25 May 2012

Changing the guard at SkyePharma

31/01/2012 Robert Tyerman

Axel Mueller has resigned as boss of drug delivery specialist SkyePharma (SKP), whose key Flutiform asthma treatment has met EU regulatory delays.

Peter Grant, chief financial officer of the fully-listed company since 2006, is replacing him as chief executive officer and faces the two challenges of steering Flutiform through the European arbitration procedure and negotiating the refinancing of £83 million of convertible bonds.

An accountant by training, Grant has wide experience in the corporate world. Previously chief executive of Voice Commerce Group and, ironically, a onetime chief executive of cigarette machine company Molins Group, he has been closely involved in the development of Flutiform over the past five years.

Last month, SkyePharma announced European Union approval for Flutiform had been referred to arbitration by the European Medicines Agency and its Committee for Medicinal Products for Human Use following the failure of the relevant member states to reach a consensus on the product.

Shares in the company, whose first half pre-tax profits fell 50 per cent to £600,000 on turnover down 25 per cent to £22.1 million, have halved within a year to 32.75p, though 2.25p up from their 12-month low. They are a punt on the experienced Grant's sucess in meeting the challenges.

Tags: Asthma treatment, Axel Muller, EU approval, Flutiform, Full list, Peter Grant

Sector: Pharmaceuticals & Biotechnology

Companies: Skyepharma

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