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

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news