Vectura H1 Loss Widens; Announces VR410 Deal With Pulmatrix - Quick Facts

(RTTNews) - Vectura Group plc (VEC.L) reported loss before tax of 44.5 million pounds for the six months ended 30 June 2017, wider than loss of 22.4 million pounds in the half-year period ended 30 September 2016. The wider loss was mainly as a result of the significant increase in amortisation of intangible assets.

Loss after tax for the half year was 38.1 million pounds, compared to loss of 18.6 million pounds in the six-month period last year. Basic loss per share was 5.6 pence, compared to loss of 3.2 pence a year ago. Adjusted EBITDA per share decreased by 24.3% to 2.8 pence from 3.7 pence in the year-ago period.

First-half revenues grew 6.6 percent to 78.8 million pounds from 73.9 million pounds in the prior-year period.

In a separate statement, Vectura said it is progressing the development of a branded generic tiotropium bromide programme (VR410) for the U.S. market, which will be accelerated through an exclusive licence agreement with Pulmatrix Inc. (PULM).

Pulmatrix is a clinical-stage biopharmaceutical company that has been developing PUR0200, its once-daily, inhalable iSPERSE formulation of tiotropium bromide for COPD patients.

Vectura noted that its dry power inhaler or DPI device technology will be used to deliver PUR0200. VR410 is a branded generic alternative to Spiriva HandiHaler in the U.S.

The Group does not expect a material impact on its R&D expenditure for the feasibility study and early development prior to licensing.

Looking ahead, the Board continues to expect higher overall like-for-like recurring revenue for the full year, compared to the 2016 full year proforma level.