SkyePharma publishes preliminary annual results

SkyePharma has this week published its preliminary statement of annual results for the financial year ended December 2007.

In 2007, the company recorded revenues from continuing operations of 41.6 million pounds, down from 43 million pounds in 2006.

The firm recorded a net loss after tax of 27 million pounds for the year, which fell from a loss of 79.1 million pounds a year earlier.

During the year the firm announced a 50 million pounds financial restructuring in addition to the successful sale of its injectable business, which it claims relieves a significant cash burn at the company.

Jeremy Scudamore, non-executive chairman of the company, said: “The board believes that the underlying potential of SkyePharma’s business is starting to take shape following the launch of a number of new products and the company’s financial restructuring during 2007.”

He added that the company aims to refinance or renegotiate its convertible bonds on reasonable terms in a timely manner and convert the firm into a profitable firm within two years.

In June 2007, SkyePharma informed its annual general meeting that it had made progress in a number of its operational areas, with 80 per cent of patients recruited to its Flutiform clinical development programme and its manufacturing line for Sular being installed prior to its launch this year.