Update on Licensing Agreement with BeyondAir Inc.

RNS Number : 4542X

Circassia Pharmaceuticals Plc

19 December 2019

 

Update on Circassia's Licensing Agreement with BeyondAir Inc. for LungFit PH

Oxford, UK - 19 December 2019: Circassia Pharmaceuticals plc ("Circassia" or "the Company"; LSE: CIR), a specialty biopharmaceutical company focused on respiratory disease, provides an update on its licensing agreement with BeyondAir Inc. (previously AIT Therapeutics Inc.) for the commercial rights to the late-stage ventilator-compatible nitric oxide product LungFit PH (previously AirNOvent) in the USA and China.

Circassia has received a notice from BeyondAir stating that it has terminated the agreement for material breach. Circassia refutes the allegations in the strongest terms and believes there are no grounds to terminate the agreement. The Company will enforce its rights under the agreement and defend its position vigorously.

Contacts

Circassia

Ian Johnson, Executive Chairman                                                            Tel: [phone]

Julien Cotta, Chief Financial Officer

Rob Budge, Corporate Communications

Peel Hunt (Nominated Adviser and Joint Broker)

James Steel / Dr Christopher Golden                                                       Tel: [phone]

finnCap (Joint Broker)

Geoff Nash / Alice Lane                                                                            Tel: [phone]

Numis Securities (Joint Broker)

James Black / Freddie Barnfield                                                                Tel: [phone]

FTI Consulting

Simon Conway / Ciara Martin                                                                    Tel: [phone]

About Circassia

Circassia is a world-class specialty pharmaceutical business focused on respiratory disease. The Company sells its market-leading NIOX® asthma management products directly to specialists in the United States, United Kingdom, China, Germany and Italy, and in a wide range of other countries through its network of partners. In the United States, Circassia has the commercial rights to chronic obstructive pulmonary disease (COPD) treatments Tudorza® and Duaklir®. Circassia also has the US and Chinese commercial rights to the late-stage ventilator-compatible nitric oxide product LungFit PH. For more information please visit www.circassia.com.

Forward-looking statements

This press release contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of Circassia. The use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target" or "believe" and similar expressions (or the negatives thereof) are generally intended to identify forward-looking statements. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Nothing contained in this press release should be construed as a profit forecast or profit estimate. Investors or other recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. Circassia undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances.

 

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