Maxigesic lifts AFT

AFT Pharmaceuticals has released its financial results for the six months to 30 Sep, with the company saying it is “on track to return to profitability” after shrinking losses to just $100,000 for the period, versus $6.7 million for the same time last year.

The improvement in operating loss came from strong growth in gross profit (up 24% to $17.8 million) and reduced research and development costs, as clinical trial programs identified at the time of AFT’s 2015 public listing conclude.

R&D investment reduced to $2.2m, with the programs allowing AFT to commence regulatory filings for new Maxigesic products which will support future revenue growth.

New forms of Maxigesic include an intravenous version for hospital use and an oral liquid for children.

Additional dose forms, hot drink sachets and dry stick sachets, are also in development with regulatory filings expected to commence in 2019.

Total income during the period was $40.2m, with CEO Hartley Atkinson claiming Maxigesic had achieved a “market leadership position in Australia for paracetamol-ibuprofen combinations.

“We see the opportunity of significant ongoing growth from Maxigesic tablets and additional dose forms,” he said.

Maxigesic is now being sold in 15 countries and licensed in 128, with the company expecting the second half of the financial year to generate greater revenues and profitablity for the business.