SkyePharma hit by deals delay
13 April 2012
DELAYS to three key licensing deals at SkyePharma hit 2003 figures harder than expected and the biotechnology company fell £43.2m into the red after a near-25% drop in revenue to £18.7m. Profits in 2002 were £1.1m.
Outgoing chairman and founder Ian Gowrie-Smith stressed the 'limited relevance of this in the context of the long-term growth of the company', and gave his backing to chief executive Michael Ashton and his team, following reports that the axe was poised over senior management.
SkyPharma today sealed a $20m licensing deal for its dermatology assets and raised £20m via a placing of convertible bonds.
