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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news