CSRT.L Share News (CSRT)

Consort Medical released a short trading update that it had been 'trading well', in line with expectations, in the five months since the beginning of November. In February Consort announced that its Bespak drug delivery device unit had received regulatory approval from the US drug administrator, the FDA, for its INJ300 migraine-treating autoinjector programme. Consort has now confirmed that Dr Reddy's Laboratories, to whom the product is licensed, launched the product commercially at the end of February, as had been expected.This is the first Bespak autoinjector programme to receive regulatory approval and product launch and a profit-sharing deal has been estimated by brokers to generate income of £5m over the first five years post-launch. Consort Chief Executive Jonathan Glenn said: "The launch of our first autoinjector represents a major milestone for Consort Medical's injectables technology, confirms Bespak's capability in the autoinjector market, and is a significant step in the execution of our diversification strategy."There was no additional news on the group's major Nicoventures e-cigarette contract with British American Tobacco.At the end of February, net cash stood at £30.5m. Broker FinnCap said it continued to believe that the share price overvalued the company, based on acquisition multiples of direct competitors, and reiterated its 'sell' recommendation with a 690p price target.Shares in CSRT were effectively flat at 990p at 09:00 on Wednesday.OH