Vectura fiscal 2007 revenues jump 80%

Vectura says that, for the 12 months ended March 31, 2008, it became cash generative for the first year in its history. The UK-based inhaled drug specialist saw net cash inflow of L3.6 million ($7.0 million) versus net cash burn of L6.3 million in the comparable, year-ago period, following a strong full-year contribution from the Innovata business, which it acquired for L128.8 million (Marketletter November 27, 2006), in addition to strong revenues and cost savings in excess of expectations.

According to the firm, total revenues increased 80% to L25.2 million, as gross profit jumped 94% to L20.8 million. Investment in R&D rose 75% to L29.7 million, while cash reserves at the end of the reporting period totaled L78.8 million vs L77.5 million. In October 2007, the firm received a 3.0 million-euro ($4.6 million) milestone for asthma product VR315, which is partnered with a major German company. Boehringer Ingelheim paid the firm 10.0 million euros as part of their accord on a new dry powder inhaler.