Circassia shares plunge as its partner terminates agreement
Specialty biopharmaceutical company Circassia Pharmaceuticals updated the market on its licensing agreement with BeyondAir, previously AIT Therapeutics, on Thursday.
The AIM-traded firm said the agreement was for the commercial rights to the late-stage ventilator-compatible nitric oxide product ‘LungFit PH’, previously AirNOvent, in the United States and China.
“Circassia has received a notice from BeyondAir stating that it has terminated the agreement for material breach,” the board said in its statement.
“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.”
At 1635 GMT, shares in Circassia Pharmaceuticals were down 11% at 18.6p.