London, UK--(Marketwire - September 20, 2007) -
Interim Results Announcement
for the Six Months Ended 30 June 2007
SkyePharma PLC (LSE: SKP) LONDON, ENGLAND, 20 September 2007
Summary of Unaudited Results for the six months ended 30 June 2007
H1: 2007 *H1: 2006
GBP'm GBP'm
Continuing operations
Revenue from continuing operations 19.7 21.4
Operating loss from continuing
operations before exceptionals 8.8 11.2
Loss before tax from continuing
operations after exceptionals 14.1 15.8
The loss is arrived at after
charging R&D expenditure 13.8 14.2
Discontinued operations
Operating loss from discontinued
operations (before exceptionals) 4.4 11.0
Loss before tax from discontinued
operations after exceptionals 5.4 11.0
Net debt
Total debt less cash (including
convertible bonds at period end) 105.7 111.7
*Restated - see Financial Review section
Highlights
- Sale of Injectable Business completed in March 2007
- Completion of major financial restructuring: liquidity at 30 June
2007: GBP48.4 million (31 December 2006: GBP46.2 million)
- Further progress with FlutiformTM:
o existing Phase III trials for US nearly fully recruited
o additional clinical work for US being planned
o plan to file in Europe and US in H2, 2008
- Good progress with near term pipeline products - 2 key regulatory
filings and 2 key approvals
Dr Jerry Karabelas, Non-Executive Chairman, said: "Substantial progress has been
made in the first half to reshape the Group, focus the activity on oral and
inhalation products, ensure that the Company has adequate financial resources to
meet its objectives, and ensure the timely completion of the FlutiformTM Phase
III program. Although there is an unexpected delay to the planned date for
filing FlutiformTM in the US to the second half of 2008, the Board continues to
have confidence in the potential for significant growth being created for
shareholders in the coming years. This growth will arise from the
commercialisation of FlutiformTM by our partners, the continued contribution
from the royalties of our eleven approved products, and the further development
of our pipeline."
The results presentation has been published on the Company's website and a
webcast of the analysts' conference will be available shortly after that
conference is concluded.
For further information please contact:
SkyePharma PLC
Frank Condella, Chief Executive Officer
Ken Cunningham, Chief Operating Officer +44 207 491 1777
Peter Grant, Finance Director
Financial Dynamics (London enquiries)
David Yates / Deborah Scott +44 207 831 3113
Trout Group (US enquiries)
Christine Labaree / Seth Lewis +1 617 583 1308
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 eleven approved products in the areas of oral,
inhalation and topical delivery. The Group's products are marketed throughout
the world by leading pharmaceutical companies. For more information, visit
www.skyepharma.com.
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