SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a - 16 OR 15d - 16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2006
SkyePharma PLC
SkyePharma PLC, 105 Piccadilly, London W1J 7NJ England
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _______
For Immediate Release 11 August 2006
SkyePharma PLC
Statement Regarding Recent Share Price Movement
LONDON, UK, 11 August 2006 -- SkyePharma PLC (Nasdaq: SKYE; LSE: SKP) notes the recent decline in the Company's share price and
confirms that it is not aware of any fundamental reason for this decline.
Frank Condella, SkyePharma's Chief Executive Officer, said: "We are disappointed by the fall in our share price over the past few
weeks. We are continuing our efforts to deliver on the strategy outlined earlier this year to divest our injectable unit and to
out-license Flutiform™ outside the US and we remain confident that we will be able to achieve these objectives. We are pleased by the
support of our major shareholders who have maintained their shareholdings during this period."
Earlier this year the Board decided to divest the injectables unit, a stand-alone operation with its own management team, R&D and
manufacture in San Diego. UBS, the investment bank appointed for this disposal, is managing the process. Discussions are continuing
with interested parties and also with certain companies that have expressed an interest in DepoBupivacaine™ alone or in other assets.
The Company is progressing with several options, all of which are geared towards bringing in cash and reducing the ongoing cash burn.
The Company continues to expect to complete a transaction before the end of the year.
For key pipeline products, the Phase III trials of Flutiform™ are proceeding and remain on track for the Company's target of filing
this key product with the US Food & Drug Administration ("FDA") in the second half of 2007. SkyePharma notes the recent FDA approval
of AstraZeneca's combination asthma product Symbicort® and is encouraged by the speed with which this product was reviewed and
approved, increasing confidence that the Company's previous expectation of a US market launch for Flutiform™ in 2009 is reasonable or
possibly conservative. Having now appointed Kos Pharmaceuticals as the licensee for Flutiform™ in the US market, the Company is
engaged in late-stage negotiations for other key markets.
With its partner Novartis, the Company has successfully completed modifications to its dry powder inhaler device to prevent
mishandling that it is hoped will allow Foradil® Certihaler™ to be returned to the market in Europe and to obtain approval in the
USA. The modified product is currently being reviewed by the FDA and a decision is expected before the end of the year.
In addition to the above, the Company is cognisant of the longer term requirement to grow the business. Besides Flutiform™, there are
a number of early-stage projects under active consideration. Following a planning meeting scheduled for September, the Company
expects to be in a position to outline its strategic plans in more detail.
For further information please contact:
SkyePharma PLC +44 207 491 1777
Frank Condella, Chief Executive Officer
Peter Laing, Director of Corporate Communications 44 207 491 5124
Sandra Haughton, US Investor Relations +1 212 753 5780
Buchanan Communications +44 207 466 5000
Tim Anderson / Mark Court / Rebecca Skye Dietrich
About SkyePharma
SkyePharma PLC develops pharmaceutical products benefiting from world-leading drug delivery technologies that provide easier-to-use
and more effective drug formulations. There are now twelve approved products incorporating SkyePharma's technologies in the areas of
oral, injectable, inhaled and topical delivery, supported by advanced solubilisation capabilities. For more information, visit
www.skyepharma.com.
Certain statements in this news release are forward-looking statements and are made in reliance on the safe harbour provisions of the
U.S. Private Securities Litigation Act of 1995. Although SkyePharma believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that these expectations will materialize. Because the expectations are subject to
risks and uncertainties, actual results may vary significantly from those expressed or implied by the forward-looking statements
based upon a number of factors, which are described in SkyePharma's 20-F and other documents on file with the SEC. Factors that could
cause differences between actual results and those implied by the forward-looking statements contained in this news release include,
without limitation, risks related to the development of new products, risks related to obtaining and maintaining regulatory approval
for existing, new or expanded indications of existing and new products, risks related to SkyePharma's ability to manufacture products
on a large scale or at all, risks related to SkyePharma's and its marketing partners' ability to market products on a large scale to
maintain or expand market share in the face of changes in customer requirements, competition and technological change, risks related
to regulatory compliance, the risk of product liability claims, risks related to the ownership and use of intellectual property, and
risks related to SkyePharma's ability to manage growth. SkyePharma undertakes no obligation to revise or update any such
forward-looking statement to reflect events or circumstances after the date of this release.
END
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SkyePharma PLC
By: /s/ Douglas Parkhill
Name: Douglas Parkhill
Title:
Company Secretary
Date: August 11, 2006