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This is a 33% increase in sales compared to US$29.3 million for the previous quarter to 30 June, 2016. Acrux shares were last trading at $0.355, up 6% intraday. Axiron is an underarm testosterone solution used to treat adult males who have low or no testosterone due to certain medical conditions. Acrux has developed Axiron and licensed it to Eli Lilly, receiving royalty payments on the basis of sales.
Yesterday I wrote about bad news for Eli Lilly (NYSE:LLY) and Acrux (ASX:ACR) (OTCPK:ARUXF) for their testosterone replacement therapy. The US District Court for the Southern District of Indiana declared the core protective patents for Axiron, delivery of testosterone through the armpit, to be invalid.
Biotech is full of risk and nowhere is that more apparent than in the area of intellectual property protection. Patents define the value of blockbuster drugs, but they only offer protection if they survive challenge.