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.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news