Chippenham, UK – 17 February 2011: Vectura Group plc (LSE: VEC) (“Vectura”), today publishes its Interim Management Statement for the period 1 October 2010 to date.
Pipeline & Company Update
- NVA237 (COPD) - Phase III trial results expected to be announced in Q2 2011 - Novartis expects launch in 2012
- QVA149 (COPD) - $7.5m (£5.1m) milestone triggered by start of Phase III studies received in May 2010 - Novartis expects launch in 2013
- VR315 (asthma/COPD) - Next milestones expected on approval in EU - Licensing discussions ongoing for US and ROW
- VR632 (asthma/COPD) - Good development progress, €0.6m (£0.5m) milestone received from Sandoz in October 2010
- VR506 (asthma) - Clinical programme commenced
- VR040 (Parkinson’s disease) - Licensing discussions ongoing
- VR496 (cystic fibrosis) - Phase II proof-of-concept study results on track to read out in March 2011
Financial update Vectura’s financial performance from the 1 October 2010 to date has exceeded Board expectations, mainly due to the earlier than expected realisation of cost savings from our restructuring programme. We now expect our cash generation to be in excess of £9m for the 12 months to 31 March 2011, with cash expected to be in excess of £73m at 31 March 2011.
Dr Chris Blackwell, Chief Executive of Vectura:
“We have accelerated our timelines to profitability and sustainable cash generation by refocusing and restructuring our R&D operations. This has led to an improved financial performance in the current financial year and with our lead programmes approaching market, we have considerably reduced the risk profile of the business.”
Enquiries Vectura Group plc +44 (0)1249 667700 Chris Blackwell, Chief Executive Anne Hyland, Chief Financial Officer Julia Wilson, Director of Investor Relations and Corporate Communications
Financial Dynamics +44 (0)20 7831 3113 Ben Atwell Susan Quigley
About Vectura
Vectura Group plc develops inhaled therapies principally for the treatment of respiratory diseases. Vectura’s main products target diseases such as asthma and chronic obstructive pulmonary disease (COPD), a growing market that is currently estimated to be worth in excess of $25 billion. Vectura also develops products for other lung pathologies and non-respiratory diseases.
Vectura has six 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. Vectura seeks to develop certain programmes itself where this will optimise value. Vectura’s formulation and inhalation technologies are available to other pharmaceutical companies on an out-licensing basis where this complements Vectura’s business strategy.
Vectura has development collaborations and licence agreements with several pharmaceutical companies, including Novartis, Sandoz (the generics arm of Novartis), Baxter, GlaxoSmithKline (GSK) and Otsuka. 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.
