LONDON, Sept. 18 /PRNewswire/ --
SkyePharma PLC (Nasdaq: SKYE; LSE: SKP) announced today its interim results for the period ended June 30, 2001. Details of the results are summarized below.
Operating Highlights
Key Products:
* DepoCyt(R): oncology/injectable
* Re-launched in US by Chiron
* European Commission marketing approval
* Licensed to Elan for Europe
* Licensed to Nippon-Shinyaku for Japan
* DepoMorphine(TM): pain management/injectable
* Phase III trials well underway
* Solaraze(R): pre-cancerous skin disorder/topical
* Announced license to Bioglan for Europe and US
* Launched in UK and Germany in 2001
* Expected to launch in the US in H2 of 2001
* Licensed to Meditech for Australia, New Zealand, Malaysia
and Singapore
* Foradil(R): respiratory/inhalation
* Phase III European trials progressing well in Europe and US
* US and European launch anticipated for 2003
* Xatral OD(R): benign prostatic hypertrophy/oral
* Sales in several key European countries during 2001
* US FDA filing in December 2000
* US launch expected in 2002
* 40.2% stake acquired in RTP Pharma, a Canadian company which
specialises in improving the solubility of drugs.
Financial Highlights
* Turnover to 30 June 2001 up 40% to 14.8 million pounds
(2000: 10.6 million pounds)
* R&D spend increased by 57% to 9.4 million pounds
(2000: 6.0 million pounds)
* Group operating loss reduced 8% to 9.9 million pounds
(2000: 10.8 million pounds)
* Loss per share 2.2 pence (2000: 2.3 pence)
* Net Cash as at 30 June 2001 of 19.5 million pounds
* On track for profitability in second half 2001
Ian Gowrie-Smith, Executive Chairman, said "I am delighted to report that during the first half of 2001 SkyePharma continued on schedule towards our key objective to break-through into profitability in the second half of 2001. SkyePharma's mission -- to provide the widest range of drug delivery services in the world and, simultaneously, to pursue high-margin proprietary product development coupled with lucrative marketing deals -- is driving us ever closer to our financial ambition."
The Company will host a conference call today to review the financial results for the interim period ended June 30, 2001 at 10:00 a.m. Eastern Time. Investors and other interested parties may access the call over the Internet through SkyePharma's web site at http://www.skyepharma.com or through CCBN's website at http://www.streetevents.com. The dial-in numbers for the call are 800-553-0288 for US callers and 612-332-0725 for International callers. For those who cannot listen to the live broadcast, a replay will be available shortly after the call on the Company's web site at http://www.skyepharma.com or by dialing 800-475-6701 for US callers and 320-365-3844 for International callers and entering Access Code 603275.
CHAIRMAN'S STATEMENT
"I am delighted to report that during the first half of 2001 SkyePharma continued on schedule towards our key objective to break-through into profitability in the second half of 2001.
"SkyePharma's mission -- to provide the widest range of drug delivery services in the world and, simultaneously, to pursue higher value proprietary product development coupled with lucrative marketing deals -- is driving us ever closer to our financial ambitions.
"The Company is today both internationally recognised for the quality of its drug delivery technology and its ability to offer a single source for clients which need any, or all, of our comprehensive clinical, regulatory and manufacturing services. At the same time, we increasingly capitalise on our own proprietary expertise, with recent successful launches of DepoCyt(R) in the US and Xatral OD(R) and Solaraze(R) in Europe. These, plus planned launches in Europe for DepoCyte and for Solaraze and Xatral OD in the US will expand geographically the market share of these products.
"Our client list continues to grow, the product pipeline is mature and our business strategy is paying dividends. Importantly, our decision to widen our technology offering to include -- injectable, topical, oral, inhalation and enhanced solubility -- has made SkyePharma one of the world's premier providers of drug delivery. Clients seeking a solution to one drug delivery problem often find we can provide solutions to a variety of others.
"Over the past six months we have seen a range of important new drugs make their way closer to or onto the market. I have already mentioned the launches and pending launches of Solaraze, DepoCyt and Xatral OD. In addition, our pipeline boasts a formidable range of approved, pending approval or Phase III drugs: for example, Foradil for Novartis, Xatral OD for Sanofi-Synthelabo, Paxil CR(R) for GlaxoSmithKline plus our own key proprietary product DepoMorphine(TM). The half-year period was dominated by driving products to a launch or near launch stage. Phase III clinical trials for our proprietary sustained-release DepoMorphine are well underway and we look forward to a US filing next year. Our key development of Ropinerole with GlaxoSmithKline also continues to show very promising results. The estimated potential market for drugs using SkyePharma technology now amounts to some $8 billion. Among them are important new formulations for the treatment of lymphomatous meningitis, actinic keratosis, asthma, benign prostatic hypertrophy, Parkinson's disease, depression and pain management. Development across each of the delivery platforms highlights our lack of dependency on any single product or technology.
"The addition to our portfolio in 1999 of nano-particulate enhanced solubility also has major implications as a stand-alone and complementary technology. This is now a key area under development at our newly expanded Muttenz-based research and development facility in Switzerland, opened in April. To further expand our presence in this exciting technology, we have made a strategic 40 per cent investment in RTP Pharma Inc. (RTP), a Canadian company which specialises in improving the solubility of drugs. This will serve, initially, as an important collaboration and, finally, as a potential acquisition to provide us with market leadership in the area of enhanced drug solubility.
"Partnerships and new high-value deals continue to be the key drivers in our business plan. In the first half of 2001 alone, we have announced the re-launch of DepoCyt in the US; EU marketing authorisation and a distribution agreement with Elan for DepoCyt in Europe; a marketing and distribution agreement with Bioglan for Solaraze in the US; the European launch of Xatral OD and the filing of Xatral OD in the US; the start of DepoMorphine Phase III clinical trials; a partnership with Kowa of Japan for the scale up and manufacturing of Phase III clinical batches of a new lipid lowering agent for the treatment of high cholesterol; an agreement with Nippon Shinyaku to market and distribute DepoCyt in Japan and Taiwan; a license to Meditech to enable it to commercialise Solaraze in Australia, New Zealand, Malaysia and Singapore, and a joint project with Arakis to develop a novel tissue remodelling agent for the treatment of chronic obstructive pulmonary disease. In addition, we announced the licensing of three topical drug delivery technologies and the acquisition of our 40% interest in RTP. Last, but not least, we have signed a number of new feasibility agreements and initiated development studies on several products where drug delivery technology will add significant value.
"We are extremely pleased with the progress to date in 2001 and look forward to the future with confidence."
Ian Gowrie-Smith
Executive Chairman
REVIEW OF OPERATIONS
"The first half of 2001 has assured SkyePharma's future as a global leader in drug delivery. We continue to deliver on our mission which has been endorsed by the pharmaceutical and biopharmaceutical industries. Importantly, we are confident that this year will see the Company's transition towards profitability and are confident that the strategic work of recent years is now reaping rewards.
"It has been a busy and productive six months. As I was able to reinforce at our annual technology briefings in both London and New York in March, SkyePharma remains committed to investing in its own pipeline of value added products from a broad technology platform. Equally, we have a proven track record of providing a service to clients who require drug delivery from an unequalled range of formats. I firmly believe -- with our portfolio of oral, injectable, inhalation and enhanced solubility technologies -- that SkyePharma is now one of the world's foremost drug delivery providers.
"Our strategy is to become established as the partner to both pharmaceutical and biopharmaceutical companies to solve their drug delivery problems. This strategy continues to produce new achievements and remains the key cornerstone for the Company's development. In addition, we are aggressively pursuing an internally developed pipeline of products for high value marketing deals. This is showing proven signs of success. Recent launches or Phase III trials include proprietary products: Solaraze in the topical arena, DepoCyt in injectables, our own sustained release injectable product, DepoMorphine, Foradil for Novartis in inhalation, and Geomatrix-delivered Xatral OD for Sanofi-Synthelabo. These illustrate the scope and breadth of our technologies, show a varied and extensive pipeline, and underline our lack of dependency on any single product or technology.
"Our extended facility in Muttenz, Switzerland, a 3,300 square metre state-of-the-art laboratory complex, dedicated to nano-particulate solubilisation and inhalation technologies, was officially opened in April. We are currently working to ensure that we capitalise fully on the potential of our nano-particulate capabilities which provide innovative stand-alone and complementary drug delivery advantages for poorly soluble compounds.
"Today we serve a client base that includes the majority of the top 20 pharmaceutical companies and the world leaders in biotechnology. We have established the broadest possible technology base, an expanding product range -- both proprietary and third party -- and an increasing number of additional clients. Among them are Novartis, Roche, Abbott Laboratories, Pfizer, Kirin, Sepracor, GlaxoSmithKline, Amgen and Sanofi-Synthelabo. We have also established lucrative marketing partnerships with Chiron and Bioglan.
"Key to our half-year progress has been the reintroduction to the market of DepoCyt (cytarabine liposome injection) in the US with our marketing partner Chiron, with whom we share profits 50:50. Furthermore, we received European Commission authorisation for Depocyte which will be marketed in both Europe and the Philippines by Elan Pharmaceuticals. The licensing of DepoCyte to Nippon-Shinyaku for Japan followed by the licensing to Elan for Europe in June were key milestones for SkyePharma. This important internally developed product will now be available in all major world markets -- the US, Europe, Canada and, when approved, Japan. We were impressed by Elan's specialist hospital marketing focus and their commitment to the development of a world-class oncology business in Europe.
"Our injectable DepoFoam technology now extends to pain management with key Phase III trials well underway for our proprietary sustained-release DepoMorphine, which has received a strong endorsement from doctors, nurses and patients in recent trials. The potential for sustained release injectable technology is enormous and we have embarked on a number of additional projects, including ongoing feasibility work with Amgen and Kirin of Japan.
"Solaraze -- the dermal retentive topical formulation for the treatment of actinic keratosis (AK), an increasingly prevalent pre-cancerous skin condition, has been launched in the UK in May and in Germany in July, by our partner Bioglan. A product roll-out to other European countries is planned. Bioglan has also been granted the licence to market Solaraze in the US, Canada and Mexico and is expected to launch the product in these areas in the second half of 2001. We are also working closely with Meditech Research Ltd and its licensee, F.H. Faulding Ltd, to market Solaraze in Australia, pending regulatory approval. In addition, Meditech has been granted a non-exclusive licence on SkyePharma's proprietary Hyaluronan Induced Targeting (HIT) for its anti-cancer project, HyACT(TM).
"Xatral OD, Sanofi-Synthelabo's once a day GEOMATRIX formulation of alfuzosin, commenced sales in key European countries during the year. We look forward to its US launch in 2002 following its filing with the Food and Drug Administration (FDA) in December 2000. Again, in the GEOMATRIX area, GlaxoSmithKline's (GSK) once-daily anti-Parkinsonian drug Requip(R) (ropinerole) continues to produce promising results in its Phase II clinical trials. Lastly, but not least, we note progress with GSK's Paxil CR and the development of a third CR indication, pre-menstrual dysphoric disorder (PMDD), which is only being developed in the CR formulation.
"Inhalation promises further rewards. Following a successful FDA audit of our Lyon manufacturing site in March, we are currently producing 100,000 units of Novartis' Foradil(R) dry powder inhalers for global Phase III trials, which I am pleased to say are progressing well in both Europe and the US. An additional significant pulmonary development has been a joint project with PA Consulting whereby we have combined their expertise in device development with SkyePharma's skills in non-CFC metered dose inhalation (MDI). A prototype of a breath actuated inhaler device (Xcelovent), suitable for patients of any age and severity of disease, was completed earlier this year. We estimate that legislation in Europe and the US will propel non-CFC, MDI technology to 60% of the future market for inhaled products, currently worth $5.8 billion and growing at the rate of 10% a year.
"Solubility remains a major problem for many of the newer products in pharmaceutical companies' development pipelines. As a central focus in our development strategy we have made significant advances to become a leader in this area. We acquired nano-particulate solubilisation technology from Medac GmbH two years ago. In August 2001 we augmented that move by acquiring a 40% interest in RTP Pharma Inc., a Canadian company dedicated to improving the solubility of drugs via Insoluble Drug Delivery (IDD(TM)) technology. RTP has outstanding technology, a late-stage proprietary product pipeline and third party clients which are complementary to ours. Importantly there is an excellent match between the two companies' Intellectual Property and scientific and development expertise.
"Finally, we have just announced an agreement with Arakis, an emerging pharmaceutical company, to jointly develop a novel tissue-remodelling agent for the treatment of chronic obstructive pulmonary disease (COPD). Together, we will develop the product using SkyePharma's proprietary inhalation formulation and device technology. COPD is a set of smoking related respiratory diseases, which include chronic bronchitis and emphysema. This development with Arakis is an example of our commitment to investing in our own pipeline of value added products in an important disease area with large market potential. We are confident that we can build on Arakis' innovation with our own product-enhancing inhalation technology.
"In short, SkyePharma has witnessed several of its own products come to market under our partners' logos and there is a host of sales teams promoting drugs which have SkyePharma's technology inside. I am very proud of that success. The extent of our product pipeline shows our clients' recognition of our ability to provide the tools to bring new compounds to market.
"I am also able to say with confidence that we are well on track to deliver on our promise to reach profitability in the second half of 2001."
Michael Ashton
Chief Executive Officer
FINANCIAL REVIEW
"Turnover Turnover increased by 40% to 14.8 million pounds in the half year, compared to 10.6 million pounds in 2000.
"Contract research and development, including milestone payments, increased by 107% to 10.8 million pounds, reflecting additional milestone payments received in 2001. Manufacturing and distribution revenues increased by 64% to 3.2 million pounds mainly due to the return of DepoCyt to the market in March. Royalty income, primarily from generic products, fell by 2.6 million pounds to 0.8 million pounds, in line with our expectations, as generic products face intense competition. The Company also recognised income of 3.3 million pounds during the period under its agreement to finance the development of DepoMorphine, discussed below under 'Other Operating Income'.
"Cost of sales Cost of sales consists of research and development expenditures, including the costs of certain clinical trials incurred on behalf of our collaborative partners; the direct costs of contract manufacturing; direct costs of licensing arrangements and royalties payable. Cost of sales were 9.3 million pounds in 2001 compared to 7.3 million pounds in 2000. Gross profit increased by 72% to 5.5 million pounds compared to 3.2 million pounds in 2000 as a result of the increased milestones received.
"Expenses Selling, marketing and distribution expenses were 2.4 million pounds compared to 1.9 million pounds in 2000, reflecting primarily SkyePharma's share of selling, marketing and distribution expenses for DepoCyt under its collaboration agreement with Chiron Corporation and the increased business development activity in North America. Research and development expenses increased by 3.4 million pounds to 9.4 million pounds, due to increased expenditure on DepoCyt and DepoMorphine. Amortisation of intangible assets increased by 0.2 million pounds to 1.9 million pounds in 2001 and other administration expenses were 5.1 million pounds in 2001 compared to 4.5 million pounds in 2000.
"Other operating income Under an agreement with Paul Capital Royalty Acquisition Fund, signed in December 2000, the Group will receive a total of $30 million over a period of two years to fund the clinical development and regulatory submission of DepoMorphine, in return for a proportion of potential future royalty and revenue streams from DepoMorphine and certain SkyePharma products. Income of 3.3 million pounds was recognised during the period under this agreement which essentially off-sets the R&D expenses associated with DepoMorphine during the period.
"Operating results Operating loss fell by 0.9 million pounds, or 8%, to 9.9 million pounds in the half year. The Group's loss on ordinary activities before tax was 11.6 million pounds for the 6 months to 30 June 2001, after a net interest payable increase of 1.1 million pounds, compared to 11.4 million pounds in 2000. The loss per share for the period was 2.2 pence compared to 2.3 pence for the period to 30 June 2000.
"Foreign currency exchange movements did not have a material impact on the results of operations in 2001 compared with 2000.
"Cash balances and cash flow At 30 June 2001 SkyePharma had cash and short term deposits of 20.2 million pounds and bank overdrafts of 0.7 million pounds. Net cash used in operating activities increased from 6.0 million pounds to 14.4 million pounds in 2001, primarily as a result of increased working capital requirements of 8.5 million pounds during the period due largely to the timing of receipt of milestone payments. This is a timing issue where income was recorded in June, such as the $10 million under our agreement with Elan, while the cash was not received until July. Net interest actually paid utilised 1.7 million pounds of cash, 1.4 million pounds more than the same period last year. Purchases of tangible fixed assets were 3.8 million pounds and purchases of intangible assets amounted to 0.2 million pounds. Purchases of fixed asset investments were 0.8 million pounds in respect of the purchase of SkyePharma shares by the SkyePharma PLC General Employee Benefit Trust on the introduction of the Deferred Share Bonus Plan as part of the Group's hedging strategy. The resulting total cash outflow from operations (before financing) for the period was 20.9 million pounds compared to 9.4 million pounds in 2000.
"In June 2000 the Company issued five year, 6% Convertible Bonds raising 57.4 million pounds net of expenses. On 19 June 2001 the conversion price of the Bonds was recalculated to the minimum 83 pence based on the average of the closing bid quotations for the previous ten dealing days.
"Balance sheet The Group balance sheet at 30 June 2001 shows shareholders' funds of 56.7 million pounds. At 30 June 2001 goodwill recorded within the profit and loss account reserve amounted to 154.2 million pounds.
"As reported last year a settlement agreement was signed in March 2000 establishing the full and final settlement of the deferred consideration payable on the 1996 acquisition of Jago. Following shareholder approval, some six million Ordinary Shares and 24 million Deferred Shares were issued, and the conversion of Deferred Shares into 24 million Ordinary Shares is contingent upon the commercial sale of Paroxetine/Paxil CR and sales reaching $1,000 million. Should the conditions not be met, the Deferred Shares will not be converted and will be cancelled. The issue of the 24 million Deferred Shares has been recorded on the balance sheet as non-equity shares and non- equity share premium based upon a share value of 94.25 pence, the price on the date of issue, 20 July 2000. This assumes that the shares will ultimately be issued.
"In April 2001 a final payment of $3 million was made to Medac GmbH under the purchase agreement for the transfer of the nano-particulate technology.
"Under US GAAP, the Company's loss on ordinary activities would have been 19.9 million pounds, and shareholders' funds would be positive at 130.6 million pounds. The differences from UK GAAP relate principally to the treatment of goodwill and the sale of royalty interests as explained more fully in the Reconciliation to US Accounting Principles on pages 22 to 24.
"Subsequent events On 19 July 2001, the Group acquired 40.2% of the outstanding voting shares of RTP Pharma Inc., a Canadian company, and signed an agreement to raise this to 100% on agreed terms under certain conditions, primarily the achievement of profitability or the key value drivers for profitability. The Group paid US$20 million in SkyePharma Ordinary Shares and acquired US$5 million of preferred shares in RTP for cash for its 40.2% interest in RTP. In August 2001, SkyePharma issued an additional 3.9 million ordinary shares in consideration for the acquisition of 4.4 million Preferred Shares from a shareholder of RTP who exercised their option (See Note 11).
"Forward-looking statements The foregoing discussions contain certain forward-looking statements with respect to certain development projects, potential collaborative partnerships, results of operations and certain plans and objectives of SkyePharma. By their nature forward-looking statements involve risk and uncertainty that could cause actual results and developments to differ materially from those expressed or implied. The significant risks related to SkyePharma's business are discussed in SkyePharma's SEC filings under the caption Risk Factors."
Donald Nicholson
Finance Director
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 30 June 2001
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 2001 30 June 2000 31 December
2000
Notes pounds'000 pounds'000 pounds'000
Turnover 2 14,799 10,558 24,292
Cost of sales 2 (9,250) (7,326) (15,598)
Gross profit 5,549 3,232 8,694
Selling, marketing
and distribution
expenses (2,359) (1,905) (3,844)
Administration expenses
Amortisation (1,887) (1,663) (3,339)
Other administration (5,140) (4,482) (9,291)
(7,027) (6,145) (12,630)
Research and development
expenses (9,416) (6,008) (13,104)
Other operating income 3,334 -- 2,900
Operating loss 2 (9,919) (10,826)
(17,984)
Interest receivable 908 350 1,806
Interest payable 3 (2,591) (892) (3,508)
Loss on ordinary activities
before taxation (11,602) (11,368) (19,686)
Taxation (1) 5 (4)
Retained loss (11,603) (11,363) (19,690)
Basic and diluted loss per
Ordinary Share 4 (2.2p) (2.3p) (3.9p)
There was no material difference between the loss on ordinary activities before taxation and the historical cost loss before taxation in 2000 and 2001. All results represent continuing activities.
For notes to the financial statements, please contact the Company directly in the U.S. at (212) 753-5780 or in the U.K. at 44 207 491 1777.
CONSOLIDATED BALANCE SHEET
as at 30 June 2001
Unaudited Unaudited Audited
30 June 30 June 31 December
2001 2000 2000
Notes pounds'000 pounds'000 pounds'000
Fixed assets
Intangible assets 5 70,221 63,667 72,086
Tangible assets 40,709 37,249 40,288
Investments 6 790 -- --
111,720 100,916 112,374
Current assets
Stock 1,555 1,293 1,636
Debtors 15,292 5,379 6,937
Cash and short-term bank
deposits 20,194 63,284 42,878
37,041 69,956 51,451
Creditors: amounts falling due
within one year (22,834) (21,441) (20,541)
Net current assets 14,207 48,515 30,910
Total assets less current
liabilities 125,927 149,431 143,284
Creditors: amounts due after
more than one year
Other creditors (11,311) (13,742) (14,667)
Convertible bonds
due 2005 8 (57,755) (57,347) (57,546)
(69,066) (71,089) (72,213)
56,861 78,342 71,071
Provisions for liabilities
and charges
Deferred consideration -- 1,861 2,008
Other 188 274 111
188 2,135 2,119
Capital and Reserves
Share capital 9 54,208 50,884 54,132
Share premium 261,985 234,515 261,569
Currency translation reserve (2,549) (1,725) (1,427)
Shares and warrants to
be issued 10 6,616 36,669 4,985
Other reserves 10,888 11,212 11,212
Profit and loss account (274,475) (255,348) (261,519)
Shareholders' funds
Attributable to equity
interests 34,053 76,207 46,332
Attributable to non-equity
interests 22,620 -- 22,620
56,673 76,207 68,952
56,861 78,342 71,071
For notes to the financial statements, please contact the Company directly in the U.S. at (212) 753-5780 or in the U.K. at 44 207 491 1777.
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2001
Unaudited Unaudited Audited
6 months to 30 6 months to 30 12 months to
June 2001 June 2000 31 December
2000
pounds'000 pounds'000 pounds'000
Group operating loss (9,919) (10,826) (17,984)
Depreciation and amortisation 4,057 3,626 7,284
(Increase)/decrease in working
capital (8,520) 1,168 1,388
Net cash outflow from
operating activities (14,382) (6,032) (9,312)
Returns on investments and
servicing of finance
Interest received 2,291 328 1,297
Interest paid (3,938) (481) (2,941)
Interest element of finance
leases (92) (128) (232)
(1,739) (281) (1,876)
Taxation -- 5 (8)
Capital expenditure
Purchase of intangible
fixed assets (233) (590) (7,180)
Purchase of tangible
fixed assets (3,796) (2,548) (8,470)
Purchase of fixed asset
investments (790) -- --
(4,819) (3,138) (15,650)
Cash outflow before use of
liquid resources and
financing (20,940) (9,446) (26,846)
Management of liquid resources
Net decrease/(increase) in
amounts held on deposit 19,131 (50,883) (21,641)
Financing
Issue of ordinary share
capital 444 1,394 2,088
Issue of convertible bonds -- 59,400 59,400
Expenses of bond issue -- (1,485) (2,022)
Debt due within one year:
Increase in borrowings -- 1,010 1,187
Repayment of loans (711) (177) (2,846)
Debt due beyond one year:
Repayment of loans (74) (810) (1,226)
Repayment of capital element of
finance lease payments (356) (511) (891)
(697) 58,821 55,690
(Decrease)/increase in cash (2,506) (1,508) 7,203
For notes to the financial statements, please contact the Company directly in the U.S. at (212) 753-5780 or in the U.K. at 44 207 491 1777.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 30 June 2001
Unaudited Unaudited Audited
6 months to 30 6 months to 30 12 months to
June 2001 June 2000 31 December
2000
pounds'000 pounds'000 pounds'000
Loss attributable to
shareholders (11,603) (11,363) (19,690)
Net currency translation
effect (1,122) 460 758
Total recognised gains and
losses for the period (12,725) (10,903) (18,932)
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
At 30 June 2001
Unaudited Unaudited Audited
30 June 2001 30 June 2000 31 December
2000
pounds'000 pounds'000 pounds'000
Shareholders' funds at the
beginning of the period 68,952 72,057 72,057
Total recognised gains and
losses for the period (12,725) (10,903) (18,932)
Goodwill adjustments on
deferred consideration 1,631 1,462 3,618
Equity shares issued, net
of expenses 492 14,841 22,581
Non-equity shares issued, net
of expenses -- -- 22,620
Increase in shares and warrants
to be issued -- -- (29,528)
Revaluation of shares and warrants
to be issued (1,631) (1,462) (3,618)
Exercise/Issue of warrants (46) 212 154
Net movement in the period (12,279) 4,150 (3,105)
Shareholders' funds at the end
of the period 56,673 76,207 68,952
For notes to the financial statements, please contact the Company directly in the U.S. at (212) 753-5780 or in the U.K. at 44 207 491 1777.
SkyePharma PLC, one of the world's leading drug delivery companies, provides innovative services to major pharmaceutical partners from the point of drug discovery through the approval process. Its five technologies, oral, injectable, inhalation, topical, and nanoparticulate solubilisation encompass the vast majority of delivery systems in use by the pharmaceutical industry. For more information, visit SkyePharma's web site at http://www.skyepharma.com.
This press release may contain forward-looking statements regarding SkyePharma PLC. Actual results may differ materially from those described in the press release as a result of a number of factors, including but not limited to the following: There can be no assurance that any product in the SkyePharma product pipeline will be successfully developed or manufactured, or that final results of human clinical trials will result in the regulatory approvals required to market products, or that final regulatory approval will be received in a timely manner, if at all, or that patient and physician acceptance of these products will be achieved. The Company undertakes no obligation to revise or update any such forward-looking statement to reflect events or circumstances after the date of this release.
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