Preliminary Results for the year ended 31 March 2007
23 May 2007
Chippenham, UK – 23 May, 2007: Vectura Group plc (LSE: VEC) (“Vectura”), the pulmonary product development company focused on respiratory and neurological diseases, today announces its financial results for the year ended 31 March 2007.
Corporate Highlights
- Acquisition of Innovata plc concluded in January 2007 and successfully integrated
- £45 million fundraising in July 2006
- Oral and dermal assets successfully spun-out to create
PharmaKodex Limited in May 2006
Product Highlights
- NVA237 and QVA149 for COPD
- Positive results of NVA237 Phase IIb clinical trial announced in June 2006.
- Novartis indicated expectation to file NDA submissions for both NVA237 and QVA149 in 2010
- VR315 for asthma
- Major US generics collaboration announcement in December 2006
- VR040 for Parkinson’s disease
- Successful completion of proof of concept study announced in August 2006
- VR004 for erectile dysfunction
- Successful completion of two Phase IIb studies in April 2007 and June 2006
- Major device deal signed with Boehringer Ingelheim, with €15 million upfront cash paid in May 2006 plus additional royalties and milestones
Financial Highlights
- Total revenues up by 67% to £14.1 million (2006: £8.4 million)
- Gross profit up by 67% to £10.8 million (2006: £6.4 million)
- Loss per share of 4.4p, a 27% improvement on the previous year (2006: 6.0p)
- Cash of £77.5 million at 31 March 2007 (£16.8 million at 31 March 2006)
Announced Today
- Successful completion of second Phase IIa study of VR776 for premature ejaculation
Dr Chris Blackwell, Chief Executive of Vectura, commented: “This has been a successful twelve months in which we continued to demonstrate our ability to deliver major licensing deals with international pharmaceutical companies, as well as announcing positive clinical results on a number of our lead products. The acquisition of Innovata, completed at the beginning of this year, has proved to be an excellent strategic fit, with the two companies combining to give Vectura a significant revenue stream from marketed products, a deep drug development pipeline, a wide range of partners and financial strength. The next twelve months will see further advances in our product development as we continue to drive the value of our portfolio. We also look forward to our forthcoming move from AIM to the Main Exchange in London, where we believe we will see additional liquidity and a higher profile with investors.”
- Ends -
Vectura's Chief Executive Chris Blackwell and Chief Financial Officer Anne Hyland will discuss the Company's results at an analyst/investor presentation and conference call today at 9:30 a.m. GMT.
The conference call may be accessed by dialling:
International dial in: +44 (0) 1452 542 300
UK Free Phone: 0800 953 1444 Conference ID: 1256772 A replay facility will be available for 7 days following the call by dialling: International dial in: +44 (0) 1452 550 000 UK Free Phone: 0800 953 1533 Replay access number: 1256772 Enquiries: Vectura Group plc Tel: + 44 (0) 1249 667700 Chris Blackwell, Chief Executive Anne Hyland, Chief Financial Officer Julia Wilson, Director of Investor Relations & Corporate Communications
Financial Dynamics Tel: + 44 (0) 207 831 3113 David Yates / John Gilbert Notes for Editors:
About Vectura
Vectura is a pulmonary drug development company focused principally on the development of a range of inhaled therapies for the treatment of respiratory and neurological diseases. The Company targets opportunities where optimised delivery via the lungs can provide significant benefits, such as a rapid onset of action, improved efficacy and improved tolerability compared with current therapies.
Vectura has eight marketed products and a portfolio of drugs in clinical and pre-clinical development, some of which have been licensed to major pharmaceutical companies. The Company also seeks to develop certain programmes further through development to optimise value at a later licensing stage. Vectura also offers its formulation and inhalation capabilities to other pharmaceutical companies on a licensing basis where this complements Vectura’s business strategy.
Vectura has development collaborations with a broad range of pharmaceutical companies including Boehringer Ingelheim, Novartis and Chiesi. The acquisition of Innovata in January 2007 brought established alliances with a number of additional companies, such as Baxter, GSK, Merck KGaA, UCB and Otsuka as well providing revenue streams, complementary products and critical mass.
For further information, please visit Vectura’s website at www.vectura.com
This press release contains “forward-looking statements,” including statements about the discovery, development and commercialisation of products. Various risks may cause Vectura’s actual results to differ materially from those expressed or implied by the forward-looking statements, including adverse results in clinical development programs; failure to obtain patent protection for discoveries; commercial limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialise products and services; difficulties or delays in obtaining regulatory approvals to market products and services resulting from development efforts; the requirement for substantial funding to conduct research and development and to expand commercialisation activities; and product initiatives by competitors. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statement. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
- NVA237 and QVA149 for COPD
