SOURCE: Alchemia


August 20, 2013 06:00 ET

Alchemia Reports Record Fondaparinux Quarterly Profit Share

BRISBANE, AUSTRALIA--(Marketwired - Aug 20, 2013) -

  • A$3.9m profit share for quarter ending 30 June 2013
  • Total Alchemia fondaparinux profit share of A$9.6m for FY 2013
  • Fondaparinux approved in Canada with launch expected soon

Australian drug discovery and development company Alchemia Limited (ASX: ACL) today announced a record quarterly profit share of A$3.9 million (US$3.5 million) on sales of its generic anti-coagulant drug fondaparinux for the quarter ended June 30, 2013. This notable outcome is the most successful quarterly sales result since the product was launched in 2011.

International marketing partner, Dr Reddy's Laboratories Ltd ("Dr Reddy's"), recorded net quarterly U.S. fondaparinux sales of US$12.2 million in the quarter ended June 30, 2013. Under the terms of its collaboration, development and marketing agreement with Dr Reddy's, Alchemia will receive A$3.3 million (US$3.0 million). This payment is net of Alchemia's ongoing contribution of A$0.6 million (US$0.5 million) towards yield and cost of goods improvement activities as previously announced on September 24, 2012. For the 2013 financial year, Alchemia will receive a total net profit share of A$9.6 million (US$9.5 million) from fondaparinux sales.

"We are delighted to report a record quarter of fondaparinux profit share for Alchemia," said Alchemia's CEO, Charles Walker. "Sales volumes have recovered from those seen in the previous quarter and, specifically for this quarter, net pricing has been stronger than expected. These results build on our positive news flow over recent months with announcements of collaborations with two world leading pharmaceutical companies, AstraZeneca and Merck Serono. We believe that Alchemia is optimally positioned to capitalize on opportunities across all of our business lines going forward."

Dr Reddy's has also announced that it has received regulatory approval to market fondaparinux in Canada. Total sales for fondaparinux in Canada for the year ended December 31, 2012 were US$2.9million (Source: IMS MAT Dec 12). Alchemia's generic version of fondaparinux is expected to be launched in the region in the next few months. This follows its launch in India in April, which was the first territory outside the United States approved to market the product.

About Alchemia Limited

Alchemia is a drug discovery and development company with an FDA approved drug (fondaparinux), a late stage oncology product pipeline (Phase II and III) within its wholly owned subsidiary, Audeo Oncology, Inc. (Audeo), and a proprietary drug discovery platform, VAST.

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.

Alchemia's wholly-owned subsidiary, Audeo, is developing a suite of oncology drugs using its proprietary platform technology HyACT® which targets anti-cancer drugs to solid tumours. The most advanced HyACT drug, HA-Irinotecan, is in a Phase III clinical trial for the treatment of metastatic colorectal cancer with results expected in H1-CY2014. This product is also in two Phase II trials, the most recent in collaboration with Merck Serono in which HA-Irinotecan is being tested in combination with Erbitux® (cetuximab).

The VAST technology is a drug discovery platform being developed in collaboration with world leading academics and is partnered with AstraZeneca AB.

Contact Information

  • Contact

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

    Media enquiries, Australia:
    Emma Power or Rudi Michelson
    Monsoon Communications
    +61 3 9620 3333

    Audeo Oncology, Inc.
    Charles Walker
    Chief Executive Officer
    Audeo Oncology, Inc.
    Tel: +61 7 3340 0200

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