3rd Mar 2006 17:06
Skyepharma PLC03 March 2006 For Immediate Release 3 March 2006 SkyePharma PLC Clarification of Financial Position LONDON, UK, 3 March 2006 - SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) wishes toclarify its financial condition following claims made by the NAV group in themedia today. Under the UK Listing Rules a company is required to report if there is amaterial change in its financial condition. There has been no material change inSkyePharma's financial condition since the working capital statement in theRights Issue document. Yesterday the NAV group issued a document and SkyePharma responded to all itsclaims proving that their assertions over corporate governance are completelywithout foundation. However, verbally the NAV group has made outrageous claimsabout SkyePharma's cash position. No mention of the alleged cash problem was included in the NAV group's writtenrelease. This is another example of the under-hand tactics this smallcollection of shareholders are using which continue to destroy value inSkyePharma. Shareholders should realise the damage these slurs are causing. Jerry Karabelas said: "There is no cash problem. "The behaviour of the NAV group is disgraceful. Having failed to make theirinnuendos over corporate governance stick they have spread rumours which aresimply untrue. "The time has come for other shareholders to stand up for SkyePharma before theNAV group do any more damage". For further information please contact: SkyePharma PLC +44 207 491 1777Frank Condella, Chief Executive OfficerPeter Laing, Director of Corporate Communications +44 207 491 5124 Sandra Haughton, US Investor Relations +1 212 753 5780 Buchanan Communications +44 207 466 5000Tim Anderson / Mark Court Notes for editors: About SkyePharma SkyePharma PLC develops pharmaceutical products benefiting from world-leadingdrug delivery technologies that provide easier-to-use and more effective drugformulations. There are now eleven approved products incorporating SkyePharma'stechnologies in the areas of oral, injectable, inhaled and topical delivery,supported by advanced solubilisation capabilities. For more information, visitwww.skyepharma.com. Certain statements in this news release are forward-looking statements and aremade in reliance on the safe harbour provisions of the U.S. Private SecuritiesLitigation Act of 1995. Although SkyePharma believes that the expectationsreflected in these forward-looking statements are reasonable, it can give noassurance that these expectations will materialize. Because the expectations aresubject to risks and uncertainties, actual results may vary significantly fromthose expressed or implied by the forward-looking statements based upon a numberof factors, which are described in SkyePharma's 20-F and other documents on filewith the SEC. Factors that could cause differences between actual results andthose implied by the forward-looking statements contained in this news releaseinclude, without limitation, risks related to the development of new products,risks related to obtaining and maintaining regulatory approval for existing, newor expanded indications of existing and new products, risks related toSkyePharma's ability to manufacture products on a large scale or at all, risksrelated to SkyePharma's and its marketing partners' ability to market productson a large scale to maintain or expand market share in the face of changes incustomer requirements, competition and technological change, risks related toregulatory compliance, the risk of product liability claims, risks related tothe ownership and use of intellectual property, and risks related toSkyePharma's ability to manage growth. SkyePharma undertakes no obligation torevise or update any such forward-looking statement to reflect events orcircumstances after the date of this release. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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