Circassia Pharma - One to grow in 2020/21/22



I found the write up quite compelling and Richard Griffiths is no mug and now the largest holder, certainly worth having some. in my view.

The write up was from Finncap in September, PDF download link below:


Web site is

Currently some insti selling and others buying. Looks primed now for cash generation in 2020 and moving to profits in 2021. No need for any further fund raising. Products in Respiratory area, which is fast growing in some aspects of their business due to all the air pollution around now.

Certainly a good idea for a share to hold for the coming couple of years, significant potential in my view.


Adams Increases Stake In Circassia Pharmaceuticals

Fri, 3rd Jan 2020 09:50
Alliance News

(Alliance News) - Adams PLC on Friday said it has raised its holding in Circassia Pharmaceuticals Ltd.

Adams, which invests in AIM-listed companies, bought 2.4 million shares on Thursday at an average price of 19.0 pence per share for a total investment of GBP456,229. It brings its holdings in Circassia to 3.1 million shares, an 0.8% stake.

Circassia shares were up 1.4% at 19.70p on Friday morning in London.

The follow-on investment comes after Circassia early in December forecast revenue for 2019 to be between GBP60 million to GBP65 million compared to the GBP48.3 million in 2018.

Following the purchase investment, Adams has a cash balance of around GBP1 million, it said.

Shares in Adams were trading flat at 5.00p each on Friday morning in London.



Delivered as promised.



Comment from Finncap.

Morning Note 9 January 2020

Circassia issued a positive trading update for the year to 31 December 2019, with revenues expected to be in the middle of its £60-65m guidance range and in line with our forecasts. Year-end cash was c.£11m higher than our expectations at £27m, due to working capital timing (delayed payment for Tudorza and Duaklir inventory and boosted by third-party rebates). Stripping out these timing effects, there was a modest H2 2019 cash outflow (we estimate to have been c.£5m), which nevertheless contrasts starkly with the £20m outflow in H1 and underpins our view that the business will be EBITDA positive in 2020. We reiterate our target price of 80p, which is supported by premium revenue growth (2-year CAGR of 30%), cash generation and deleveraging balance sheet



Broker update (PDF file):



NIOX sales in China were up nearly 200% at the interims, massive growth there.

And the new version will also enhance more sales growth moving forward.



Nice to see. More of the Invesco overhang being cleared I assume.




More of the Invesco overhang gone with more II buying :