AFT loss narrows in half-year

The maker of the Maxigesic painkiller has narrowed its half-year loss because of improving revenue in Australia.

AFT Pharmaceuticals narrowed its half-year loss. Photo: 123RF

AFT Pharmaceuticals' loss was $6.7 million in the six months ended September, compared with a $8.4m loss the previous year.

Operating revenue rose 23 percent to $36.6m, driven by growth in Australia, with a slight rise in New Zealand and other global markets.

The Maxigesic product is now being sold in 10 countries and further launches are expected, including in Europe, but the timing of that is hard to forecast.

In the meantime, chief executive Hartley Atkinson said Australian growth was expected to drive revenue.

He said from February in Australia, codeine-based painkillers would move from over-the-counter to prescription only.

Dr Atkinson said Maxigesic was expected to benefit from that because it was codeine-free.

The company has cash on hand of $7.2m after research and development spending, along with a $US10m cash facility if needed.

It hopes to get back in the black and turn a profit in 2018 or 2019, but that's depended on finalising licensing agreements that are currently under negotiation.