Friday 12th May 2017
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AFT Pharmaceuticals more than tripled sales of its flagship Maxigesic tablet in the 2017 financial year and anticipates more growth as it taps new markets.
The Auckland-based drug maker sold 74 million tablets in the year ended March 31, up from 22 million tablets a year earlier, it said in a statement. The company will report earnings next week, and in March said it expected to generate annual sales of between $69 million and $71 million, up from $65.8 million a year earlier.
The increase in Maxigesic sales "was primarily driven by strong sales growth in existing markets such as Australia, Italy and United Arab Emirates together with a new launch in the key UK market," chief executive Hartley Atkinson said. "Sales growth going forward for Maxigesic tablets will be fuelled by these new country launches, growing sales from existing markets, and further line extensions such as Maxigesic IV (intravenous), Oral Liquid and Sachets."
In March, the company raised $9.1 million from cornerstone investors CRG and Atkinson's family trust through a redeemable share issue to pay for the international expansion and said it planned to seek more capital through a share purchase plan from existing shareholders.
Separately, AFT today said the US Food and Drug Administration accepted its application to register Maxigesic tablets in the US, meaning the New Zealand firm is two-thirds of the way through the regulatory process.
The shares last traded at $2.25 and have dropped 18 percent so far this year.
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