- Circassia Pharmaceuticals' revenues increased to £11.1 million (H1 2015: £0.6 million).

R&D expenditure rose to £25.1 million (H1 2015: £18.4 million) including £13.8 million on allergy and the underlying loss increased to £25.4 million (H1 2015: £21.7 million).

Chief executive Steve Harris said: "While the first half of 2016 was dominated by June's unexpected and disappointing phase III cat allergy results, we have made good progress in our wider business and are capitalising on a number of strategic opportunities.

"During the last three months we have taken a prudent approach to our allergy investment and rationalised our cost base. We have also focused on strengthening our existing business and taking initial steps to broaden our pipeline.

"As a result, we have completed early work on a number of new product opportunities giving us additional pipeline options while we await the results of our house dust mite allergy field study that will inform our wider portfolio strategy.

"We have also initiated negotiations for the return of EU rights to Fliveo, our recently approved Flixotide pMDI substitute, and significantly expanded our direct sales presence to boost our NIOX revenues and establish ourselves as an attractive commercialisation partner.

"Our ambition to build a world-class specialty biopharmaceutical business remains undimmed and we believe the combination of our marketed products, broad pipeline and robust commercial platform gives us the foundation we need to achieve this goal."

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