Vectura Group plc - Interim Management Statement
Chippenham, UK - 11 January 2012: Vectura Group plc (LSE: VEC) ("Vectura"), the Company that specialises in developing inhaled therapies for the treatment of respiratory diseases, today publishes its Interim Management Statement for the period 01 October 2011 to date.
Following the release in November of our interim results for the six months to 30 September 2011, in which we posted revenues of £21.1m, profit after tax of £2.6m and cash of £80.2m (£74.4m as at 31 March 2011), trading has been in line with the Board's expectations and we expect full year revenues to 31 March 2012 to be in line with market expectations.
During the final quarter of the current year, we expect to trim our R&D expenditure by approximately £1m and now expect R&D costs for the full year to 31 March 2012 to be around £33m. We continue to pay close attention to R&D expenditure to ensure appropriate investment is placed behind key assets, including device and product manufacturing scale up for VR506 and VR315US. Based on our current plans, further reductions in R&D expenditure for FY2013 are also expected.
Pipeline update
· NVA237 (COPD)
§ Japanese filing announced in November 2011
§ Additional Phase III trial data expected in H1 2012
§ EU launch expected in 2012
§ US regulatory questions raised in October 2011 to be addressed with further clinical data to be funded by Novartis
· QVA149 (COPD)
§ Phase III trial data expected in H2 2012
§ First launch expected in 2013
§ US regulatory filing is expected following resolution of questions on NVA237
· Branded generic / generic programmes
§ Progress continues with VR315 in Europe, US and RoW territories
§ VR632 progressing towards final development milestone
§ VR506 clinical programme progressing well
Dr Chris Blackwell, Chief Executive of Vectura commented:
"We anticipate a number of major catalysts in 2012, including late-stage clinical data from our branded products, the launch of NVA237 in Europe, the EU filing of the combination product, QVA149, as well as progress with our generic programmes. We remain committed to continued cost control, disciplined R&D investment and building Vectura into a sustainably profitable company with strong growth prospects."
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Enquiries
Vectura Group plc | +44 (0)1249 667700 |
Anne Hyland, Chief Financial Officer |
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FTI Consulting | +44 (0)20 7831 3113 |
Susan Quigley |
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Notes for editors
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 $25bn.
Vectura has six products marketed by its partners and a portfolio of drugs in clinical and pre-clinical development, a number of which have been licensed to major pharmaceutical companies. Vectura has development collaborations and licence agreements with several pharmaceutical companies, including Novartis, Sandoz (the generics arm of Novartis), Baxter and GlaxoSmithKline (GSK).
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. 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.
