Inhaled drug developer Vectura has announced better than expected preliminary results for the year ending March 31, 2013, with the company’s loss before tax 21% lower than in 2011/12. The company also announced that Paul Oliver will replace Anne Hyland as CFO.
Vectura CEO Chris Blackwell said, “The past year has been very significant for Vectura, driven by the tremendous progress made by our partners and we continue to preserve our balance sheet strength through a combination of existing royalty streams and disciplined investment in R&D. As Novartis continues its roll out of Seebri Breezhaler, we will build on our royalty income and should also benefit from additional near-term development milestones from products in our pipeline. These additional income streams will provide a platform from which we can generate the next phase of Vectura’s growth.”
Blackwell cited Vectura’s new Chinese joint venture, Kinnovata as “an example of how we strive to leverage our assets in a cash efficient manner” and added that the company “will actively seek and evaluate suitable late-stage development and commercial opportunities, whilst carefully prioritizing development and exercising tight control over expenses to manage our cash resources prudently.”
According to the company, Hyland is stepping down as CFO after 11 years but will remain involved with Kinnovata. Oliver, who has served as Group Financial Controller for the past 7 years, will also join the board and serve as company secretary as of July 1, 2013.
Read Vectura press release on preliminary results.
Read Vectura press release on board change.
