Vectura Group plc - Preliminary Results
19 May 2009
Strong rise in revenues with robust cash position
Good progress with portfolio and material clinical development ahead
Chippenham, UK – 19 May 2009: Vectura Group plc (LSE: VEC) (“Vectura”), the inhaled product development company, today announces its preliminary results for the year ended 31 March 2009.
Financial Highlights
- Revenues increased by 24% to £31.2m (2007/08: £25.2m)
- Gross profit up by 31% to £27.3m (2007/08: £20.8m)
- Investment in research and development up by 9% to £32.3m (2007/08: £29.7m)
- Loss after tax reduced by 13% to £16.7m (2007/08: £19.2m)
- Loss per share reduced by 15% to 5.2p (2007/08: 6.1p)
- Cash and cash equivalents of £74m at 31 March 2009 (31 March 2008: £78.8m)
Operational & Product Highlights
- Achievement of €7.5m (£6.2m) milestone in October 2008 from ongoing collaboration with Boehringer Ingelheim to develop a new dry powder inhaler
- Good progress being made with both generic asthma/chronic obstructive pulmonary disease products VR315 and VR632 partnered with Sandoz, the generics division of Novartis
- Further development of NVA237 and QVA149 continues
- NVA237 to enter Phase III development in Q2 2009 with QVA149 expected to enter Phase III in Q4 2009
- Encouraging safety and efficacy data from Phase II NVA237 studies presented at the European Respiratory Society (ERS) meeting in Berlin in October 2008
- Safety and efficacy data from Phase II QVA149 studies expected to be presented by Novartis during 2009
- Filing of NDA submissions for both NVA237 and QVA149 anticipated in 2011
- Start of Phase II studies in cystic fibrosis (CF) patients using VR496, which also has the potential for use in diseases such as asthma and COPD
- Start of a Phase IIb “at-home” study with VR040 for Parkinson’s disease
- Vectura included in the FTSE 250 index from 23 March 2009
Highlights after Year End
- Receipt of €2.5m (£2.2m) European milestone payment from Sandoz in relation to its generic combination asthma/COPD product VR315
- Completion of a new 13,000 sq ft state of the art manufacturing facility, at Vectura’s Chippenham headquarters
Dr Chris Blackwell, Chief Executive of Vectura, commented:
"It has been another strong year for Vectura from both a financial and product perspective. In the five years since Vectura listed on the Stock Exchange, we have seen a seven-fold increase in our revenues to £31.2m, which has contributed towards our healthy cash balance of £74m at 31 March 2009."
"Over the course of the next twelve months we expect to see significant pipeline progress as our key programmes advance into registration trials. With our strong cash position, credible partners developing several products, and a diversified product development strategy, we remain confident of Vectura’s ability to generate long-term shareholder value."
- Ends -
Chris Blackwell and Chief Financial Officer Anne Hyland will host an analyst/investor presentation and conference call today at 11.00 a.m. BST for an explanation and discussion of the Company’s annual results. For further details please contact Juliet Edwards at Financial Dynamics on +44(0)20 7269 7125.
Enquiries:
| Vectura Group plc | +44 (0)1249 667700 |
| Chris Blackwell, Chief Executive | |
| Anne Hyland, Chief Financial Officer | |
| Julia Wilson, Director of Investor Relations | |
| Financial Dynamics | +44 (0)20 7831 3113 |
| Ben Atwell | |
| Susan Quigley |
Notes for Editors:
About Vectura
Vectura Group plc is a product-focused Group that develops inhaled
therapies principally for the treatment of respiratory diseases.
Vectura’s main products target diseases such as asthma and
chronic obstructive pulmonary disease (COPD); a growing market that
is currently estimated to be worth $20 billion. Vectura also
develops products for other lung pathologies and non-respiratory
diseases.
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. Vectura seeks to develop certain programmes itself where this will optimise value. Vectura’s formulation and inhalation technologies are available to other pharmaceutical companies on an out-licensing basis where this complements Vectura’s business strategy.
Vectura has development collaborations with several pharmaceutical companies, including Boehringer Ingelheim, Novartis, Sandoz (the generics arm of Novartis), Baxter, GlaxoSmithKline (GSK), Mylan, UCB and Otsuka. Vectura has been included in the FTSE 250 index since 23 March 2009. 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 statements. 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.