Sinclair IS Pharma cuts loss
Recently-merged Sinclair IS Pharma (SPH.L) has cut annual losses 31 per cent to £11.7 million and launched an Asia-Pacific marketing drive. The AIM-quoted company, which specialises in oral health, dermatology and wound care, increased turnover 19 per cent to nearly £33 million in the year to June.
Steered by entrepreneurial chief executive Chris Spooner, Sinclair, whose losses before exceptional items rose 14.5 per cent to £5.8 million, achieved several product launches last year. The company introduced its Autopiclair eczema and dermatitis cream into France, a market which returned to growth last year with a 21 per cent turnover gain to £12.5 million, and took its Kelo-cote scar reduction formulation into several European markets.
Outgoing chairman John Gregory says the merger of Sinclair Pharma with IS Pharma should lead to annual cost savings of £1 million and has already started to pay off more positively, as with a marketing agreement for the company's Episil treatment for oral mucositis pain. Grahame Cook, already a Sinclair director, will now chair the company, which has already launched two dermatology products in seven Asia-Pacific countries under its partnership with Singapore-based Invida Holdings, a leader in commercialising bio-pharmaceutical and healthcare products in the region.
Sinclair, which ended the financial year with £5 million cash, now has a 'bio-film busting' mouthwash for sale in the USA under the PerioShield banner through an agreement with Sunstar Americas and has several new products in the pipeline. Highlighted by Growth Company Investor at 28p last autumn, Sinclair shares have eased to 24p, valuing the company at £93.3 million, but could still outperform some sector peers over the medium term.