Alchemia in good shape

Alchemia (ASX:ACL) has ended the 2003-04 financial year with a $6.5 million loss, slightly less than the recorded loss for the previous period.

The company, which made its debut on the ASX at the end of 2003, is in a strong financial position, with cash reserves of more than AUD$20 million, as it continues its program to produce a generic synthetic heparin product by 2008, when Arixtra comes off-patent. Revenues of $2.85 million, of which $2.2 million came from its R&D Start grants, were also reported.

Alchemia has recently announced plans to seek a Level 1 ADR program in coming months in preparation for eventual listing on Nasdaq. "Our focus this year is to drive an aggressive program to build our presence in the US and to strategically position us with potential US investors, partners and customers," CEO Tracie Ramsdale said in a statement.

Key events for 2003-2004:

• Raised $21 million and floated on ASX in December.
• Entered into collaboration with American Pharmaceutical Partners for commercialisation of generic synthetic heparin.
• Awarded $4.5 million R&D Start grant.
• Advanced drug discovery program in cancer and other areas.