AustCancer to launch new products in US market
Monday, 20 October, 2003
Australian Cancer Technology (ASX:ACU) has completed the acquisition of a range of nutraceuticals designed specifically for cancer patients undergoing treatment.
Eight products will be released in the US under the brand name NuraPlex in February next year, by AustCancer's wholly owned US subsidiary ACT (USA), with at least two new products to be added annually. Australian Cancer Technology has an exclusive 20-year licence to manufacture and distribute the range worldwide.
According to new CEO Paul Hopper, the company expects revenues of about US$1.5 million in the first year building to $10 million by the end of the third year. While the products will initially be marketed to cancer centres, oncologists and primary physicians, discussions with one of the largest premium supermarkets in north-east US are in progress, offering the company an opening into the lucrative consumer market.
"The retail market is traditionally tough to crack," Hopper said. "But 99 per cent of people with cancer are taking supplements with or without their doctor's advice. We expect they'll have quite an appeal."
The NuraPlex products were designed by US physicians Prof David Felten, a neuroscientist from Seton Hall University, and Prof Barry Boyd, an oncologist from Yale University. The products, which Hopper says are quite complex formulations of nutrients, have been specifically designed for the requirements of cancer patients to optimise health and boost the immune system while undergoing radiation therapy and chemotherapy.
Felten and Boyd have also joined AustCancer's scientific advisory board, where they will assist the company in evaluating potential acquisitions and products.
"They will be the eyes and ears for us over in the US," Hopper said. "Since we've started to become active in the States, we have been receiving oncology proposals."
But Australia is unlikely to see the NuraPlex products for a while, according to Hopper. The company plans to target the Asian market next, and discussions with a Singaporean distributor are already in the works.
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