AFT Pharmaceuticals now licensed in 124 countries worldwide
By Rebecca Howard
July 20 (BusinessDesk) - AFT Pharmaceuticals, which manufactures the Maxigesic painkiller, said it is now licensed in 124 countries worldwide after it inked a deal with a private European pharmaceutical company called Amicus SA Switzerland.
The agreement is for the licensing of its product line in three regions: the Baltics (Latvia, Estonia and Lithuania), Central Eastern Europe (Czech Republic, Hungary, Bulgaria, Romania and Slovakia) and most of the Balkans (Croatia, Slovenia, Serbia, Montenegro, Bosnia and Macedonia).
Maxigesic is currently sold in eight countries and "getting these agreements in place shows that we are expanding on our planned pathway to deliver on our sales targets," said chief executive Hartley Atkinson.
Atkinson said Thursday some additional launches from the Amicus deal will take place within the closing period of the 2018 financial year.
The company had previously said it expects registration and product launches covering existing agreements to occur on a phased basis, with one-third in FY2018, one-quarter in both FY2019 and FY2020 and the balance in FY2021.
The company also said a deal inked in May with a French pharmaceutical company to out-license the product lien of Maxigesic to France, Monaco, Andorra and French dependencies was with Laboratoires Expanscience headquartered in Courbevoie, France. At the time, it was unable to disclose the name of the company.
Atkinson also underscored that news that opioid derivatives would be added to France's list of prescription only medicines, will improve the sales prospects for codeine-free Maxigesic.
AFT shares last traded at $2.35 and have dropped 26 percent in the past year.