Vectura cuts loss on Boeh Ing payment
UK-based pulmonary drug developer Vectura has cut its loss for the 12 months to March 31, 2009, due to a jump in revenue from a collaboration with German drug major Boehringer Ingelheim.
Revenue rocketed to GBP31.2 million ($49.6 million), up 24%, mainly due to the 7.5 million-euro ($10.5 million) milestone payment from Boehringer Ingleheim, related to the development of a new dry powder inhaler. R&D costs rose 9% to GBP32.3 million.
The company's net loss was reduced to GBP16.7 million, or 5.2 pence per share, versus a deficit of GBP19.2 million, or 6.1 pence per share. As of March 31, the firm had GBP74.0 million in cash and cash equivalents, down 6%.
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