SkyePharma reports ‘progress’ at annual general meeting

At its annual general meeting today, SkyePharma has announced that the firm is making progress in a number of areas of its operations.

The company reports that it continues to advance its clinical development programme of Flutiform, with phase III clinical trials of the compound having over 80 per cent of patients now recruited.

Its long-term safety study is expected to be completed next month, while CMC development continues and the product remains on course for a mid-2009 launch.

Also at the meeting, the company announced a speeding up of plans for its launches of Zyflo and Lodotra, while its manufacturing line for Sular is being installed ahead of its launch in 2008.

Furthermore, the company announced the recent signing of a licensing deal for sleep disorder compound SKP-1041 with Somnus Therapeutics.

Dr Jerry Karabelas, chairman of the firm, said: “There has been no material change in the directors’ expectations for the operating result for 2007, although sales and cost levels may be somewhat reduced due to exchange translation effects.”

He added that the interim financial results for the six-month period ending June 20th 2007 will be presented on September 20th 2007.

Last month, SkyePharma announced its plans to delist its American depository shares from the Nasdaq stock market and consequently end its obligations to report to the US Securities and Exchanges Commission.