- Circassia Pharmaceuticals posts a loss of GBP50m for the year to the end of December - up from GBP35.1m in 2014. Pre-tax losses rose to GBP62.8m from GBP44.0m last time.

The group reports robust revenue growth since acquisitions to £10.8 million (2014: £nil) and research and development investment increased to £46.8 million (2014: £38.6 million).

Chief executive Steve Harris said: "Circassia is in a period of exciting transformation as we accelerate our strategy to become a self-sustaining specialty biopharmaceutical company. Our innovative allergy treatments continue to make good progress, and we remain on track to deliver our phase III results in the coming months.

"During the year, we successfully completed two strategic acquisitions, which give us established specialty commercial infrastructure targeting the key customers for our next-generation allergy immunotherapies, while also significantly broadening our pipeline. Importantly, these acquisitions have been validated by the significant sales growth of our acquired NIOX products and the approval of our lead asthma treatment.

"In the coming year, we intend to build on this progress, expanding our commercial presence in preparation for the launch of our first allergy treatment, while further increasing sales of our approved products. We also plan to deliver on our wider pipeline, including moving our grass allergy treatment into a registration study. As a result, 2016 will be an important year for Circassia as we move towards our goal of building a leading specialty biopharmaceutical business."

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