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

 

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Transport: Boards Of Inquiry For Auckland Roading Projects

Boards of Inquiry have been appointed to decide on two significant Auckland roading projects in a move which will get a decision by the end of the year, Environment Minister Dr Nick Smith and Conservation Minister Maggie Barry announced today. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news