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AFT Pharmaceuticals, which manufactures the Maxigesic painkiller, reported a full-year loss in the year to March 31 but expects to significantly narrow those deficits this year and return to profitability in the 2018/19 period.
AFT Pharmaceuticals, which manufactures the Maxigesic painkiller, raised new funds through a redeemable share issue to fuel international growth and announced plans to raise more capital in a share purchase plan.
New Zealand shares fell, led lower by Sky Network Television and Spark New Zealand, while Auckland International Airport gained after its first-half profit rose 19 per cent.
AFT Pharmaceuticals, which manufactures the Maxigesic painkiller, expects annual sales to meet analysts' forecasts of about $70 million and has adjusted its loan covenant with shareholder Capital Royalty Group.
The TGA has confirmed an interim decision that all medicines containing codeine be rescheduled to prescription-only medicines effective 1 February 2018. These products are being up-scheduled due to the risk of dependence and adverse events compared to safer analgesic products like Maxigesic. Maxigesic is a codeine-free analgesic that uses a patented combination of paracetamol and ibuprofen. AFT launched Maxigesic in Australia in 2014 and the brand is now becoming established with pharmacists and consumers.
Milford Asset Management will close out its recently launched private equity fund earlier than planned after finding more investor interest than expected.
New Zealand shares rose as Tegel Group Holdings continued its rebound from last week's record low while Warehouse Group dropped after weaker earnings guidance.
New Zealand's AFT Pharmaceuticals expects to benefit from news that all medicines containing codeine will be prescription-only in Australia from February 1, 2018.
NZ shares rose, snapping five days of decline, with Tegel Group Holdings and A2 Milk Co recovering from being sold off earlier in the week, while Vista Group International and Infratil fell.
AFT Pharmaceuticals, the Auckland-based drug-maker, will have to re-apply to Pharmac for a heart medicine supply contract it won in July 2015 after suffering disrupted supply over the past year.
New Zealand shares rose, led by Tower, Chorus and A2 Milk, as the benchmark index's 14 percent slide from its early September highs drew some investors back to the market.
The drug maker, AFT Pharmaceuticals, has reported an increased first half loss in line with expectations as it spent more on research and development and marketing.
AFT Pharmaceuticals, the Auckland-based drug-maker, widened its first-half loss to $11 million from $5.8m after ramping up research and development and launching over-the-counter products in Australia and Singapore.
Investment manager Milford Asset Management is looking to raise up to $100 million to launch a new $150m private equity fund.
Tech companies' revenue increased by 12 per cent in the year to June, according to Technology Investment Network's TIN100 report released last night.
Drug developer AFT Pharmaceuticals [NZX: AFT] still expects to break even in the 2018 or 2019 financial year, although it cannot be sure exactly when, founder and managing director Harley Atkinson told shareholders at the company's first annual meeting since dual-listing on the NZX and ASX last December.
New admissions rules by the Australian Stock Exchange represent a new hurdle for the growing number of New Zealand companies listing across the Tasman.
New admissions rules by the Australian Stock Exchange represent a new hurdle for the accelerating number of New Zealand companies listing across the Tasman.
New Zealand shares rose after Sky Network Television chief John Fellet said he'd resisted the temptation to acquire media assets and was await advice from Citibank that may include making a capital return. Orion Health Group also gained while Tower extended its decline.
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AFT Pharmaceuticals [NZX: AFT], the Auckland-based drug developer, posted a $8.9 million operating loss for the year to March 31, its first result since listing on the NZX and ASX last December, and in line with analyst expectations.
AFT Pharmaceuticals, the Auckland-based drug developer, posted a $8.9 million operating loss for the year to March 31, its first result since listing on the NZX and ASX last December, and in line with analyst expectations. Total revenue rose 14 per cent to $64 million, in part reflecting ongoing fast sales growth in the Australian market of its flagship ibuprofen-paracetamol painkiller, Maxigesic. Australian sales rose 19 per cent to $31.