Inhaled drug specialist Circassia PLC’s (LON:CIR) revenues in 2019 were in the middle of its guidance of £60-65mln while cash at the year-end was higher than expected.
Sales in the middle of the range represent an annual increase of about 31% and include a modest contribution from Duaklir, which was launched in the US at the end of October.
Timing of inventory and rebate payments boosted the cash position to £27mln, but even without these there was a significant improvement in net cash flow in the second half said the AIM-listed group.
Circassia also announced the appointment of Michael Roller as chief financial officer to replace Julien Cotta, who has stepped down after eight years in the role.
Roller previously held the finance director roles at Corin Group and Bioquell, where he worked with Circassia’s executive chairman Ian Johnson.