LONDON, March 14 /PRNewswire-FirstCall/ -- SkyePharma PLC announces that following the Extraordinary General Meeting ("EGM") held on 9 March, at which a shareholder resolution to appoint a new director was not approved, the Company has reached agreement with two of its major institutional investors over arrangements for the selection and appointment of two new independent non-executive directors acceptable to both the Company and those institutions.
Dr Jerry Karabelas, SkyePharma's Non-Executive Chairman, said: "Although SkyePharma strives to maintain the highest standards of corporate governance, there is always room for improvement. We have noted the level of dissatisfaction about certain issues among a significant body of shareholders. We are happy to have reached agreement over a process that allows us to address these concerns to the satisfaction of all. We can now concentrate on the primary task of execution of the Company's new corporate strategy, which we believe will benefit all shareholders."
Anita Skipper, Head of Corporate Governance for Morley Fund Management, said: "The Company and its Board have taken the initiative in looking to work constructively with shareholders following the EGM. We welcome the steps the Company has taken and look forward to continuing the dialogue."
William Claxton-Smith, Director, Investor Responsibility at Insight Investment Management, said: "In light of this development, we are happy that our initial aim of strengthening the Board of SkyePharma will be achieved. We will be fully supportive of the Company."
For further information please contact: SkyePharma PLC +44 207 491 1777 Frank Condella, Chief Executive Officer Peter Laing, Director of Corporate Communications +44 207 491 5124 Sandra Haughton, US Investor Relations +1 212 753 5780 Buchanan Communications +44 207 466 5000 Tim Anderson / Mark Court About SkyePharma
SkyePharma PLC develops pharmaceutical products benefiting from world- leading drug delivery technologies that provide easier-to-use and more effective drug formulations. There are now eleven approved products incorporating SkyePharma's technologies in the areas of oral, injectable, inhaled and topical delivery, supported by advanced solubilisation capabilities. For more information, visit http://www.skyepharma.com.
Certain statements in this news release are forward-looking statements and are made in reliance on the safe harbour provisions of the U.S. Private Securities Litigation Act of 1995. Although SkyePharma believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will materialize. Because the expectations are subject to risks and uncertainties, actual results may vary significantly from those expressed or implied by the forward-looking statements based upon a number of factors, which are described in SkyePharma's 20-F and other documents on file with the SEC. Factors that could cause differences between actual results and those implied by the forward-looking statements contained in this news release include, without limitation, risks related to the development of new products, risks related to obtaining and maintaining regulatory approval for existing, new or expanded indications of existing and new products, risks related to SkyePharma's ability to manufacture products on a large scale or at all, risks related to SkyePharma's and its marketing partners' ability to market products on a large scale to maintain or expand market share in the face of changes in customer requirements, competition and technological change, risks related to regulatory compliance, the risk of product liability claims, risks related to the ownership and use of intellectual property, and risks related to SkyePharma's ability to manage growth. SkyePharma undertakes no obligation to revise or update any such forward-looking statement to reflect events or circumstances after the date of this release.
SkyePharma PLCCONTACT: Frank Condella, Chief Executive Officer, or Peter Laing, Directorof Corporate Communications, +44-207-491-5124, +44-207-491-1777, or SandraHaughton, US Investor Relations, +1-212-753-5780, all of SkyePharma PLC; orTim Anderson or Mark Court, both of Buchanan Communications,+44-207-466-5000, for SkyePharma PLC
Web site: http://www.skyepharma.com/
