Join our daily newsletter At The Bell to receive exclusive market insights
- Drug delivery company SUDA Pharmaceuticals (SUD) has had a busy third quarter, ushering in a new CEO and licencing agreement
- The company’s cash receipts for the quarter hit $323,000, while the company finished the month of March with approximately $1.5 million in the bank
- Despite the sum, SUDA says it’s not shutting itself off from the option to strengthen its balance sheet in the future
- During the March quarter, the company welcomed CEO Dr Micheal Baker and hired a new General Manager for its Perth Operations, Tony Macintyre
- In March, the company also signed a new licence agreement with Mitsubishi Tanabe Pharma Korea for its ZolpiMist insomnia spray
- Despite the report, SUDA is down 4.17 per cent on the market today, selling shares for 4.6¢ each
Drug delivery company SUDA Pharmaceuticals (SUD) has had a busy third quarter, ushering in a new CEO and licencing agreement.
The company’s cash receipts for the quarter hit $323,000, while the company finished the month of March with approximately $1.5 million in the bank.
During this quarter, the company has welcomed a new CEO, Dr Micheal Baker and hired a new General Manager for its Perth Operations, Tony Macintyre.
“It is very pleasing to find an individual with such a strong technical, operations and regulatory background. We are delighted that Tony has joined the team at SUDA,” Micheal said.
In March, the company signed a new licence agreement with Mitsubishi Tanabe Pharma Korea for its ZolpiMist insomnia spray. This agreement covers the exclusive 10-year distribution and supply of ZolpiMist in South Korea
In the meantime, SUDA says it is in discussions with prospective partners for ZolpiMist in other territories.
Just a few weeks ago, however, the company said it will no longer commit resources to its ArTiMist malaria treatment project. Despite this decision, SUDA says it will continue discussions with potential partners.
“This has been a busy quarter for SUDA signing a new licence agreement, kicking off two important projects, reviewing and reassessing current business operations as well as managing the implications from COVID-19,” Micheal told the market.
“In addition, and as mentioned during the AGM held in November last year, the company will consider strengthening the balance sheet in the foreseeable future,” he added.
SUDA is down 4.17 per cent on the market today, selling shares for 4.6¢ each at 12:58 pm AEST.
