Skyepharma shares surge

Source: Healthcare Digital

Date :28/08/2008 09:36:01

Skyepharma plc said on Thursday, August 28, that it is close to a deal on renegotiating its convertible bonds, sending the company's shares 20 percent higher.

SykePharma shares were 19.5 percent higher at 3.8 pence by 07:35 GMT.

In a statement, Chairman Jeremy Scudamore said that the company is making good progress with proposals for renegotiating the convertible bonds, which SykePharma expects to announce shortly.

"Once this is completed, we remain optimistic about the prospects for further growth of the business ahead of the launch of Flutiform, and beyond," he said.

The company, a specialist in drug delivery technology, said the asthma treatment was on target to be launched in the United States and Europe in 2010.

Skyepharma also announced a first-half pretax loss of £6.4 million against £14.1 million a year earlier on sales of £28.4 million versus £19.7 million.