Appendix 4D -Half year report
Results for announcement to the market
Name of Entity | Acrux Limited |
ABN | 72 082 001 152 |
Half Year Ended | 31 December 2020 |
Previous Corresponding Reporting Period | 31 December 2019 |
Results for announcement to the market $A'000 | |
Revenues from ordinary activities | Up 39%to 800 |
(Loss) from ordinary activities after tax attributable to members | Up 21%to (7,786) |
Net (loss) for the period attributable to members | Up 21%to (7,786) |
No dividends have been declared for the half year ending 31 December 2020 or for the corresponding period.
Please refer to attached accounts for commentary on the results.
NTA Backing
Net tangible asset backing per ordinary security
Current period | Previous corresponding Period |
$0.04 | $0.07 |
ACRUX LIMITED AND CONTROLLED ENTITIES
ABN: 72 082 001 152
FINANCIAL REPORT FOR THE HALF-YEAR ENDED
31 DECEMBER 2020
This half-year financial report is to be read in conjunction with the financial report for the year ended 30 June 2020
ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152)FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2020
TABLE OF CONTENTS
Directors' Report
Page 1
Auditor's Independence Declaration
Financial Report for the half-year ended 31 December 2020
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
Condensed Consolidated Statement of Financial Position
Condensed Consolidated Statement of Changes in Equity
Condensed Consolidated Statement of Cash Flows
Notes to the Condensed Consolidated Financial Statements
1. Basis of Preparation of Accounting Policies
2. Segment Reporting
3. Research and Development Related Costs
4. Income Tax
5. Fair Value Measurements
6. Intangible Assets
7. Leasing
8. Contingent Liabilities
9. After Balance Date Events
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Directors' Declaration | |
Independent Auditor's Review Report | |
Company Information | |
Directors | Auditor |
R Dobinson - Non-executive Chairman | Pitcher Partners |
T Oldham - Non-executive Director | Level 13, |
G Brooke - Non-executive Director | 664 Collins Street |
M Kotsanis - CEO and Managing Director | DOCKLANDS, VICTORIA 3008 |
N Gray - Non-executive Director | |
Share Registry | |
Company Secretary | Link Market Services |
Deborah Ambrosini | Level 13, Tower 4 |
727 Collins Street | |
Registered Office | Docklands |
103-113 Stanley Street | Victoria 3008 |
West Melbourne | |
Victoria 3003 | Australia Toll-free: 1300 554 474 (Australia only) |
International: +61 1300 554 474 | |
Principal Business Address | |
103-113 Stanley Street | F: (02) 9287 0303 |
West Melbourne | F: (02) 9287 0309 (for proxy voting) |
Victoria 3003 | |
Telephone: (03) 8397 0100 | E:registrars@linkmarketservices.com.au |
Website:www.acrux.com.au | www.linkmarketservices.com.au |
Australian Business Number | Australian Securities Exchange Listing |
72 082 001 152 | Australian Securities Exchange Limited |
(Home Exchange: Melbourne, Victoria) | |
ASX Code: ACR |
18 19
ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152)
DIRECTORS' REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2020
The Directors present their report together with the condensed financial report of the consolidated entity consisting of Acrux Limited ('the Company') and its controlled entities ('the Group'), for the half-year ended 31 December 2020 and independent review report thereon.
DIRECTORS' NAMES
The names of the Directors in office at any time during, or since the end of the half-year are:
Name | Appointed/resigned | |
Ross Dobinson | Non-executive Chairman | Appointed 19 March 1998 |
Michael Kotsanis | Managing Director & Chief Executive Officer | Appointed 3 November 2014 |
Timothy Oldham | Non-executive Director | Appointed 1 October 2013 |
Geoffrey Brooke | Non-executive Director | Appointed 1 June 2016 |
Norman Gray | Non-executive Director | Appointed 28 November 2019 |
The Directors have been in office since the start of the financial period to the date of this report unless otherwise stated.
REVIEW OF OPERATIONS
A review of the operations of the Group during the half-year and the results of these operations are as follows:
Mission
Acrux is a pharmaceutical company dedicated to developing and commercialising generic topical prescription pharmaceuticals.
Business Strategy
Acrux has 2 commercialised products (2 brands of its Estradiol spray) which are being sold in over 30 countries, including the United States and within the European Union. In addition to its commercialised products, Acrux is expanding its range of topical generic products for the US market by leveraging its on-site laboratories, GMP manufacturing suite, clinical and commercial experience to bring affordable products to market. The Company has entered into a number of manufacturing contracts with US Food and Drug
Administration ('FDA') approved contract manufacturers for the supply of its products to the US pharmaceutical market. Acrux has also licensed a number of its products to generic companies in the United States for the commercialisation of its products following FDA approval. The development process required for generic products is substantially shorter and less costly than the equivalent process for new drug development.
Topical Generic Portfolio
At the date of this report, Acrux has 13 generic topical products in various stages of development, including 1 for which approval has been granted by the FDA and 2 for which applications have been submitted for review to the FDA. The addressable market value for this pipeline of 13 products in the United States is approximately US$1.1 billion, based on IQVIA reported annual sales data at September 2020.
A significant proportion of the 13 products in development currently have no marketed generic alternatives in the United States.
Acrux has engaged with 7 contract manufacturing organisations ('CMOs') to manufacture different products from its portfolio and has licensed 9 products to 4 generic companies to commercialise its products. All commercial licensees have successful track records selling generic products in the US market.
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Acrux Limited published this content on 25 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2021 23:29:03 UTC.