AFT talks up flying start
August 8, 2016
LICENSED to sell products in
109 countries around the world,
and having raised approximately
$32m at a listing price of $2.80 at
its Initial Public Offering late last
year, AFT Pharmaceuticals has
recorded an early strong income
and cash flow for FY16, according
to chairman David Flacks.
Speaking on Fri at the company’s
inaugural annual general meeting
since it was floated on the ASX
(PD 11 Dec 2015), Flack said the
company recorded total income
for FY16 of $65.8m with operating
revenue of $64m and $1.8m of
licensing income, an operating loss
of $9m and with available cash of
more than $28 million.
Keys to ongoing company growth
include completion of development
of major innovative products,
clinical trials, registration of those
products into markets around
the world, growth of the existing
Australasian business through
further product development and
licensing of products and expansion
of the South East Asian sectors of
the business.
As well as planning to broaden
its reach to even more countries,
the company is on track to file its
Nebuliser nasal device and its first
line extension for Maxigesic in the
US later this calendar year.
While the vast majority of AFT
business is at this stage based in
Australasia (97.4%), South-East
Asia and the rest of the world have
grown by around 300% compared
to FY15.
Flacks told shareholders “your
company is in good heart and in
good hands” having transitioned
well from the private to the publicly
listed company environment.
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