Wednesday 4th November 2009
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Savoy Equities, the oils and resins extraction business working towards manufacturing an anti-malarial product, is looking to tap the market in Papua New Guinea amid “very encouraging” trials of the company’s Artemisia herbal capsules.
The company’s managing director Garrick Wells has been in discussions with health department and government officials amid trials in rural PNG that have shown better outcomes than the medication patients were previously on. More than 200 patients in the trial exhibited “highly promising results” according to the company’s annual report.
The Artemisia capsules are herbal-based, and won’t require a medical prescription, broadening the availability of the treatment if and when it becomes distributed, Wells said in a statement.
Savoy reported a $172,000 loss in the six months ended June 30 and the shares, which trade infrequently, have climbed 25% to 1.5 cents in the past year.
Wells said the company’s capsules use a much smaller amount of pure artemisinin with and would offer a “highly cost effective means of alleviating symptoms” of malaria.
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