PharmAust reports $2.5m net loss for first half

Nedlands-based pharmaceutical company PharmAust Ltd has reported a net loss of $2.5 million, up 103 per cent on the previous corresponding period's 1.2 million loss.

The company recorded a 5.5 per cent increase in revenue to almost $3.4 million, though making a loss of around 2.8 cents per share.

PharmAust acquired a 39.5 per cent stake in US-based Commonwealth Biotechnologies Inc earlier this year after the sale of PharmAust's subsidiary Mimotopes Pty Ltd, with company managing director Paul D'Sylva being appointed to the board of the merged entity and announcing plans to move to the USA.

The company's manufacturing arm had achieved full production capacity and had registered its first patent expired generic drug during this period, and is aiming to commence production on seven more over the next 12 months.

Pharmaust had also signed new manufacturing contracts with grocery chains in Australia and New Zealand for the production of over- the-counter cough medicines and suncreams, as well as providing los cost paracetomol and ibuprofen through an agreement with Bristol Pharma Australia.