Circassia Pharmaceuticals posts deeper FY loss

Respiratory disease-focused specialty pharmaceutical company Circassia Pharmaceuticals has posted a deeper full-year pre-tax loss of £144.9m, from a loss of £62.8m previously.

"Following the receipt of disappointing phase III allergy results in June last year, we worked hard to strengthen our commercial platform and respiratory portfolio," said chief executive Steve Harris.

"We have substantially increased sales of our market-leading NIOX asthma management products and recently completed a transformational transaction with AstraZeneca to commercialise the COPD products Tudorza and Duaklir in the US," he added.

Circassia had also broadened its respiratory pipeline, adding three earlier-stage COPD products.

In addition, we maintained a resolute focus on costs, while continuing to invest in commercial infrastructure as a strategic growth platform.

"Following disappointing results from our house dust mite allergy field study, we have taken the difficult decision to curtail investment in our allergy programmes."

"With these significant developments now behind us, we look forward to the coming year with optimism."

Harris said the company had built a strategic asset in its direct specialty sales infrastructure, which it planned to strengthen further as it accelerated its commercial collaboration with AstraZeneca.

"We also intend to advance our other respiratory products, as well as pursuing additional in-licensing and acquisition opportunities to expand our commercial portfolio."

Revenue had risen to £23.1m, from £10.8m.

At 14:30 BST, shares in Circassia Pharmaceuticals were down 1.47% to 100.5p each.