Vectura, the developer of drug inhaler treatments, has reported a 24% rise in full-year revenue to £31.2 million.
The rise was bigger than expected and well ahead of Reuters Estimates consensus forecasts of £26 million.
The British drug specialist also announced a smaller loss after tax of £16.7 million, equivalent to 13% and 5.2 pence per share.
The outlook for the company is also positive with good reports about its lung disease treatments, which are entering final-stage clinical tests.
According to Vectura, a new drug called NVA 237, which is for “smoker’s lung”, would start pivotal phase III trials by June and QVA149 is expected to enter phase III testing in the fourth quarter.
Both of the final-stage drugs are being partnered with Swiss group Novartis, but Vectura is also working with Sandoz on two other lung drugs.
It is thought the new developments are generic versions of GlaxoSmithKline’s Advair and AstraZeneca’s Symbicort.
Vectura said “good progress” was being made with both the generics VR315 and VR632, which are being developed for asthma and chronic obstructive pulmonary disease (COPD).
Copyright Press Association 2009