Phosphagenics reduces loss to $550k on revenue up 252%Published...

Phosphagenics reduces loss to $550k on revenue up 252%Published 9:06 AM, 16 Aug 2010

Source: News Bites


Phosphagenics Ltd for the half year ended June 30 on August 13 announced an after tax loss of $550,000 compared with a loss of $3.584 million previously on revenue up 252% to $5.140 million.

NTA backing per share is 1.27c compared with 1.52c.

Basic and diluted loss per share is 0.07c compared with 0.54c.

Cash in had $8.433 million compared with $9.313 million.

Phosphagenics said it continues to commercialise its unique patented technologies with positive results from a phase 1b clinical study using the company's patented TPM (targeted penetration matrix) for the transdermal delivery of oxycodone.

An agreement was signed appointing Pulse Pharmacies the exclusive Australia-wide distributor of Phosphagenics' new Elixia skincare product range.

A joint venture was formed with ProPhase Corporation to develop a wide range of OTC remedies for worldwide sale.

A global agreement was signed with Novartis Animal Health to develop their patented transdermal insulin delivery system for the treatment of diabetes in companion animals, opening new opportunities for Phosphagenics in the veterinary market.

Southern Cross Equities was appointed corporate adviser.

KENS