viewCircassia Group PLC

Circassia Pharmaceuticals plots a path to profitability through diagnostics


  • Specialty group focused on respiratory diagnostics
  • Growing revenue base; set its sights on profitability
  • Core product assesses the severity of asthma
Circassia Pharmaceuticals PLC -

Quick facts: Circassia Group PLC

Price: 25 GBX

Market: LSE
Market Cap: £93.92 m



What it does

Circassia Pharmaceuticals PLC (LON:CIR) is a specialty pharma company focused on treating patients with respiratory diseases.

It currently markets two products: NIOX, which is used to help manage asthma

It has several other asthma and COPD treatments in its pipeline, as well as AirNOvent – a portable system that uses electricity to make nitric oxide, which is used to dilate blood vessels in the lungs.

How it's doing

In April, Circassia handed the US rights to two respiratory drugs back to AstraZeneca PLC (LON:AZN) and said it would focus on diagnostics. 

Astra will waive loans and interest of US$149.mln when it takes back the two drugs - Tudorza and Duaklir - though it will retain the 18.9% stake in AIM-listed Circassia that was part of the original deal. 

In a statement, Circassia said it had carried out a strategic review of the business and the options for the two drugs and concluded it was ‘highly unlikely’ it would be able to refinance the loan from Astra.

Ian Johnson, Circassia's executive chairman said the primary focus going forward will be on the group's Niox respiratory diagnostic platform.

NiOX is a tool that measures if a person suffers from asthma and, if they do, the severity of the condition.

By analysing the fractional exhaled nitric oxide (FeNo) present when people breathe out, it can give a readout in less a minute.

What the boss says: Ian Jonhson, chairman

"Upon completion, this transaction will transform Circassia into a debt-free business with a strong revenue-generating business, with which we have the potential to expand into new territories : 

Inflexion points

  • Completion of reversion of Tudorza and Duaklir back to Astra
  • NIOX identifies the severity of asthma in sufferers
  • Breathing problems are central in treating coronavirus

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on 26/9/19

2 min read