Business
Circassia Announces Business Update
Circassia Announces Business Update.
About this update from Niox Group Plc
[{"type":"text","content":"\n \nRNS Number : 2099Z Circassia Pharmaceuticals Plc 09 January 2020 \n\nCircassia Announces Business Update\n \nOxford, UK - 9 January 2020: Circassia Pharmaceuticals plc (\"Circassia\" or \"the Company\"; LSE: CIR), a specialty pharmaceutical company focused on respiratory disease, today announces a business update including a trading update for the year ended 31 December 2019. \n \nUnaudited trading update\nCircassia is pleased to announce that it expects revenues for the year to fall in the mid-range of its previously issued guidance of £60 million - £65 million, representing significant growth compared with the previous year (2018: £48.3 million). 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 £27 million at the year-end (31 December 2018: £40.7 million; 30 June 2019: £21.0 million). 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. \n \nChief Financial Officer\nCircassia also announces that its Chief Financial Officer, Julien Cotta, is stepping down today following eight years in the role. He will be succeeded by Michael Roller, who joins the Company and Board today 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. \n \nIan 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 ...