3 Oct 2008 11:00
SkyePharma Announces Implementation of Revised Terms for Convertible Bonds and Completion of Transactions
LONDON, UK, 3 October 2008 - SkyePharma PLC (LSE: SKP) ("SkyePharma" or the "Company") today announces that the new terms for the 2024 and 2025 convertible bonds are now effective which successfully completes the Transactions announced on 1 September.
The revised terms for the 2024 and 2025 convertible bonds have deferred the earliest dates at which the bondholders may call for repayment (initial put dates) to November 2013 and December 2014 respectively and reset the conversion prices to £3.71 and £3.82 respectively. The revised terms for the bonds have been implemented following receipt of the proceeds of the Placing and Open Offer, which raised £18.4 million (net of expenses).
Dr Ken Cunningham, CEO of SkyePharma, commented:
"This completes the final step in the financial restructuring of SkyePharma. It has been a long and complex task and we are very grateful to shareholders for their support throughout the process.
"SkyePharma today is a drug delivery company with a broad portfolio of partnered and marketed products, growing revenues, and exciting prospects for growth with our key pipeline product for the treatment of asthma, Flutiform™, on target to be in the market in the US and Europe during 2010. Now that the business has been refinanced, the Board is convinced that the company can move on to deliver strong, profitable growth and we look forward to seeing this reflected in growth in value for shareholders in the coming years."
For further information please contact:
| SkyePharma PLC | Ken Cunningham | +44 20 7491 1777 |
| During office hours | Peter Grant | |
| Financial Dynamics (UK Enquiries) | David Yates | +44 20 7831 3113 |
| Outside office hours | Jonathan Birt | |
| Trout Group (US Enquiries) | Christine Labaree | +1 617 583 1308 |
| Seth Lewis |
About SkyePharma PLC
Using its proprietary drug delivery technologies, SkyePharma develops new formulations of existing products to provide a clinical advantage and life-cycle extension. The Company has twelve approved products in the areas of oral, inhalation and topical delivery. The Group's products are marketed throughout the world by leading pharmaceutical companies. For more information, visit www.skyepharma.com.