SkyePharma receives cash boost as product enters pivotal trials

SkyePharma of the UK will receive a $30 million injection of capitalover two years from Paul Capital Partners of the USA. The cash will be used to fund the development of the company's slow-release morphine product DepoMorphine, which has just entered Phase III trials. In return, Paul Capital will receive royalties on sales of the product from January 2003 to December 2014, as well as on three other SkyePharma products, two of which are already on the market. Royalties will be paid at around 15%, up to a ceiling, after which the rate will fall to 3%.