AFT Pharmaceuticals first-half loss widens
Maxigesic is now licenced in 109 countries, ahead of target.
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AFT Pharmaceuticals, the maker of ibuprofen-paracetamol painkiller Maxigesic, said its operating loss widened in the first half as it continues with its global rollout and trials new versions of its products.
The operating loss was about $8.4 million in the six months ended September 30, from a loss of $3.5 million a year earlier, the Auckland-based company said in a statement. Revenue rose 1% to $29.8 million.
At the company's annual meeting in August, it said it was on track to break even in 2018 or 2019. Its $8.9 million loss last year was in line with its prospectus. Founder and managing director Harley Atkinson told shareholders at that meeting, the first since dual-listing on the NZX and ASX last December, that he was confident the company had enough cash to reach breakeven without having to tap investors for more funds.
Maxigesic is now licenced in 109 countries, ahead of target, although it's so far only for sale in six with launches in eight more "imminent." Clinical trials were "on track" as was the regulatory process for its nasoSURF product in the US, it said.
The company will release its complete first-half results on November 24. Its shares last traded at $3.15 and have barely budged this year. They sold in last year's initial public offering at $2.80.
(BusinessDesk)
Jonathan Underhill
Fri, 11 Nov 2016
Fri, 11 Nov 2016
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AFT Pharmaceuticals first-half loss widens
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