SkyePharma reports ‘significant transition’ in 2006

SkyePharma has published its results for the 2006 fiscal year, with the company reporting a period of significant transformation at the firm over the past 12 months. During 2006, the company generated revenues from continuing operations of 43 million pounds, 15 per cent lower than that for 2005.

The company reports that revenues from licensing arrangements and milestone fees rose 24 per cent to 30 million pounds, while ongoing sales of existing products resulted in royalty revenue of 18.1 million pounds, down from 19.6 million pounds a year earlier.

Skye Pharma announced the sale of its injectable business in March 2007, while it raised 35 million pounds through a finance facility from Christofferson Robb & Co and agreed refinancing with Paul Capital.

Dr Jerry Karabelas, non-executive chairman of the firm, said: “The past year was one of significant transition that has established a new direction for SkyePharma.

“The new management team has successfully completed a fundamental restructuring of the company’s operations and SkyePharma is now well placed to move forward.”

He added that the firm would look to leverage its abilities in oral and inhalation drug delivery in 2007 through clinical studies of Flutiforma, its lead asthma product.

Last month, SkyePharma reported that the divestment of its injectable business would enable the firm to better focus its efforts on the research and development of inhaled and orally-administered products.