Chippenham, UK – 28 January 2009: Vectura Group plc (LSE: VEC) (“Vectura”), the inhaled product development company, today publishes its Interim Management Statement for the period 1 October 2008 to date.
Highlights
• Boehringer Ingelheim
o Achievement of milestone on collaboration to develop a new dry powder inhaler
o €7.5m cash received in November 2008
• Further development of NVA237 and QVA149 continues
o Encouraging safety and efficacy data from Phase II NVA237 studies were presented at the European Respiratory Society meeting in Berlin in October 2008
o Novartis’ update today confirms that they anticipate filing NDA submissions for both NVA237 and QVA149 in 2011
• Good progress is being made with both our generic asthma/COPD products
o VR315 and VR632, partnered with Sandoz, the generics division of Novartis
• Start of Phase II studies in cystic fibrosis patients using VR496, which also has the potential for use in reversible/irreversible airways disease such as asthma and COPD
• Initiation of a Phase IIb “at-home” study with VR040 for Parkinson’s disease
Financial outlook
• Strong cash position with cash balances at 31 March 2009 expected to be in excess of £70 million
Dr Chris Blackwell, Chief Executive of Vectura, commented:
“The next twelve months should see a positive inflection for Vectura and its shareholders, driven by further visibility on our pipeline products as more data become available and as our key programmes progress into registration trials. Our strong cash position is a major strength and we are committed to maintaining careful management of our financial resources as we continue to deliver on our existing assets as well as looking to future development opportunities for the Company.”
About Vectura
Vectura Group plc is a product development company focused on the development of inhaled therapies principally for the treatment of respiratory diseases. Vectura develops products to treat respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD) and cystic fibrosis (CF), a market which is forecast to double from $23bn in 2007 to $46bn by 2017. Vectura also develops products for non-respiratory diseases, where optimised delivery via the lungs could provide significant benefits, such as a rapid onset of action, improved efficacy and improved tolerability compared with current therapies.
Vectura has eight products marketed by its partners and a portfolio of drugs in clinical and pre-clinical development, some of which have been licensed to major pharmaceutical companies. The Company seeks to develop certain programmes further through development to optimise value through licensing at a later stage. Vectura’s formulation and inhalation technologies are available to other pharmaceutical companies on a licensing basis where this complements Vectura’s business strategy.
Vectura has development collaborations with several pharmaceutical companies, including Boehringer Ingelheim, Novartis and Sandoz (the generics arm of Novartis). The acquisition of Innovata in January 2007 brought established alliances with a number of additional companies, such as Baxter, GlaxoSmithKline (GSK), Mylan Inc, UCB and Otsuka, as well as providing revenue streams, complementary products and critical mass. For further information, please visit Vectura’s website at www.vectura.com.
Forward-Looking Statements
This press release contains “forward-looking statements”, including statements about the discovery, development and commercialisation of products. Various risks may cause Vectura’s actual results to differ materially from those expressed or implied by the forward-looking statements, including adverse results in clinical development programmes; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialise products and services; difficulties or delays in obtaining regulatory approvals to market products and services resulting from development efforts; the requirement for substantial funding to conduct research and development and to expand commercialisation activities; and product initiatives by competitors. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
