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Interim Results for six months ended 30th September 2004

Interim Results for six months ended 30th September 2004

Chippenham, UK, 10 November 2004 – Vectura Group plc (LSE: VEC), the drug development company, today announces its results for the six months ended 30 September 2004, which are summarised from the full interim report.

Year to Date Highlights

Clinical

• Successful completion of Phase IIa clinical trial evaluation of AD 237 in Chronic Obstructive Pulmonary Disease (COPD).
• Successful completion of Phase IIa clinical trial evaluation of VR004 for Erectile Dysfunction.

Commercial

• Strategic alliance signed with SkyePharma for dry power inhaler (DPI), Aspirair®.
• Successful completion of the first development phase of our second DPI, GyroHaler®, and commencement of licensing activities.
• Received MHRA Manufacturer’s Licence for the Chippenham facility.

Financial

• Listing on AIM successfully raised £20.1m before expenses.
• Total revenues doubled to £2.6m.
• Gross profit increased by 176% to £1.8m (H1 2003/04 £0.7m).
• 43% reduction in loss per share to 3.8p from 6.7p in 2003/04.
• Cash and liquid resources of £20.7m at 30 September 2004.

Dr. Chris Blackwell, Chief Executive of Vectura Group plc, said: "Vectura has continued to make major progress in all areas of its business over the past six months. We completed a successful flotation that has raised our profile and allowed us to increase our momentum in inhaled product development with our two lead products now poised to enter Phase IIb trials. We look forward with confidence to the remainder of our first full year as a public company."

A presentation for analysts is taking place today 10 November 2004 at 9:30 am UK time (10:30 European time) at Financial Dynamics, Holborn Gate, 26 Southampton Buildings, London WC2A. Please contact Claire Rowell at Financial Dynamics on +44 (0)20 7269 7285 for details. Slides for the presentation will also be made available through our website at www.vectura.com from 14.00 today.

View the full Interim results (PDF, 96KB, opens in a new window)

Further enquiries:

Notes to editors

Vectura

Vectura’s principal focus is the development of a range of inhaled drugs for the treatment of both lung diseases and conditions where delivery via the lungs can provide significant benefits, such as a rapid onset of action, improved efficacy and improved tolerability compared with current therapies.

The Company’s strategy is to combine its proprietary pulmonary formulation and device technologies with existing, off-patent drugs either for use in new indications or where delivery via the lungs can provide significant benefits compared with current therapies, such as a rapid onset of action, improved efficacy and improved tolerability.

The Company will seek to license its lead products to pharmaceutical companies with established sales and marketing infrastructures for the later stages of development and for commercialisation, typically prior to Phase III clinical development. The Company has development collaborations with a number of companies, including GSK, Chiesi, Arakis, Zambon and Ranbaxy.

This press release contains "forward-looking statements," including statements about the discovery, development and commercialization 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. 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.