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

 

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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