FINANCIAL HIGHLIGHTS

·         Accelerated total revenue growth – up 41% to £79.0m (2008: £56.1m)

o    Product sales demonstrate strong growth

o    Increased contribution from partnering income

o    Total revenue growth of 34% at constant currency (2008: 15%)

·         Gross margins increase from 64% to 67%

·         EBITDA loss narrows to £5.1m (2008: £16.0m)

·         Operating losses reduced by more than 50% to £9.6m (2008: £21.1m)

·         Pre-tax loss reduces to £15.0m (2008: £25.2m)

·         Closing cash position of £19.0m (2008: £34.7m)

OPERATING HIGHLIGHTS

·         European business continues to drive ProStrakan’s growth

o    EU revenues up 25% to £66.5m

o    Abstral launch-year sales of £5.8m

o    Revenues from other pan EU products up 29%

o    Adcal-D3 sales up 18% to £20.4m

·         US business growing in first full year of commercial operations

o    Sancuso records 2009 revenues of £7.3m

o    Abstral NDA filed

o    Rectogesic NDA re-submitted

o    Fortesta out-licensed to Endo – NDA re-submission planned in mid 2010

·         Worldwide partnering programme makes significant contribution

o    Revenues from partnering up 93% to £5.2m

o    Nine partnering agreements concluded during 2009