Oxford-based biopharmaceutical company Circassia expects to launch an asthma drug later this year and has begun to generate turnover following two recent acquisitions.

Circassia chief executive Steve Harris said the firm, which employs 64 people at its Oxford Science Park base, would release its first product, an asthma drug called Fliveo, in the UK “by the end of this year”.

He said the company also plans to launch its cat-allergy treatment in “the back end of 2017”.

He added: “It dramatically changes your immune status [to cats].”

Circassia has commenced two- and five-year trials of the cat treatment on 1,400 people in a phase three study to determine its longevity.

Mr Harris said: “We don’t know how long it will last yet.”

Results of the testing are expected in the first half of 2016.

The treatment involves four injections over 12 weeks, using a micro-needle (tiny, hollow silicon crystals) rather than a traditional needle and syringe.

Circassia recorded a turnover of £0.6m in the six months to June 30, 2015, compared to zero turnover in the first half of 2014. Mr Harris said this accounted for just eight days’ turnover from one of Circassia’s two acquisitions in June 2015, Aerocrine, which generated £9.1m in turnover during the first half. The other acquisition was Prosonix.

Circassia posted a £21.7m loss after tax in the first half, up from a £16.2m loss in 2014. The company had £238.9m in cash or cash equivalents at June 30, 2015 and no debt.

“The business is in great shape,” said Mr Harris. “We’re progressing well. We’ve had a pretty transformative six months.”