News blog
IS Pharma
- BY: Andrew Hore |
- POSTED: 11/01/2010 |
IS Pharma has been granted exclusive licence rights to Aequasyal in the UK by Laboratoires Carilène.
Aequasyal (oxidised glycerol triester) is an oral spray used to lubricate the mouths of cancer patients suffering from dry mouth – xerostomia. Aequasyal is already sold in France and the US. IS Pharma also has an option over the German rights.
Although IS Pharma’s revenues looked flat in the first half at £5.9m that is down to a one-off payment in the corresponding period last year. Underlying revenues grew 16%. The fall in profits from £1.5m to £1m was mainly due to that lack of one-off revenues and the investment in getting approvals for Variquel, a treatment for uncontrolled bleeding from oesophageal varices. The consequent revenues are starting to come through. In six months Variquel has gained 25% of the UK market.
Net debt was £9.5m at the end of September 2009. There is still £4.5m of the £8m debt facility available for acquisitions.
Having invested time in securing approvals for Variquel, IS Pharma is ready to look for other drugs to acquire. It is looking for drugs that have been developed or are already on the market. Aequasyal fits this description.
At 77p a share, IS Pharma is valued at £23.7m.
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