DRUG company Vectura yesterday narrowed its annual pre-tax losses to £13.3m as it reported encouraging trial results for its new medicine for chronic obstructive pulmonary disease (COPD), due to go on sale in 2012.
Revenues rose seven per cent to £42.9m, and the firm ended the year with a cash pile of £74.4m. Royalties were in line with last year at £13.6m.
The company said it had made nearly £6m of cost savings after it closed its Nottingham plant and consolidated operations in Chippenham, but the restructuring had pushed up research and development costs for the year by four per cent to £37.7m.
Vectura’s shares closed down 1.8 per cent at 67.5p, giving the firm a market cap of £224.6m.