LONDON, March 3 /PRNewswire-FirstCall/ -- SkyePharma PLC wishes to clarify its financial condition following claims made by the NAV group in the media today.
Under the UK Listing Rules a company is required to report if there is a material change in its financial condition. There has been no material change in SkyePharma’s financial condition since the working capital statement in the Rights Issue document.
Yesterday the NAV group issued a document and SkyePharma responded to all its claims proving that their assertions over corporate governance are completely without foundation. However, verbally the NAV group has made outrageous claims about SkyePharma’s cash position.
No mention of the alleged cash problem was included in the NAV group’s written release. This is another example of the under-hand tactics this small collection of shareholders are using which continue to destroy value in SkyePharma. Shareholders should realise the damage these slurs are causing.
Jerry Karabelas said:
“There is no cash problem.
“The behaviour of the NAV group is disgraceful. Having failed to make their innuendos over corporate governance stick they have spread rumours which are simply untrue.
“The time has come for other shareholders to stand up for SkyePharma before the NAV group do any more damage.”
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 PLC
CONTACT: Frank Condella, Chief Executive Officer, +44-207-491-1777, orPeter Laing, Director of Corporate Communications, +44-207-491-5124, SandraHaughton, US Investor Relations, +1-212-753-5780, all of SkyePharma PLC; orTim Anderson, or Mark Court, +44-207-466-5000, both of BuchananCommunications
Web site: http://www.skyepharma.com/
