News blog
IS Pharma
- BY: Andrew Hore |
- POSTED: 03/09/2008 |
IS Pharma is getting a $1.25m (£700,000) payment from Orphan Therapeutics, its licensee for Haemopressin.
Orphan has entered an agreement with Ikaria Holdings to commercialise the drug, which is used for the treatment of uncontrolled bleeding from oesophageal varices, in the US. This has triggered the payment.
Marketing approval has been applied for in the US. There is no other approved drug for this life-threatening condition. Once approval is gained IS will also receive royalties on sales.
The one-off payment will mean that IS’s results for the year to March 2008 will be better than forecast. Edison was forecasting profits of £3m and earnings per share of 13.5p in 2008-09.
The underlying business is trading as expected.
IS shares jumped 8.5p to 71.5p each, which values the company at £22m. That means that the shares are trading on around six times underlying earnings.
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