Vectura nudges down loss on BI milestone

UK-based pulmonary drug developer Vectura narrowed its loss by 1% in the six-month period ended September 30, 2008, compared to the same period of the year before, on increased revenue from partnerships.

Sales rose by 8% to l13.3 million ($20.0 million), although the firm spent 10% more on R&D, a total l16.1 million. Net loss narrowed to l10.0 million, or 3.1 pence per share, versus $10.1 million, or 3.2 pence per share. At the end of the period, the company had l73.8 million of cash and cash equivalents remaining.

Chief executive Chris Blackwell said: "our recent milestone from Boehringer Ingelheim (Marketletter December 3, 2007) resulting from our collaboration to develop a new dry powder inhaler, as well as the positive data presented by Novartis on our COPD drug, NVA237 (Marketletter October 13), at the 2008 European Respiratory Society meeting, underline Vectura's involvement in high-value respiratory product development." Dr Blackwell added that the firm expects to receive significant milestones from these partnerships over the next 12 months.