30th Jul 2008 07:00
Vectura Group plc
Interim Management Statement for the period to 30 July 2008
Chippenham, UK - 30 July 2008: Vectura Group plc (LSE: VEC) ("Vectura"), the inhaled product development company, today publishes an interim management statement for the period 1 April 2008 to date. Vectura intends to publish its results for the six months ended 30 September 2008 on Monday 24 November 2008.
Highlights
Financial outlook
As announced in the preliminary results for the year ended 31 March 2008 on 22 May, revenues were £25.2m, an 80% increase over the previous year. Cash at 31 March 2008 was £78.8m. Vectura also provided a trading update for the year to 31 March 2009 on 22 May, and today confirms that the trading performance and financial position is in line with the Board's expectations and the outlook for the year remains unchanged.
Dr Chris Blackwell, Chief Executive of Vectura, commented:
"Building on the progress we made in 2007/08 in the opening months of this financial year, with the advances in our pipeline and the benefit of a strong cash position, we are well placed to continue to meet the objectives set for the current year."
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Enquiries:
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Vectura Group plc |
+44 (0)1249 667700 |
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Chris Blackwell, Chief Executive |
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Anne Hyland, Chief Financial Officer |
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Julia Wilson, Director of Investor Relations |
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Financial Dynamics |
+44 (0)20 7831 3113 |
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David Yates |
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Ben Atwell |
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Susan Quigley |
Notes to Editors:
About Vectura
Vectura Group plc is a product development company focused on the development of a range of inhaled therapies principally for the treatment of respiratory diseases. Vectura develops products to treat respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD) and cystic fibrosis, a market which is forecast to double over the next ten years from $23 billion in 2007 to $46 billion by 2017. Vectura also develops products for non-respiratory diseases where optimised delivery via the lungs could provide significant benefits, such as a rapid onset of action, improved efficacy and improved tolerability compared with current therapies.
Vectura has eight products marketed by its partners and a portfolio of drugs in clinical and pre-clinical development, some of which have been licensed to major pharmaceutical companies. The Company seeks to develop certain programmes further through development to optimise value through licensing at a later stage. Vectura also offers its formulation and inhalation technologies to other pharmaceutical companies on a licensing basis where this complements Vectura's business strategy.
Vectura has development collaborations with several pharmaceutical companies including Boehringer Ingelheim, Chiesi, Novartis and Sandoz (the generics arm of Novartis). The acquisition of Innovata in January 2007 brought established alliances with a number of additional companies, such as Baxter, GlaxoSmithKline (GSK), Merck Generics (part of Mylan Inc), UCB and Otsuka, as well as providing revenue streams, complementary products and critical mass. For further information, please visit Vectura's website at www.vectura.com
Forward-Looking Statements
This press release contains "forward-looking statements", including statements about the discovery, development and commercialisation 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 programmes; failure to obtain patent protection for inventions; 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. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statement. 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.
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