• Home
• About us
• Products
• Partnering
• Investors
• News
• Contact us

• Print page
• Bookmark page
• Email us

Innovata plc announces interim results for the period ended 31 March 2006

- Completes restructuring and moves to profitability -

Nottingham, UK, 1 June 2006 - Innovata plc (LSE: IOV), the specialty pharmaceutical company, today announces interim financial results for the six months ended 31 March 2006.

Operational Highlights:

• Approvable letter received from US FDA for ADEPT® for surgical adhesions (see separate press release today)
• Global licence for ADEPT signed with Baxter in January
• Second DUOHALER® licence signed with European partner in December
• Inhaled insulin collaboration with Bristol Myers-Squibb restructured in December
• Further Marketing Authorisations for CLICKHALER® device in Europe

Financial Highlights:

• Revenue of £18.5 million (31 March 2005: £8.2 million)
• Operating profit before amortisation of £8.3 million (31 March 2005: loss of £2.2 million)
• Operating profit of £7.2 million (31 March 2005: loss of £2.2 million)
• Profit after tax of £4.7 million (31 March 2005: loss of £3.6 million)
• Cash and short term investments of £20.1 million at period end (31 March 2005: £6.1 million)

Kieran Murphy, Chief Executive Officer of Innovata, commented:

"Innovata has been transformed over the past year with board and management changes, cost reductions and the successful acquisition and integration of Quadrant and the financial results demonstrate the impact of these changes. With a clear focus on products for respiratory disease and inhaled therapeutics and further positive news on the approval of ADEPT today, Innovata now has a strong platform for sustainable revenue and profit growth and we look forward to reporting news of further good progress during 2006."

There will be a meeting for analysts today at 9.30am BST at the offices of Financial Dynamics. Please contact Claire Rowell at Financial Dynamics on 020 7269 7285 for details.

Contacts:

Notes to Editors

About Innovata plc

Innovata plc specialises in the development of pulmonary products for the treatment of respiratory disorders and other serious diseases. Using its proprietary dry powder inhaler and drug formulation technologies, Innovata plc has developed a substantial portfolio of 13 marketed and clinical-stage products and has partnered with a number of pharmaceutical companies including Baxter, Merck KGaA, Celltech (part of UCB) and Otsuka.

Innovata plc was formed in July 2005 when ML Laboratories PLC acquired Quadrant Technologies Limited. The company has over 90 employees of whom 65 are engaged in research and development, mainly based at Innovata’s headquarters in Ruddington, Nottingham, United Kingdom. The Company is listed on the London Stock Exchange under the symbol IOV.

The full Innovata plc Interim results announcement (01/06/06) in PDF format.