SkyePharma falls on bond update

SkyePharma (LSE:SKP) fell 1.75p (32%) to 3.73p after it said discussions had ended on a proposal to refinance or renegotiate L69.6 million ($137.3 million) in convertible bonds that may be called for repayment in May 2009. Earlier this year, the company said it hoped to announce definitive plans for refinancing or renegotiating the bonds "shortly after" announcing data for two Phase III trials of Flutiform fluticasone/formoterol to treat asthma. Flutiform met the primary endpoints in both trials, with the company announcing data from the second study last week (See BioCentury Extra, Thursday, July 03, 2008). ...