AFT Pharmaceuticals says first-half loss widened to $8.4M

Friday 11 November 2016 09:28 AM

AFT Pharmaceuticals says first-half loss widened to $8.4M, cash burn continues

By Jonathan Underhill

Nov. 11 (BusinessDesk) - 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 Sept. 30, from a loss of $3.5 million a year earlier, the Auckland-based company said in a statement. Revenue rose 1 percent 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 Nov. 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)

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