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This has allowed us to replace a number of the agents with higher quality employees, with a consequent cfide med hydrocodone increase in effectiveness at the sales level. CSD contributed £2.7m (2005:£nil) to the revenue of Sinclair for the period from acquisition to 30th June 2006. We have been particularly pleased with the progress of the integration of CSD and that the business has itself continued to trade in line with our expectations. * UK acquisition xanax online shipped happened post-period Sales through marketing partner network Revenues from our out-licensing activities for the period are summarised below: 2006 2005 £m £m Product sales 5.0 3.4 Royalties 0.7 0.2 License fees xanax online shipped and milestones 0.5 2.3 Total 6.2 5.9 Recurring revenue from product sales and royalties increased 58% to £5.7m from £3.6m in 2005. Product sales growth has been driven principally by sales of Atopiclair(tm) Cream into the US of £0.7 m (2005: £0.4m), where it was launched by Chester Valley Pharmaceuticals, and was running at 2,000 prescriptions per week in June 2006. Also growth has come from sales of Decapinol(tm) in Italy, Spain, and Israel of £0.5m (2005: £0.2 m).

Royalties are principally derived from the sales of Atopiclair(tm) in the US of £0.3m (2005: £nil) and Gelclair(tm) worldwide of £0.2m (2005: £0.2m). During the period Sinclair recognised license fees and milestones of £0.5m (2005: £2.3m), including launch fees for Decapinol(tm) in Spain and Xclair(tm) and Salinum(tm) in the US.

On 29th June 2006 a license fee of $1.0 m was received from OraPharma Inc., a subsidiary of Johnson & Johnson, upon the signing of a distribution agreement for the sale of Decapinol(tm) Rinse in the US. In accordance with Sinclair's accounting policies this fee will be amortised over the initial 5 year period of the agreement and so there has been negligible impact of this on the results to 30th June 2006. Losses Sinclair recorded a loss before tax for the year of £2.8m (2005: £1.8m). This included a charge for the non-cash cost of share based incentives of £0.1m (2005: £0.1m) charged in accordance with IFRS2. The reported loss was in accordance with the board's expectations and reflects investment in pipeline and infrastructure to achieve future profitable growth. CSD contributed £0.3m profit before tax in the three months post acquisition.

The charge for amortisation of intangible assets of £0.3m (2005: £0.1m) included £0.2m in respect of the intangible assets of CSD. Taxation xanax online shipped The taxation charge for the year of £0.1m (2005: £0.1m) represents tax payable in France and Italy. At the start of the year the Group had brought forward tax losses of £4.0m which will be increased by the tax losses for 2006. Liquidity and Capital Resources Sinclair had cash balances of £5.0m (2005: £4.9m) at 30th June.

Net cash inflow during the year was £26k (2005: (£3.3m)), which included equity capital raisings (net of expenses) of £7.1m (2005: £0.4m) and was after the deduction of operating cash outflow of £3.2m (2005: £2.6m) and cash used for acquisitions and related share issue costs of £4.1m (2005: £1.2m). Loss per share Sinclair recorded a loss per share of 4.5pence (2005: 3.7 pence).

Jerry xanax online shipped Randall ACA Chief Financial Officer Directors&Officers The board comprises - Two Executive Directors and four Non-executive Directors: Ralph Stephen Harris B.Pharm, F.R.



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