Acrux’s underarm testosterone listed on PBS

Acrux (ASX:ACR) has revealed its underarm testosterone treatment Axiron has been listed on the Pharmaceutical Benefits Scheme.

The product, designed to treat androgen deficiency in men, was registered on the PBS at the start of March. It is Acrux’s first product to be listed on the scheme.

Acrux licensed the worldwide rights to commercialise Axiron to multinational pharmaceutical company Eli Lilly in May 2010, in a deal valued at a potential $335 million plus royalties.

The deal, one of Australia’s largest biotech licensing agreements, helped Acrux report a maiden $46.6 million in profit for FY10 and generate $90 million in export revenue in FY11.

Axiron was developed from work originating at Monash University’s Victorian College of Pharmacy. Acrux was founded in 1998 to develop the invention and listed on the ASX in 2004.

Acrux CFO Jon Pilcher said the development was supported by Eli Lilly as well as federal R&D grants.

“The valuable support of the Australian government and Lilly’s contribution to Australian R&D has been fundamental in bringing Axiron to market both locally and internationally,” he said.

Acrux (ASX:ACR) shares were trading 1.51% higher at $4.030 as of around 2 pm on Wednesday.