Annual results, meanwhile, charted a period of consolidation and operational progress.
It has taken full commercial control of Tudorza, a treatment for chronic obstructive pulmonary disease (COPD), while sales of its asthma product NIOX continued to grow.
Circassia has also added AirNOvent, a late-stage nitric oxide candidate, to its pipeline, which, when approved, should aid the sales effort.
Financially, the company is well endowed. It had £40.7mln of cash at the end of 2018 with AstraZeneca subscribing just over £20mln to the firm’s share sale.
Last year, Circassia saw its sales grow by 5% to £27.4mln with China, where there was de-stocking and a move to a direct sales operation, exerting the drag.
As is common with companies at this formative phase of their commercial development, the business was loss-making. The loss on continuing operations was £25.9mln.
“We made good progress in 2018 completing our strategic transition into a commercially-focused specialty pharmaceutical business focused on respiratory disease,” said chief executive Steven Harris.
“Our revenues continued to grow and we maintained our commercial investment and broad cost control activities. As a result, we dramatically reduced our net cash outflow and decreased the loss in our underlying business."
Looking ahead, he added: “We are making good progress building a robust business with growing revenue potential and an exciting commercial future."