ALCHEMIA REPORTS NET LOSS OF $15.8M

Written on the 26 February 2015

ALCHEMIA REPORTS NET LOSS OF $15.8M

BRISBANE biotech company Alchemia (ASX:ACL) has reported a net loss of $15.8 million for the first half of the 2015 financial year, compared to $5.5 million for the six months ending 31 December 2013.

A contributing factor of this result was the failure of its recent cancer drug trial.

The pivotal phase three clinical trial of HA-Irinotecan in metastatic colorectal cancer failed to reach its primary endpoint in significant improvement in progression free survival and did not meet its secondary endpoint of an improvement in overall-survival.

This led to shares dropping by 83 per cent from 51.5 cents to 10.5 cents, in November 2014. 

Since the announcement of the above results, ACL has undergone a strategic review of all its assets and operations.

In addition, ACL has recorded profit share income arising from sales of fondaparinux - a collaboration agreement with Dr Reddy's Laboratories - of $2.8 million for the period and had net assets of $11.6 million.

In addition, operating expenditure of $24.9 million increased by $14.2 million over the corresponding period.


Latest News

GROUPTOGETHER A GIFT FOR TIME-POOR PARENTS

JULIE Tylman and Ali Linz have taken the stress out of gift giving by creating GroupTogether, an online platform whic...

SIRTEX CEO DISMISSED FOLLOWING SHARE TRADING PROBE

SIRTEX Medical Ltd (ASX: SRX) has sacked its chief executive officer, Gilman Wong (pictured), following an investigat...

SANTA DELIVERS KOGAN A GIFT

KOGAN.COM (ASX: KGN) has exceeded its expectations and reported another strong quarter of trade.

The online retail...

FOUR WAYS YOU SHOULD PROTECT YOUR IT SYSTEMS FROM EXTREME WEATHER

SHANNON Overs, co-founder of onPlatinum ICT, sees it too often, perhaps half a dozen times per year businesses tha...

Related News

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

FEMALE ENTREPRENEURS GET SPRINGBOARD TO GROWTH

DESPITE the fast-growing number of women studying STEM subjects at school and university, women continue to be und...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter