Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Kiwi company secures funding for international growth

19 May 2014

Kiwi company secures major funding to continue remarkable international growth

Auckland pharmaceutical company, AFT Pharmaceuticals, has secured major capital investment from United States and New Zealand investors that will allow the company to make further inroads into the global pharmaceutical market.

Capital Royalty (Houston, USA) and Milford Asset Management (Auckland) have collectively invested US$14M in equity in AFT Pharmaceuticals, with Capital Royalty providing additional long-term capital of up to US$30M from a structured loan facility. Capital Royalty invests in companies specialising in biopharmaceutical products and medical technologies.

Company founder and Managing Director, Dr Hartley Atkinson, says that AFT Pharmaceuticals remains very much a New Zealand company. AFT Pharmaceuticals’ founders and only shareholders to date, Atkinson Family interests, will retain almost 90% ownership of the company going forward. “This funding deal reects the international growth potential of the business. It just goes to show that if companies can develop their intellectual property and keep it here, you can run a successful global operation here in New Zealand,” said Dr Atkinson.

AFT Pharmaceuticals has an extensive, growing development portfolio of patented drug combination and ‘orphan drug’ products, as well as a unique drug device for intranasal delivery of therapeutic agents. AFT Pharmaceuticals will use the proceeds to increase its R&D activities and to build up existing business in Australia and its new markets in Asia, where AFT has ofces in both Malaysia and Singapore.

AFT Pharmaceuticals will also continue to out-license its prescription and OTC products in countries where it does not have an operating presence. “To date, we have out-licensing and distribution agreements in 42 countries around the world and building upon these arrangements will be a key activity,” said Dr Atkinson.

The investment announcement comes on the back of the discovery by AFT Pharmaceuticals of a major formulation error in many cold and u drugs used around the world. The discovery was published in the prestigious New England Journal of Medicine and received international attention, including in New Zealand, Australia, China, and the United States.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news