Sinclair IS Pharma reduces half-year losses

- Trims half-year losses- Expects full-year to meet targets- Confident about future progressAIM-listed speciality pharmaceutical company Sinclair IS Pharma reduced half year pre-tax losses by a half and said it remained confident about future progress.Pre-tax losses reduced to £2.5m for the six months ended December 31st from a loss of £5.8m the same time a year earlier. Revenues rose 6% to £24.5m."Due to some timing differences between H1 and H2, the H1 results were marginally behind our expectations but these differences are now reversing and we expect the full year results to be in line with our forecasts and with market expectations," said CEO Chris Spooner. He added that with a much improved European growth outlook, prospects for the business look good both organically and from recent acquisition activity, notably in Aesthetics, a high growth market segment."With our sales and distribution platform now established, our recent acquisitions of Perfectha, Atlean and the acquisition of Ellans should be substantially earnings enhancing for Sinclair shareholders," Spooner said. Sinclair IS Pharma tday confirmed it had agreed to acquire the global rights to Ellans, a dermal filler and collagen stimulator product range, through the acquisition of AQTIS Medical BV for an initial consideration of €16.6m. Additional cash consideration of up to €30.0m might be payable depending on various revenue and regulatory approval milestones being achieved, it explained.CJ