Overview
Pharmaxis completed 2010 with a cash position of $86 million.
Research & development continues to be our major area of expenditure, increasing from $29 million in 2009 to $35 million in 2010. Research and development includes drug discovery (9%), preclinical development (3%), clinical development (62%), and manufacturing (26%). The largest expenditure increases were: in clinical development where we has three international Phase 3 trials dosing subjects during the year and had an active dialogue with regulators in the EU, US and Australia; in manufacturing where we supplied product for clinical trials and progressed validation of the new manufacturing facility; and, in drug discovery where we added the Montreal laboratory following the acquistion of Topigen Pharmaceuticals Inc.
Commercial expenses of $5.7 million include sales and marketing cost and the preparation for the commercial launch of Bronchitol for CF in Europe and the US and for Aridol in the US.
Administration expenses of $9.7 compares to $5.8 million in 2009. The increase relates to restructuring cost associated with the Topigen acquisition. Finance cost represent the finance charge associated with the capitalised finance lease of our new facility which commended in May 2009, and the increase in 2010 reflects a full year's expense.
Aridol sales for 2010 of $0.8 million increased 40% from 2009. Australian, European and Korean sales grew 16%, 49% and 406% respectively.
In 2010 we invested $2.9 million in property, plant and equipment as we completed the manufacturing expansion. We also received $4.1 net cash from the acquistion of subsidiaries.
Please refer to the Pharmaxis 2010 Statutory Annual Report for:
Pharmaxis Financial History
(prepared in accordance with Australian equivalents to International Financial Reporting Standards)
updated 27th January, 2011
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