Record year for IS Pharma

IS Pharma said it has enjoyed a record year after reporting a 70% leap in profits.

Revenue at the group grew by 73% to 12.2m in the year to March while pre-tax profits rose 70% to £2m.

The Chester-based business develops, acquires and commercialises late stage pharmaceuticals and medical devices in the areas of critical care, oncology and neurology.

The company said it had successfully integrated the acquisition of Speciality European Pharma International – the Swiss company added £600,000 to group profit. The board has also worked on increasing revenue from all of IS Pharma’s brands.

In March it gained approval for its Variquel/Haemopressin bleeding treatment – a precursor to marketing authorisations across 14 European countries.

The business also signed a deal £1.25m deal with Ikaria Holdings to commercialise the brand in North America. But the failure of a Haemopressin manufacturer left the business with an exceptional stock provision of £526,000.

IS Pharma’s other brands include Aloxi, which prevents nausea during chemotherapy; Cryogesic, an anaesthetic freeze spray; Volplex, a plasma subsitute used in trauma to maintain blood volume; and Mysoline, an epilepsy treatment.

Chief executive Tim Wright, said: “Once again the company has delivered a strong set of results in line with our growth strategy. We have grown all of our brands resulting in record revenue and profits as well as completing a significant acquisition early in the year.

“We have established an international footprint and, following the successful completion of the Mutual Recognition Procedure, are well placed for the launch of Variquel/Haemopressin across 14 new European territories in the coming months.”