pharmaceutical companies.
For more information, visit www.skyepharma.com.
About Paul Capital Partners and Paul Capital Healthcare
Paul Capital Partners manages nearly $5 billion in equity capital commitments.
The firm has offices in New York, San Francisco, Paris, London and Toronto.
Paul Capital Healthcare is one of the largest dedicated healthcare funds
globally, with $1.4 billion invested in the pharmaceutical, biotechnology, and
medical device sectors.
For more information, visit www.paulcapitalhealthcare.com
These materials are not an offer for sale of securities in the United States.
The securities in the placing have not been and will not be registered under the
US Securities Act of 1933 (the "Securities Act") and the securities may not be
sold in the United States absent registration or an exemption from registration
under the Securities Act. The Company does not intend to register any portion of
such offering in the United States or to conduct a public offering of the
ordinary shares in the United States.
The information contained herein does not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities
referred to herein in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration, exemption from registration or
qualification under the securities laws of any jurisdiction.
This information is provided by RNS
The company news service from the London Stock Exchange