Vectura Group reports revenues ahead of expectations at £33m (2010/11: £42.9m) with loss after tax reduced by 50% to £4.4m (2010/11: £8.8m)
Loss before tax is in line with the previous year at £13.2m (2010/11 £13.3m)
Cash and cash equivalents increased by £1.1m with cash of £75.5m at 31 March 2012
Dr Chris Blackwell, Chief Executive of Vectura commented:"Vectura has delivered another set of robust results, preserving a strong balance sheet through a combination of existing royalty streams and disciplined investment in R&D.
"During the year we delivered two new deals around VR315; securing a new US partner and extending our existing relationship with Sandoz (our European partner) to cover Rest of World territories. We also announced positive Phase III data from the combination product, QVA149 in April of this year and anticipate a number of major catalysts in 2012, including the EU filing of this product as well as the expected launch of NVA237 in Europe.
"As these programmes mature, we anticipate the resultant milestones and royalties will transform our revenue streams, making Vectura a self-sustainable, cash-generative Company, setting the stage for the next chapter in the Company's growth."
At 10:01am: (LON:VEC) Vectura Group share price was +3p at 66p
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