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

 


Promisia widens first-half loss as it chases US expansion

Promisia widens first-half loss as it chases US expansion

By Suze Metherell

Aug. 29 (BusinessDesk) - Promisia Intergrative, the listed-therapeutic health supplements company, widened its first-half loss as it looks to expand its Arthrem brand into the United States. The shares gained.

The Wellington-based company booked a loss $388,000 in the six months ended June 30, from a previous loss of $72,014 for the same period a year earlier, it said in a statement. Sales rose 85 percent to $122,000.

The company's Arthrem brand, which makes a herbal-based dietary supplement pill said to maintain long-term joint health, currently only sells in New Zealand, through distributor Pharmabroker and its online store. Chief Executive Charles Daily has relocated to the US where it wants to enter the market.

It is also spending on research to scientifically validate its herbal pills, and received funding from Callaghan Innovation, the government's innovation fund, which covered 40 percent of the cost to undertake its in vitro laboratory studies of its plant extracts which has had positive initial test results, Promisia said, without being more specific. It recieved further Callaghan assistance for its Dunedin Hospital trial.

"Our goal is to add scientific methodology and validity to an industry that is often perceived as unscientific," Promisia said in a statement. "Further development of new products, following similar steps as for Arthrem in terms of scientifically and clinically proving efficacy and safety and employing a similar sales platform, will bolster future sales growth."

Shares of Promisia rose 7.1 percent to 4.5 cents and have declined some 40 percent this year. The company also raised $567,000 from its share purchase plan and an additional placement of subscribed shares worth $1.28 million was made to a range of investors, it said. The new shares were all issued at 4.08 cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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