Vectura Group plc interim results for six months ended 30 September 2007
26 November 2007
Chippenham, UK – 26 November 2007: Vectura Group plc (LSE: VEC) (“Vectura”), the pulmonary product development company focused on respiratory and neurological diseases, today announced its financial results for the six months ended 30 September 2007.
Announced Today
- Achievement of milestone on collaboration with Boehringer Ingelheim - Vectura will receive €10 million cash payment, and an additional €5 million equity investment
Financial Highlights
- Revenues increased by 102% to £12.3 million (2006 H1: £6.1 million)
- Gross profit up by 116% to £9.8 million (2006 H1 £4.5 million)
- Investment in research and development up by 120% to £14.6 million (2006 H1: £6.7 million)
- Cash of £71.4 million at 30 September 2007 (£77.5 million at 31 March 2007)
Corporate Highlights
- Innovata integration complete with cost savings in excess of expectation
- Successful move from AIM to the Official List of the London Stock Exchange in July 2007
Product Highlights
- VR315 for asthma (partnered with major generics companies
- Milestone successfully achieved; €3 million received October 2007
- NVA237 and QVA149 for COPD (partnered with Novartis)
- Initiation of three Phase II clinical studies
- VR040 for Parkinson’s disease
- Successful completion of second Phase II study
- VR147 for migraine
- Initiation of Phase I trial
- VR004 for erectile dysfunction
- Successful completion of second Phase IIb study
- VR776 for premature ejaculation
- Successful completion of Phase IIa study
- QDose inhaled insulin programme for diabetes
- Successful completion of Phase 1 glucose clamp study
“This is an exciting time at Vectura as we continue to build momentum by delivering on our commercial, development and operational goals. We have made significant advances across our product portfolio and we are very pleased to announce this morning that we have achieved an important development milestone on our collaboration with Boehringer Ingelheim. We believe Vectura will play a key role in the rapidly growing respiratory market and we are approaching some significant growth catalysts for the Company with the start of pivotal studies in our asthma and COPD programmes.”
– Ends –
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. For further details please contact Claire Rowell at Financial Dynamics on +44(0)207 2697285.
Enquiries:
| Vectura Group plc | + 44 (0) 1249 667700 |
| Chris Blackwell, Chief Executive | |
| Anne Hyland, Chief Financial Officer |
|
| Julia Wilson, Director of Investor Relations & Corporate Communications | |
| Financial Dynamics | +44 (0)20 7831 3113 |
| David Yates | |
| Sanjeev Pandya | |
| Susan Quigley |
Notes for Editors:
About Vectura
Vectura Group plc is a
pulmonary product development company focused principally on the
development of a range of inhaled therapies for the treatment of
respiratory and neurological diseases. Vectura develops products to
treat respiratory diseases such asthma, chronic obstructive
pulmonary disease (COPD) and cystic fibrosis, the market for which
is forecast to achieve sales of $32 billion by 2011. Vectura also
develops products for non-respiratory diseases where optimised
delivery via the lungs into the blood stream 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 seeks to develop certain programmes further through development to optimise value at a later licensing stage. Vectura also offers its formulation and inhalation technologies to other pharmaceutical companies on a licensing basis where this complements Vectura’s business strategy.
Vectura has development collaborations with several 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, GlaxoSmithKline (GSK), Merck Generics (part of Mylan Inc), UCB and Otsuka, as well as providing revenue streams, complementary products and critical mass.
For further information, please visit Vectura’s website at www.vectura.com
Forward-Looking
Statements
This press release
contains “forward-looking statement”, 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 programmes; failure to obtain patent protection for
inventions; 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.
