27th Jun 2007 07:01
Bespak PLC27 June 2007 Bespak plc Exubera Update Bespak plc (LSE: BPK), a leader in devices for inhaled drug delivery andanaesthesia, today announces that following the slow take-up of Exubera(R)inhaled insulin for diabetes, Nektar Therapeutics and Pfizer have revised theirshort term forecasts for the inhalation device. As a result Bespak is embarkingon a consultation process with its employees involved in the production of theExubera(R) inhaler. This is expected to produce a significant number ofredundancies among the 160 employees engaged in the production of the Exubera(R)inhaler at Bespak's Milton Keynes facility. The costs of the staff reductionsare recoverable by Bespak under the terms of its contract with NektarTherapeutics. Pfizer has reiterated its belief in the long-term potential of Exubera(R), whichis an important breakthrough in the treatment of diabetes, together with itsplans to accelerate the uptake of Exubera(R) in 2007 and beyond. In its trading statement issued on 3 May, Bespak anticipated lower productionlevels for the Exubera(R) inhaler and referred to uncertainties about salesvolumes for this product over the short- to medium-term. Bespak will, however,continue to benefit from its cost plus contract with Nektar, and given this andthe favourable outlook for the Company's other products, the Board remainscomfortable with the market consensus for the current financial year, whichbegan 1 May 2007. During the consultation process Bespak will remain in detailed discussions withNektar on potential strategies to address the short- to medium-term supplyissues. Mark Throdahl, Bespak's CEO, commented: "In January Bespak announced a goal to double pre-tax profits over the next fiveyears. Despite sales of the Exubera(R) device growing slower than originallyanticipated, we remain on track to achieve this goal." Bespak announces its full year results on 11 July. For further information, please contact: Bespak plcMark Throdahl, Chief Executive Tel: +44 (0) 1908 552600Jonathan Glenn, Group Finance Director MaitlandLiz Morley or Brian Hudspith Tel: +44 (0) 20 7379 5151 Bespak plc is a leader in medical devices for inhaled drug delivery andanaesthesia. The Group develops drug delivery systems for the pharmaceuticalindustry and airway management products for hospitals and emergency caresettings. Bespak develops and manufactures metered dose inhaler valves, actuators,compliance aids, dry powder devices, disposable facemasks, breathing circuits,and laryngeal tubes. The Group holds the 2005 Frost & Sullivan Award forTechnology Innovation and has facilities in King's Lynn and Milton Keynes in theUK, Indianapolis, Indiana and Kent, Ohio in the US, and Mumbai, India. Bespak isa public company quoted on the full list of the London Stock Exchange (LSE:BPK). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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