- Circassia Pharmaceuticals' underlying losses rose to £57.4m in the year ended 31 December - up from £50.0m in 2015 - and total losses increased to £137.4m from £50.0m last time.

Revenues increased to £23.1m (2015: £10.8m) while R&D investment totalled £46.2m (2015: £46.8m) including allergy expenditure of £21.5m.

Chief executive Steve Harris said: "Following the receipt of disappointing phase III allergy results in June last year, we worked hard to strengthen our commercial platform and respiratory portfolio.

"We have substantially increased sales of our market-leading NIOX asthma management products and recently completed a transformational transaction with AstraZeneca to commercialise the COPD products Tudorza and Duaklir in the United States.

"We also broadened our respiratory pipeline, adding three earlier-stage COPD products.

"In addition, we maintained a resolute focus on costs, while continuing to invest in our commercial infrastructure as a strategic growth platform. Following disappointing results from our house dust mite allergy field study, we have taken the difficult decision to curtail investment in our allergy programmes." "With these significant developments now behind us, we look forward to the coming year with optimism.

"We have built a strategic asset in our direct specialty sales infrastructure, which we plan to strengthen further as we accelerate our commercial collaboration with AstraZeneca.

"We also intend to advance our other respiratory products, as well as pursuing additional in-licensing and acquisition opportunities to expand our commercial portfolio.

"As a result, we are increasingly well positioned to achieve our ambition of becoming a world-class, self-sustaining specialty pharmaceutical business."

At 9:48am: [LON:CIR] Circassia Pharmaceuticals Plc share price was -2.25p at 99.75p

Story provided by