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SkyePharma posts net loss of £26.4 million for first half of year
By E. Janene Geiss
Philadelphia, Sept. 28 - SkyePharma plc said its net loss before taxes for the six months ending June 30 was £26.4 million compared to £2.1 million for the same time last year.
The London-based pharmaceutical company said it had a cash balance of £21.8 million as of June 30, compared to £19 million at the same point in 2005.
Cash outflow from operating activities was £2.3 million for the first half of 2006 against an inflow of £4.5 in the first half of 2005.
SkyePharma repaid £6.5 million of borrowings, primarily Paul Capital's share of royalty income.
For the first half, the company had gross profit of £12 million and revenue of £25.6 million. Its loss per share was 3.5p. The comparable figures for 2005 were gross profit of £21.4 million, £36.0 million of revenue and a loss per share of 2.1p. The revenue reduction was primarily due to the phased recognition of up-front revenues for Flutiform.
"With our new management team in place, we have licensed Flutiform, our major pipeline asset, in both the [United States and Europe]," Frank Condella, chief executive officer, said in a company news release.
For the remainder of the year, the company said it plans to divest its injectables unit as an outright sale or under the alternative scenario of the out-licensing of DepoBupivacaine.
SkyePharma also said it has been reviewing costs but added that it "remain[s] committed to prudent R&D expenditure as it is the future of the company."
The company will be closing its New York office and has reduced the number of employees at its plant in Lyon, France. Investor relations, legal and company secretarial functions have been restructured.
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