BRISBANE, AUSTRALIA--(Marketwire - Feb 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.