Pharmacy Daily | IDT plans local generics push

Melbourne based pharmaceutical manufacturer IDT Australia has announced a capital raising, with the aim of funding a range of initiatives including “conversion of existing IDT assets into a range of IDT owned generic drug registrations”. Last week the company went into a trading halt prior to announcing a rights issue, which aims to raise about $3.1 million. IDT is based in Boronia, and has 25 years experience in the development of “high potency and high containment pharmaceutical products for local and international clients”. IDT also operates a clinical research services business called CMAX, based at the Royal Adelaide Hospital in South Australia, providing full Phase I clinical trials management and delivery, recruitment for Phase II and Phase III trials as well as trial packaging, distribution and pharmacy services. The company also reported its full year results for the 12 months to 30 Jun, which saw a $5.3 million net profit after tax, down 191%. Revenue was up 7% to $10.66 million, but directors wrote off $1m in intangible assets and $1.4m in deferred tax losses. Strategic investment in IDT by Japanese company l’rom Holdings has supported both companies and increased opportunities for increased and accelerated development of IDT’s CMAX clinical trials business. Together with new ceo and md appointee Dr Paul MacLeman and other senior management recruits from major pharmaceutical companies, strategic plans are in place to turn around IDT’s fortunes. Specifically, a range of as yet unutilised IDT-owned generic drugs will be brought to market as well as ‘more substantial projects’ that will add significantly to the value of the company,” says the report.

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