News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

Alchemia Achieves $3.4 Million Quarterly Fondaparinux Profit Share


2/19/2013 9:06:49 AM

BRISBANE, AUSTRALIA--(Marketwire - February 18, 2013) -


  • profit share up over 90% on last quarter
  • market share increased to 25% from 22%
  • cost of goods significantly improved

Alchemia Limited (ASX: ACL) has recorded a quarterly profit share of $3.4 million on sales of its generic anti-coagulant product fondaparinux, an increase of over 90% from the previous quarter.

The profit share results from total net sales of $12.3 million. The funds owing to Alchemia Limited will be US$2.9m following the contribution of $0.5m by Alchemia to the agreed activities to improve yields and cost of goods as previously disclosed.

Fondaparinux was launched in the US by the company's worldwide marketing partner Dr Reddy's Laboratories, Inc (DRL) in July 2011 and is an FDA approved generic version of Arixtra™, marketed by GlaxoSmithKline plc.

Dr Reddy's average market share for the quarter ending 31 December 2012 was 25%, compared with 22% for the quarter ending 30 September 2012. (Source: IMS).

Alchemia CEO Charlie Walker said: "It is pleasing to see a significant improvement in profits this quarter compared with the last quarter. This is mainly a result of the joint investment in process improvement and reduction in the cost of the API. We look forward to updating the market on next quarter's profit share."

About Alchemia Limited:
Alchemia is a drug development company with late stage oncology product pipeline (Phase II and III), and an FDA approved drug (Fondaparinux).

Fondaparinux (a generic version of GlaxoSmithKline's Arixtra®) is an injectable anticoagulant approved in the US for the prevention and treatment of deep vein thrombosis (DVT) after knee or hip surgery. The ANDA for generic fondaparinux was approved by the US FDA in July 2011 and launched in the US by marketing partner Dr Reddy's Laboratories. Alchemia received its first profits from sales of fondaparinux in August 2011.

Alchemia's pipeline of oncology products is built on the proprietary platform technology: HyACT® (targeted cancer delivery), which is used to selectively target cancer drugs to tumours. The primary objective of the HyACT® technology is to develop a new generation of anti-cancer drugs which demonstrate better efficacy. The Company has recently announced the final recruitment for its most advance cancer drug -- HA-Irinotecan which is in Phase III for the treatment of metastatic colorectal cancer.

In addition, Alchemia has a platform technology, VAST®, discovery drug discovery platform, which is based on Alchemia's chemistry expertise. VAST is run on a business model designed to limit use of cash expenditure through the use of partnerships and government grants. The company has projects running with academic institutions and evaluation underway with big pharma partners.


For further information:

Dr Mel Bridges
Chairman
Alchemia Limited
Mobile/Cell: +61 4 1305 1600

Charles Walker
Chief Executive Officer
Alchemia Limited
Tel: +61 7 3340 0200

Media enquiries, Australia:
Emma Power or Rudi Michelson
Monsoon Communications
+613 9620 3333
emmap@monsoon.com.au

Investor Relations USA:
Laura Forman
Blueprint Life Science Group
+1 415 375 3340 Ext. 103
lforman@bplifescience.com


Read at BioSpace.com


comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES