SkyePharma makes interim management statement

SkyePharma has published its interim management statement for the first quarter of the 2008 fiscal year, with the company giving a brief overview of its financial position and product development pipeline.

It reported encouraging revenues for the quarter, with a growth compared to the run rate for full-year 2007, while contract research and development income rose as a result of charges to Kos Life Sciences for work on Flutiform.

Furthermore, royalty income grew as a result of the launch of Plumicort HFA-MDI in a number of markets, while sales of the new formulation of Sular increased manufacturing revenues.

During the quarter, the overhead cost base of the firm remained more or less constant.

Frank Condella, chief executive officer of the firm, said: “Since the announcement of the annual results in March, we have made encouraging progress with the US development for Flutiform and are looking forward to announcing further results from the phase III trials over the coming months.”

He added that work is now being conducted with a view to approaching important bondholders, with the firm in a position to announced definitive plans for renegotiating or refinancing its convertible bonds after the announcements of further phase III results for Flutiform.

In March 2008, SkyePharma announced that it had recorded revenues from continuing operations of 41.6 million pounds, a drop from 43 million pounds a year earlier.