12th Sep 2005 07:03
Vectura Group PLC12 September 2005 Vectura Group plc Annual General Meeting Trading Update Chippenham, UK, 12 September 2005 - The Annual General Meeting of Vectura Groupplc (LSE: VEC), the drug development company, will be held in London today. TheCompany is providing the following trading update following on from thepreliminary results announcement on 22 June 2005: Operating Update Vectura's product pipeline continues to make strong progress. Both our leadproducts are on schedule to complete Phase IIb studies in 2006; NVA237, which ispartnered with Novartis for the treatment of COPD, and VR004 for the treatmentof erectile dysfunction. We also continue to make good progress on ourlicensing discussions with third parties on our three inhalation technologies,Aspirair(R), GyroHaler(R) and PowderHale(R). Financial update Revenues for the five months ended 31 August 2005 were £2.9m, a 22% increase onthe same period in 2004/05. Cash resources of £23.5m as at 31 August 2005 showa £5.1m improvement from the year-end cash position of £18.4m at 31 March 2005. Dr. Chris Blackwell, Chief Executive of Vectura, said: "We are delighted to welcome shareholders to our inaugural AGM since flotationin July last year and to report substantial progress on all fronts. "Our most significant achievement with our product pipeline has been the signingof a landmark agreement with Novartis for our COPD therapy, NVA237. We believethat this product will play a major role in the expansion of the COPD marketwhich is underserved today but set for dramatic growth over the coming decade.We have also progressed our rapidly acting therapy for erectile dysfunction,VR004, into Phase IIb trials and are about to commence trials with VR040 forParkinson's Disease. VR776, our product for premature ejaculation, is alsoexpected to enter the clinic in the coming months. "Our pulmonary technologies continue to attract significant licensing interestfollowing the conclusion of our first licensing agreement for Aspirair(R), ourhigh efficiency dry powder inhaler (DPI). The recent decision by the FDAAdvisory Committee to vote in favour of Pfizer's Exubera(R), a new inhaledinsulin treatment for diabetes, is a positive regulatory endorsement for the useof inhalation to deliver drugs to the blood stream. We expect this decision willgenerate further opportunities for inhaled product development, which Vectura iswell placed to exploit. "Our licensing discussions on our respiratory DPI, GyroHaler(R), progresspositively and provide the potential for high value upside. We continue to workwith GSK and other companies to evaluate the benefits of our PowderHale(R)formulation technology with their products. "Finally, our improved financial situation includes the positive contributionfrom our Pharmaceutical Development Services business. "We look forward to further strong news flow and progression of our strategy inorder to continue to deliver on our business objectives." Enquiries: Vectura Group plcChris Blackwell Chief Executive +44 (0) 1249 667 700Anne Hyland Chief Financial Officer Financial DynamicsSarah MacLeod +44 (0) 20 7831 3113John Gilbert Notes to Editors: Vectura Vectura's principal focus is the development of a range of inhaled drugs for thetreatment of both lung diseases and other conditions where optimised deliveryvia the lungs can provide significant benefits, such as a rapid onset of action,improved efficacy and improved tolerability compared with current therapies. Vectura's strategy is to combine its proprietary, innovative, pulmonaryformulation and device technologies (PowderHale(R), Aspirair(R) and GyroHaler(R)) with existing, off-patent drugs either for use in new indicationsor to provide inhalation as an improved route of administration. The Company seeks to license its lead products to pharmaceutical companies withestablished sales and marketing infrastructures for the later stages ofdevelopment and for commercialisation, typically prior to Phase III clinicaldevelopment. The Company has development collaborations with a number ofcompanies, including Novartis, GSK, SkyePharma and Chiesi. This press release contains "forward-looking statements," including statementsabout the discovery, development and commercialization of products. Variousrisks may cause Vectura's actual results to differ materially from thoseexpressed or implied by the forward looking statements, including adverseresults in clinical development programs; failure to obtain patent protectionfor discoveries; commercial limitations imposed by patents owned or controlledby third parties; dependence upon strategic alliance partners to develop andcommercialise products and services; difficulties or delays in obtainingregulatory approvals to market products and services resulting from developmentefforts; the requirement for substantial funding to conduct research anddevelopment and to expand commercialisation activities; and product initiativesby competitors. As a result of these factors, prospective investors arecautioned not to rely on any forward-looking statement. We disclaim anyintention or obligation to update or revise any forward-looking statements,whether as a result of new information, future events or otherwise. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
VEC.L