PharmaZen lifts surplus and turnover

Thursday 21st April 2011

Christchurch-based global biotechnology company PharmaZen lifted its full year surplus and turnover, as the company gained from investment in new plant in recent years.

For the 2010 calendar year, the company reported a surplus before tax of $482,338 compared to $186,088 the year before. Turnover rose to $6.28 million from $5.21 million.

PharmaZen chief executive Craig McIntosh said production volumes were up by 30%, but because of recent investment in the plant, product was being put through at less than two-thirds the cost of 2005.

Growth in demand for the company's products continued to be strong and would be supported by favourable clinical trials, McIntosh said.

Against that, the forecast for 2011 exchange rates was for the New Zealand dollar to maintain levels against the US dollar that were well above those of 2010, with the strength of the NZ dollar the single biggest challenge for the company.

Among initiatives under way was a $250,000 investment in clinical trials to validate recent product developments, co-funded by the Foundation for Research Science and Technology.

PharmaZen shares, traded on the Unlisted securities trading and communications facility, were at 33c having ranged between 25c and 35c in the past year.

NZPA

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