Vectura Group plc AGM trading update & reiteration of 2020 guidance (9999N)
27 Maggio 2020 - 8:01AM
UK Regulatory
TIDMVEC
RNS Number : 9999N
Vectura Group plc
27 May 2020
Vectura provides AGM trading update and reiterates 2020
guidance
Chippenham, UK - 27 May 2020: Vectura Group plc (LSE: VEC)
("Vectura" or "the Group"), an industry-leading inhalation CDMO,
today provides a trading update ahead of its Annual General Meeting
("AGM"). The AGM will be held today at 10.30am at the offices of
Vectura Group plc, 46-48 Grosvenor Gardens. As previously
communicated, in light of the COVID-19 situation, shareholders are
not permitted to attend.
Vectura has made a positive start to trading in 2020, with
product supply and development services activities continuing to
progress according to schedule. The Group was pleased to note the
recent positive CHMP opinion for Enerzair(R) Breezhaler(R)
(QVM149).
The Board maintains its financial guidance and outlook
expectations for 2020.
As separately announced today, the Group has entered into
arrangements with Numis Securities Limited to execute the second
GBP10 million tranche of its previously announced GBP20 million
share buyback programme. The buyback is expected to commence on 1
June 2020.
COVID-19 outbreak
The health and safety of employees and site visitors has
remained the Group's first priority during the COVID-19 outbreak. A
range of measures have been implemented to promote the safety of
employees, including extensive home working and digital
communications where possible. Product development and supply chain
activities are progressing according to plan, with social
distancing and stringent hygiene protocols in place to protect
those employees who continue to work on site.
Demand signals from Vectura's product supply partners have been
maintained at expected levels and the Group has worked closely with
key suppliers to monitor any potential supply chain interruptions.
At this time, no material disruption to supply chain activities has
been noted and the Group has worked to ensure appropriate stock
levels are maintained and mitigation plans are in place where
appropriate.
Despite the travel restrictions imposed as a result of the
COVID-19 outbreak, business development discussions continue, with
growing momentum in the deal pipeline.
Vectura has a strong balance sheet, an undrawn GBP50 million
Revolving Credit Facility, minimal corporate debt and continues to
be a resilient business in the face of the risks posed by the
COVID-19 outbreak.
Vectura's Chief Executive Officer, Will Downie, said:
"Vectura has made a positive start to the year and we are
pleased to today reiterate our financial guidance for 2020 and also
confirm the expected start of the second GBP10 million tranche of
our share buyback programme. Our operational focus continues to be
on the execution of our strategy as a specialist inhalation CDMO
and we are continuing to build the business development
pipeline."
- Ends-
For more information, please contact:
Vectura Group plc
Elizabeth Knowles - VP Investor Relations +44 (0)7767 160 565
David Ginivan - VP Corporate Communications +44 (0)7471 352 720
Consilium Strategic Communications +44 (0)20 3709 5700
Mary-Jane Elliott / Sue Stuart / David Daley
About Vectura
Vectura is a provider of innovative inhaled drug delivery
solutions that enable partners to bring their medicines to
patients. With differentiated proprietary technology and
pharmaceutical development expertise, Vectura is one of the few
companies globally with the device, formulation and development
capabilities to deliver a broad range of complex inhaled
therapies.
Vectura has eleven key inhaled and eleven non-inhaled products
marketed by partners with global royalty streams, and a diverse
partnered portfolio of drugs in clinical development. Our partners
include Hikma, Novartis, Sandoz (a division of Novartis AG),
Mundipharma, Kyorin, GSK, Bayer, Chiesi, Almirall, and Tianjin
KingYork.
For further information, please visit Vectura's website at
www.vectura.com
Forward-looking statements
This press release contains forward-looking statements,
including statements about the commercialisation of products.
Various risks may cause Vectura's actual results to differ
materially from those expressed or implied by the forward looking
statements, including: commercial limitations imposed by patents
owned or controlled by third parties; dependence upon strategic
alliance partners to develop and commercialise products and
services; difficulties or delays in obtaining regulatory approvals
to market products and services resulting from development efforts;
the requirement for substantial funding to conduct research and
development and to expand commercialisation activities; and product
initiatives by competitors. As a result of these factors,
prospective investors are cautioned not to rely on any
forward-looking statements. We disclaim any intention or obligation
to update or revise any forward looking statements, whether as a
result of new information, future events or otherwise.
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END
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