Vectura Group plc - Interim Results for the six months ended 30 September 2009
27 November 2009
- Strong financial performance and solid pipeline progress -
Chippenham, UK – 27 November 2009: Vectura Group plc (LSE: VEC) (“Vectura”) today announces its interim results for the six months ended 30 September 2009.
Financial Highlights
- Revenues increased by 71% to £22.8m (2008/09 H1: £13.3m)
- Gross profit up by 86% to £21.2m (2008/09 H1: £11.4m)
- Investment in research and development up by 15% to £18.5m (2008/09 H1: £16.1m)
- Loss after tax reduced by 67% to £3.3m (2008/09 H1: £10.0m)
- Cash and cash equivalents of £76.3m at 30 September 2009 (£74.0m at 31 March 2009)
- Net cash inflow of £2.3m (2008/09 H1: £5.0m outflow)
Pipeline Update
- NVA237 (COPD) – Novartis initiated Phase III studies triggering a $7.5m (£4.5m) milestone receipt in June 2009
- QVA149 (COPD) – Novartis presented safety and efficacy data from Phase II studies at the European Respiratory Society (ERS) meeting in Vienna in September 2009; Novartis expects to initiate Phase III studies in 2010, which will trigger a further $7.5m milestone to Vectura
- VR315 (generic asthma/COPD product) – Receipt of €2.5m (£2.2m) milestone payment on European programme in April 2009; receipt of $6m (£3.6m) milestone payment on US programme in August 2009
- VR496 (cystic fibrosis) – Phase II proof-of-concept results expected in 2010, together with early indications of potential efficacy in COPD
- VR040 (Parkinson's disease) – Phase IIb results expected in 2010
- Boehringer Ingelheim GmbH (“Boehringer Ingelheim”) collaboration agreement concluded
Dr Chris Blackwell, Chief Executive of Vectura, commented:
“Vectura has made considerable financial and operational progress since the beginning of this financial year. Revenues increased by 71% leading to a 67% reduction in the loss after tax and a net cash inflow. The start of the Phase III NVA237 trial and the impressive data on improvement in lung function shown with QVA149, has increased confidence in the market potential of both these products as once-daily therapies for the treatment of patients with chronic obstructive pulmonary disease.
“Building on this performance, our key objectives in 2010 are the initiation of the QVA149 Phase III studies, ongoing progress on VR315, and presentation of clinical data on VR040 and VR496.”
– Ends –
Chris Blackwell, Chief Executive and Anne Hyland, Chief Financial Officer, will host an analyst/investor briefing today at 9.00 a.m. GMT at the offices of Piper Jaffray Limited, One South Place London EC2M 2RB. 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 and Corporate Communications | |
| Financial Dynamics | +44 (0)20 7831 3113 |
| Ben Atwell | |
| Susan Quigley |
Notes for editors
About Vectura
Vectura Group plc is a company 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 Novartis, Sandoz (the generics arm of Novartis), Baxter, GlaxoSmithKline (GSK), Mylan, UCB and Otsuka. 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.
