26th Mar 2007 07:03
Skyepharma PLC26 March 2007 For Immediate release 26 March 2007 SkyePharma PLC SkyePharma PLC Announces Completion of Disposal of Injectable Business LONDON, UK, 26 March 2007 - SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) announcesthat the Paul Capital Refinancing and the Disposal of the Injectable Businesshave been completed. As such, the Placing of the New Ordinary Shares is nolonger conditional and will raise £14.8m (net of costs). It is expected thatadmission and dealings in the new shares will commence at 8.00 a.m. today. This completes the major financial restructuring announced on 9 January 2007.SkyePharma is now able to focus on organic growth of its business by completingthe development of its unique combination product Flutiform(TM) (fluticasone/formoterol inhalation treatment for asthma), which is in phase III development,as well as seeking additional opportunities to leverage the Group's proven rangeof skills and technologies in developing oral and inhalation products. Frank Condella, SkyePharma's Chief Executive, said: "The completion of the disposal has removed the cash burn attributable to theInjectable Business and has significantly strengthened the Company's balancesheet and cash flows. With the restructuring phase now successfully completed, we can focus fully onthe development of SkyePharma's existing oral and inhalation product pipeline,and seek further new opportunities to exploit our unique capabilities in therapidly growing drug delivery market." For further information please contact:SkyePharma PLC +44 (0)20 7491 1777Frank Condella, Chief Executive OfficerKen Cunningham, Chief Operating OfficerPeter Grant, Finance Director Buchanan Communications +44 (0)20 7466 5000Tim Anderson / Mark Court / Rebecca Skye Dietrich Trout Group (US) Seth Lewis +(1) 617-583-1308 Notes for editors About SkyePharma PLC Using its proprietary drug delivery technologies, SkyePharma develops newformulations of known molecules to provide a clinical advantage and life-cycleextension. The Company has nine approved products in the areas of oral,inhalation and topical delivery that are marketed throughout the world byleading pharmaceutical companies. For more information, visitwww.skyepharma.com. About Paul Capital Partners and Paul Capital Healthcare Paul Capital Partners manages nearly $5 billion in equity capital commitments.The firm has offices in New York, San Francisco, Paris, London and Toronto.Paul Capital Healthcare is one of the largest dedicated healthcare fundsglobally, with $1.4 billion invested in the pharmaceutical, biotechnology, andmedical device sectors. For more information, visitwww.paulcapitalhealthcare.com These materials are not an offer for sale of securities in the United States.The securities in the placing have not been and will not be registered under theUS Securities Act of 1933 (the "Securities Act") and the securities may not besold in the United States absent registration or an exemption from registrationunder the Securities Act. The Company does not intend to register any portion ofsuch offering in the United States or to conduct a public offering of theordinary shares in the United States. The information contained herein does not constitute an offer to sell or thesolicitation of an offer to buy nor shall there be any sale of the securitiesreferred to herein in any jurisdiction in which such offer, solicitation or salewould be unlawful prior to registration, exemption from registration orqualification under the securities laws of any jurisdiction. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SKP.L