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LONDON (Alliance News) - Skyepharma PLC Tuesday expressed confidence in its outlook for 2015, saying it had made a good start to the year as momentum from 2014 has continued.
At the time of its 2014 results in March, the drug development company had said it expects "further substantial growth" in revenue for 2015.
In a statement ahead of its annual general meeting Tuesday, the company said it continues to see growing demand for its asthma treatment flutiform, and it is taking steps to expand its manufacturing facilities.
Skyepharma signed a GBP25 million five-year unsecured multi-currency revolving credit facility with Barclays Bank PLC in April, with an accordion option to extend the facility to up to GBP35 million, in order to provide greater funding flexibility.
US sales of actinic keratoses treatment Solaraze by Skyepharma's partner Fougera Pharmaceuticals Inc were "significantly ahead of expectations" as a competitor had manufacturing issues, the company said. Skyepharma is eligible for a royalty of 20% on net sales of these products.
Additionally, based on current consensus forecasts, a sales milestone of USD8.0 million payable to Skyepharma from Pacira Pharmaceuticals Inc will be triggered in 2015, based on sales of non-opioid postsurgical pain analgesic Exparel.
Skyepharma also can potentially earn GBP9.0 million per year from the license of inhalation technologies to GlaxoSmithKline PLC, and it noted that Glaxo recently got US Food and Drug Administration approval for its asthma treatment Breo Ellipta.
"Our business has made a good start to the year, building on the strong momentum reported for 2014 and we remain confident of the outlook for the full year," said Chief Executive Officer Peter Grant in the statement.
Shares in Skyepharma PLC are trading up 0.1% at 289.00 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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