Changes at the top as losses widen at Sinclair IS Pharma
BRITAIN’S Sinclair IS Pharma said trading in its current first quarter has been encouraging as it posted wider core losses for the year to end June.
The Aim-listed company completed a fundraising last October 2010 and a merger with IS Pharma, a business bought to bolster its portfolio of speciality products, in May 2011.
“Crucially we believe the company is now able to deliver sustainable organic growth without the need for further financing,” said chief executive Chris Spooner.
“Recent trading has been particularly encouraging and with several planned launches in the near term we are confident that the momentum will build through the year to June 2012 and beyond.”
The IS Pharma deal gave it a UK and Ireland sales network, and added oncology treatments to the dermatological, wound care and oral health products it sells to hospitals.
The company also said John Gregory has stepped down as chairman and that Grahame Cook will assume the role of non-executive chairman effective immediately.
Ebitda losses before exceptional items widened to £1.4m, from £500,000, as revenue grew 19 per cent to £32.9m.
Sinclair said in July its numbers would be ahead of expectations.