Vectura's year-to-March 2006 income soars 88%

Vectura, a UK company focused on the development of inhaled drug formulations, says that its revenue for the 12 months ended March 2006 surged 88% on the like, year-ago period to L8.4 million ($15.6 million) as its gross profit sky-rocketed 114% to L6.4 million.

The Chippenham-based firm noted that the $375.0 million global licensing deal it signed last year with Swiss drug major Novartis for its chronic obstructive pulmonary disease drug, NVA237 (Marketletter April 25, 2005), helped it to improve its loss after tax 16.7% to L6.5 million, while loss per share fell 31% to L0.06.

During the period, the firm also signed a European collaboration, development and licence agreement with an undisclosed international pharmaceutical company for its combination asthma therapy, VR315, which will be developed with its GyroHaler dry powder inhalation system, in a deal that could see Vectura earn up to 22.5 million euros ($27.6 million) in milestones and developmental funding (Marketletter April 10).