- Pharmaceutical company Circassia warned Friday it may need 'third-party funding' or a loan facility via partner AstraZeneca to meet a deferred option payment relating to chronic obstructive pulmonary disease Tudorza.

A deferred Tudorza option payment of $20m would be payable upon approval of chronic obstructive pulmonary disease treatment Duaklir, in addition to deferred consideration of $100m due under the companies' agreement, Circassia said.

Assuming approval of Duaklir in the United States, with the outcome slated 31 March, the company expected to launch the product later in the year.

Expectations for 2019, meanwhile, remained unchanged with the company touting 'significant opportunities' for strong sales growth in the current financial year to December 2019 amid continued focus on cost containment.

Circassia forecasts revenue for the full year to be in the range of £48m to £52m, following higher Tudorza rebates in federal channels during the second half of 2018 and delayed recognition of revenue in China due to the establishment of the company's new local subsidiary and supply chain.

'Circassia continued to make progress during 2018, and with our cost containment efforts showing results and revenues growing we look forward to continuing our trajectory towards self-sustainability,' said Steve Harris, Circassia's CEO.

'We look forward to the coming year, as we roll out our expanded sales force in China and plan to take full control of Tudorza and launch Duaklir, once approved, in the United States.'

At 9:33am: [LON:CIR] Circassia Pharmaceuticals Plc share price was -5.25p at 49.75p

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