Consort Medical PLC Voke® (DEV200) update (1264T)
03 January 2017 - 6:00PM
UK Regulatory
TIDMCSRT
RNS Number : 1264T
Consort Medical PLC
03 January 2017
Consort Medical plc
03 January 2017
Voke(R) (DEV200) update
Consort Medical plc ("Consort Medical") (LSE: CSRT) today
announces that Nicovations Limited ("Nicovations"), a wholly-owned
subsidiary of British American Tobacco plc ("BAT"), has served
termination notices for all Supply Agreements with Bespak Europe
Limited ("Bespak"), a Consort Medical subsidiary, for Voke(R).
Termination is effective immediately.
-- Nicovations has terminated all supply agreements with Bespak
for Voke, an MHRA approved nicotine inhaler for harm reduction in
smoking
-- Bespak remains in a constructive dialogue with Kind Consumer
and Nicovations over the future of the Voke programme
-- Voke is one of 16 programmes in Bespak's growing development
pipeline and Consort Medical's Board at this time does not believe
that the Termination materially impacts their expectations for the
Group's underlying trading performance for the current financial
year
Nicovations has terminated the Supply Agreements on the basis of
lack of commercial launch of Voke before 31 December 2016, which is
a termination right provided for in the Supply Agreements that
Nicovation has chosen to invoke.
Voke, one of 16 programmes in Bespak's development pipeline, was
designed by Kind Consumer, a developer of innovative,
medically-authorised products, for licensing into consumer and
pharmaceutical markets. The distribution rights to the product were
licensed by Kind Consumer to Nicovations and, in relation to this
licence agreement, in 2011 Nicovations also entered into separate
Supply Agreements with Bespak. The agreements cover the build,
manufacturing and supply of the filled Voke devices and associated
valves.
Bespak remains in a constructive dialogue with Kind Consumer and
Nicovations over the future supply of the Voke nicotine inhaler
which addresses a fast growing multi-billion dollar market.
With a robust financial position and a strong development
pipeline, the board of directors of Consort Medical at this time
does not believe that the termination of the Supply Agreements
materially impacts their expectations for Consort Medical Group's
underlying trading performance for the current financial year
ending 30 April 2017.
Jonathan Glenn, Chief Executive Officer of Consort Medical,
commented:
"Our recent interim financial results highlighted the underlying
strength in Bespak and Aesica and the momentum emanating from the
growing and diverse pipeline portfolio of significant development
programmes. Therefore, while we are naturally disappointed in the
loss of the Supply Agreements for Voke to Nicovations, we continue
our dialogue with Kind Consumer and with Nicovations on the future
of the programme and we remain highly confident in the robustness
of the remainder of our business and our prospects for the
future".
- Ends -
Enquiries:
Consort Medical Tel: +44 1442 867920
Jonathan Glenn - Chief Executive
Officer
FTI Consulting Tel: +44 20 3727 1000
Ben Atwell / Simon Conway
Notes:
Market Abuse Regulations (MAR)
This announcement contains inside information.
About Consort Medical
Consort Medical plc is a leading, global, single source drug and
delivery device company (CDMO). We are at the leading edge of
innovation and we are committed to investing in patient, clinician
and customer driven innovation to create new treatments, new
markets and new opportunities.
Our businesses
Bespak is a global market leader in the manufacture of drug
delivery devices for pharmaceutical partner companies, including
respiratory, nasal, and injectable products, and the manufacture of
devices for the point of care diagnostics market.
www.bespak.com.
Aesica is a leading provider of finished dose and active
pharmaceutical ingredient (API) development and manufacturing
services to pharmaceutical partners. www.aesica-pharma.com.
We employ more than 2000 people globally of which 1400 are
located in the UK. We have UK facilities in King's Lynn, Cambridge,
Nelson, Milton Keynes, Cramlington, Queenborough and Hemel
Hempstead, German facilities in Monheim and Zwickau and a facility
in Pianezza, Italy. Consort Medical is a public company quoted on
the premium list of the London Stock Exchange (LSE: CSRT).
www.consortmedical.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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