SkyePharma ‘disappointed’ by share decline

SkyePharma, the British pharmaceutical company, has said it is disappointed by the recent decline in stock market values, adding that it was “not aware” of any reason why it should be happening.

The company has seen 28 per cent of its stock market value wiped off during the last month, despite the fact that its product pipeline plan remains on track.

SkyePharma said that phase III trials for Flutiform – a fixed dose combination of formoterol and fluticasone for the treatment of asthma – were in progress, adding it was encouraged by the speed in which Symbicort, the AstraZeneca drug, was approved in the US. This could mean that Flutiform might be launched in the US sooner than its 2009 target date, if it receives a similar response from the Food and Drug Administration.

Furthermore, SkyePharma revealed it was “cognisant” of the need to expand the business and said that it hoped to reveal more about strategies for early-stage projects in September.

Frank Condella, SkyePharma’s chief executive officer, remarked: “We are disappointed by the fall in our share price over the past few weeks.

“We are continuing our efforts to deliver on the strategy outlined earlier this year to divest our injectable unit and to out-license Flutiform outside the US and we remain confident that we will be able to achieve these objectives.”

He added: “We are pleased by the support of our major shareholders who have maintained their shareholdings during this period.”

In September last year, SkyePharma stocks reached a peak of 59.75 pence per share. They are now currently trading at 22.5 pence per share.

Last week, Nick Raynor, an investment adviser from the Share Centre, told MyFinances.co.uk that SkyePharma showed “no signs of stopping” its decline.

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