SOURCE: SkyePharma PLC

May 04, 2007 11:04 ET

SkyePharma PLC announces EGM Result

London, UK -- (MARKET WIRE) -- May 4, 2007 --

 SkyePharma PLC Announces Results of Shareholder Vote and Grant of Awards 
                  under the New Long-Term Incentive Plan

LONDON, UK, 4 May 2007 - SkyePharma PLC (the "Company") (LSE: SKP; Nasdaq: SKYE) announces the results of the voting by shareholders at the Extraordinary General Meeting held earlier today. The resolution approving the SkyePharma PLC 2007 Long-Term Incentive Plan (the "LTIP") was passed.

The Remuneration Committee has granted the following conditional nil cost share awards to the Executive Directors under the SkyePharma PLC 2007 Long-Term Incentive Plan.

In accordance with the rules of the LTIP, LTIP awards were granted on 4 May 2007 at a price of 23 pence per Ordinary Share (the closing share price on the preceding dealing day) as follows:

Executive Director           Number of Ordinary Shares subject to the 
                                LTIP Award at a price of 23 pence per 
                                                       Ordinary Share

Frank Condella (CEO)                                        5,869,565
Dr Ken Cunningham (COO)                                     3,260,869
Peter Grant (FD)                                            2,739,130

The Ordinary Shares subject to LTIP awards will only be released to the directors in three years time subject to their continued employment and the satisfaction of the following conditions:-

     
-    10% of the Ordinary Shares subject to LTIP awards will be released if
     the Company's share price is 35 pence at the end of the three year 
     period with 100% released for a share price of 55 pence;

-    the Remuneration Committee will also be ensuring that the underlying
     financial performance of the Company is consistent with its share 
     price performance.


For further information please contact:

SkyePharma PLC
Frank Condella, Chief Executive Officer
Ken Cunningham, Chief Operating Officer                 +44 207 491 1777
Peter Grant, Finance Director

Financial Dynamics (London enquiries)
David Yates / Deborah Scott                             +44 207 831 3113

Trout Group (US enquiries)
Christine Labaree / Seth Lewis                          +1 617 583 1308

About SkyePharma PLC

Using its proprietary drug delivery technologies, SkyePharma develops new formulations of known molecules to provide a clinical advantage and life- cycle extension. The Group has ten approved products in the areas of oral, inhalation and topical delivery. The Group's products are marketed throughout the world by leading pharmaceutical companies. For more information, visit www.skyepharma.com.

                      This information is provided by RNS
            The company news service from the London Stock Exchange