LONDON (ShareCast) - Drugs company SkyePharma has named current chief operating officer Ken Cunningham its new chief executive, as it completes its financial restructuring programme.

Cunningham takes over from Frank Condella who, appointed chief executive in March 2006, led the group's major restructuring, including the sale of its loss-making Injectable Business.

In Wednesday's company update SkyePharma said its restructuring now involves refinancing or renegotiating its convertible bonds.

The group said it will announce detailed plans for its refinancing after the results of two key trials of its asthma treatment Flutiform expected this summer.

Extra clinical work on Flutiform for US regulators has so far delayed its launch. It is hoping to launch Flutiform next year.

Gearbox designer Torotrak is stuck in reverse again today after it warned yesterday that the delay in the start of Infinitrak production plus softening demand in the US is likely to result in significantly lower than expected Infinitrak sales for the current year

“Whilst it is very encouraging to have delivered a year of positive operating cash flow, earlier than planned, this achievement needs to be seen in the context of our three year plan, where the substantial initial licence payments secured during this year are likely to be balanced by lower levels of cash inflow next year,” said the group.

“Overall, our objective is to generate sustainable and recurring positive operating cash flow from the year ending 31 March 2010 onwards.”

“Although we are approximately one year behind our original production plan, achieving our first sales in this market through our joint venture, Infinitrak, is a major milestone,” added boss Dick Elsy.

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