News - Final Results

Chairman’s statement:

I am pleased to present the final results for the 12 months of business operations up to 30th April 2007.

This has been an active 12 months within which the Company has achieved significant milestones leading towards key subsequent events.

• The completion of license negotiations for new technologies from two American universities. These agreements have provided Accura Pharma Plc (“the Company”) access to high value, granted and pending patents underpinning our product development programmes in the animal pharmaceutical markets.
• The Company admitted to PLUS in September 2006 which has provided the Company with an increased profile and the means to acquire additional companies.
• We have developed animal healthcare as our strategic focus. On the 1st of March 2007 we announced our intention to split our human healthcare division into a separate dedicated company, Reform Pharma plc, and on the 24th of August 2007 we announced our intention to change the name of the Company to Accura Animal Health plc. Application has been made for the Reform Pharma shares to be admitted to trading on PLUS.
• On the 13th of March 2007, it was announced that Alan Reade, the former CEO and Executive Chairman of Merial, was to join the company as Chairman of our Advisory Board. Alan has been a very active member of our team and has provided significant strategic advice with regards to direction, product development and licensing partner relationships.
• On the 11th of May 2007, just outside of the current reporting period, it was announced that the Company had made an offer to acquire the outstanding issued share capital of Tridelta Plc. This offer was accepted by over 80 percent of Trideta Plc shareholders and was declared unconditional on the 13th of July 2007.

The focus on Animal Healthcare

Your Board considers that the animal healthcare market presents substantial opportunities for the Group moving forward. In the US annual spend on what our industry describes as “Companion Animals” or pets, is running at over GBP20 billion a year. To put this in some perspective, this is more than the US consumer currently spends on Computer  Games, Music and Cinema added together. As a retail sector spend on pets is second only to electronic consumer goods and it is growing at over 6 percent a year, a trend which is also replicated in the other main companion animal markets of  western EU and Japan.

Over the last 12 months Accura Pharma Plc has cemented access, through corporate merger and through the closing of licensing arrangements, a portfolio of near to market development stage pharmaceutical and established diagnostic products that we feel will enable the Group to take advantage of this exciting and growing sector.

Our pharmaceutical product development has made good progress. With products focused on therapies for longer terms indications such as congestive heart failure and a range of behavioural issues, we forecast a potentially significant role for Accura Pharma Plc in providing our sales and marketing partners in the US and our own sales force in the UK and EU with key products that will make significant impact on the high  growth companion animal market.

We look forward to continuing to serve our shareholders, and thank you for your valued support and loyalty.

The following abbreviated consolidated financial statements are the unaudited group's financial position as at 30 April 2007. Owing to the nature of the Company's policy of share capital growth, and the lack of internal revenue, the Directors do not recommend the payment of a dividend.

Kevin Leech
Executive Chairman
The Board of Accura Pharma Plc

A full version of the results can be downloaded here.