Perth-based Eastland Medical Systems Ltd has moved to the next commercialisation phase of an anti-malaria treatment it believes could deliver more than $250 million in sales each year.
Following the success of phase 1 clinical trials in South Africa and Malaysia, the company expects to become profitable this year, with its anti-malaria treatment, ArTiMist, delivering better-than-expected results.
In the trials the drug, which is delivered under the tongue in spray form, exhibited an absorption rate 70 per cent better than a tablet.
With the active ingredient in ArTiMist already available in tablet and injection form, Eastland is able to move quickly to phase 3 field trials, which will test 300 people in Africa and South-East Asia affected by malaria.
Phase 3 is the final stage in the clinical protocol for ArTiMist.
The trial will be overseen by Eastland’s clinical trial consultant ProtoPharma Ltd, headed by director of development Calvin Ross.
Chief executive Dermot Patterson said he expected field trials to start in the third quarter.
“This is not a new drug; this is actually based on an existing drug available in a tablet form or in an injection,” he said.
“What we’ve done is modify it so it can be delivered in a different method, and that’s why we don’t feel there is that level of risk normally associated with a new drug.
“The other great thing about this drug is that it doesn’t require special storage, which is great for Africa and Asia; it’s a very durable product in that regard.”
The drug will initially be produced by manufacturing facilities both in the UK and through an initial pilot plant in Germany, before it moves to mass production over the next 12 months.
The company is projecting revenue of around $21 million in the second year of production and up to $85 million by year four. Ultimately, the drug could generate peak sales of more than $250 million, which Mr Patterson said would be towards the fifth year in the market.
