Alchemia Announcement link here.
• Net profit share from fondaparinux of A$9.6m (US$9.5m) for the financial year
• Annual loss for the year of A$4.8m, compared with A$15.1m for the previous year
• Cash and receivables at 30 June 2013 of A$25.3m
• Phase III trial of HA Irinotecan fully recruited
• Collaboration with Merck Serono SA for an investigator led Phase II trial of HA-Irinotecan and Erbitux®
• Partnership with AstraZeneca AB on the Company’s VAST drug discovery platform
FY 2013 Overview
BRISBANE, Australia: 30 August 2013 – Alchemia Limited, (ASX – ACL) (Alchemia or the Company), an Australian drug discovery and development company, announces today its results for the financial year 2013. In the year, the Company saw significant progress across its key assets:
• Fondaparinux: Alchemia’s FDA approved generic anticoagulant drug, has contributed its first net profits which amounted to A$9.6million (US$9.5 million) for the fiscal year. Fondaparinux, marketed in the US, also received approval for sale in the Canadian and Indian markets.
• HA-Irinotecan: the Company’s pivotal Phase III trial of HA-Irinotecan for metastatic colorectal cancer has been fully recruited. An investigator sponsored Phase II trial of HA-Irinotecan will be initiated with Merck Serono (Merck) and another Phase II trial, evaluating HA-Irinotecan in small cell lung cancer, has progressed.
• VAST drug discovery platform: a collaboration with AstraZeneca AB was agreed to utilise the VAST drug discovery platform. The collaboration opens the opportunity for new drug targets with potential revenue streams and provides financial support to defray the operational costs of the platform.
Alchemia reported a loss of A$4.8m for the year and has ended the year with a strong cash position. A cash balance of $13m and receivables of $12.3m million ensure the Company is well financed to meet the expected costs of its Phase III and Phase II trials.
FY 2014 Outlook
Charles Walker, Alchemia’s CEO, commented, “It is exciting to see the progress made over the year across our assets, and in particular taking fondaparinux and HA-Irinotecan to major value points. HA-Irinotecan is near the completion stage of its pivotal Phase III trial, with top line results expected in H1 CY 2014. Our first drug to market, fondaparinux, now has established revenue streams with the potential for further growth through new market approvals and cost reductions. We are now aggressively pursuing the various options open to us to maximise the shareholder value for both these assets. FY 14 promises to be a watershed year for Alchemia.”