(Alliance News) - Circassia Pharmaceuticals PLC on Thursday said it expects to report at least 24% revenue growth in 2019, driven by NIOX testing devices and chronic obstructive pulmonary disease drug Tudorza.
In addition, Oxford-based Circassia said Chief Financial Officer Julien Cotta is stepping down following eight years in the role. He will be succeeded by Michael Roller, who joins the company and board with immediate effect.
Roller has previously served as finance director of containment equipment supplier Bioquell PLC and medical equipment manufacturer Corin Group PLC.
"Having worked with Michael previously at Bioquell, I look forward to renewing our partnership, as we work to build shareholder value and a profitable cash generative business," said Circassia Executive Chair Ian Johnson.
Back to performance, the respiratory disease-focused company expects revenue for 2019 to fall in the mid-range of previously issued guidance of between GBP60 million and GBP65 million, representing growth compared with 2018's revenue of GBP48.3 million.
Circassia achieved growth in both NIOX and Tudorza sales, with a modest contribution from Duaklir, which was launched at the end of October. Duaklir is also a treatment for COPD.
Circassia shares were trading 5.1% higher in London on Thursday morning at 21.43 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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