SkyePharma's DepoCyte granted EU approval

The European Commission has granted European Union- wide marketingapproval to SkyePharma's DepoCyte (cytarabine liposome injection) for the treatment of lymphomatous meningitis. In April, the drug received a positive recommendation from the European Medicines Evaluation Agency's Committee on Proprietary Medicinal Products.

In late July, SkyePharma announced the licensing of DepoCyte's marketing rights in Europe and the Philippines to Elan Pharma International, for a potential total of $23 million in milestones and signing fees, of which $10 million was received on signing.

SkyePharma's chief executive, Michael Ashton, commented that the licensing and marketing approval of DepoCyte in Europe represented the largest challenge for the firm towards achieving its principal financial objective, which is to operate profitably by the end of the current financial year.