Oxford-based Circassia Pharmaceuticals plc (“Circassia” or “the Company”; LSE: CIR), a speciality pharmaceutical company focused on respiratory disease, has announced a business update including a trading update for the year ended 31 December 2019.
Unaudited trading update
Circassia announced that it expects revenues for the year to fall in the mid-range of its previously issued guidance of £60m to £65m, representing significant growth compared with the previous year (2018: £48.3m). Circassia expects to report growth in both NIOX® and Tudorza® sales and a modest contribution from Duaklir®, which was launched at the end of October 2019.
Additionally, cash, cash equivalents and short-term deposits were approximately £27m at the year-end (31 December 2018: £40.7m; 30 June 2019: £21.0m). This is higher than anticipated, due in part to the timing of certain payments, including for Tudorza® and Duaklir® inventory, and third-party rebates. Without the beneficial impact of the timing of these payments, the Company would have achieved a significant improvement in net cash flow in H2 2019 compared with H1 2019, with a modest net cash outflow during the second half of the year.
Chief Financial Officer
Circassia also announced that its Chief Financial Officer, Julien Cotta, was stepping down following eight years in the role. He is succeeded by Michael Roller, who joins the Company and Board as an Executive Director and Chief Financial Officer.
Michael is a highly experienced Finance Director and life sciences company Director having previously been Group Finance Director of Bioquell PLC and Corin Group PLC. He completed his training at KPMG and is a Chartered Accountant and member of the ICAEW. Michael graduated from Merton College, Oxford with a BA in History.
Ian Johnson, Circassia’s Executive Chairman, said: “I would like to warmly welcome Michael to Circassia as our new CFO and to thank Julien for his significant contribution to the Company over many years. Having worked with Michael previously at Bioquell, I look forward to renewing our partnership, as we work to build shareholder value and a profitable cash generative business.”
Michael Roller, Circassia’s incoming Chief Financial Officer, said: “I am delighted to join Circassia. I look forward to working with Ian and the whole team at this important time in the Company’s development as we focus on achieving self-sustainability.”
The company also disclosed additional information about Mr Roller in accordance with Schedule 2(g) of the AIM Rules for Companies.
About Circassia
Circassia is a world-class speciality pharmaceutical business focused on respiratory disease. The Company sells its market-leading NIOX® asthma management products directly to specialists in the United States, United Kingdom, China, Germany and Italy, and in a wide range of other countries through its network of partners. In the United States, Circassia has the commercial rights to chronic obstructive pulmonary disease (COPD) treatments Tudorza® and Duaklir®. Circassia also has the US and Chinese commercial rights to the late-stage ventilator-compatible nitric oxide product LungFit PH.
