SkyePharma posts strong set of full-year results; profitable by end of 2001

SkyePharma of the UK has posted preliminary results for the year toDecember 2000, which show a 37% increase in turnover to L24.3 million ($34.9 million) and an 8% reduction in operating losses to L18 million. The results prompted chairman Ian Gowrie-Smith to claim that "the company is now the most sought-after drug delivery partner in the world," and that SkyePharma is looking to reach profitability in the second half of this year and maintain that level going on through 2002.

European thumbs-up for DepoCyt

The main driver of this push to profitability is DepoCyt (controlled-release cytarabine injection), used in the treatment of patients with lymphomatous meningitis. The drug has just received a recommendation for approval from the European Committee on Proprietary Medicinal Products and this recommendation is to be passed on to the European Commission, with a European launch of DepoCyt expected later this year.