QRXPharma writes off
Thursday, 21 August, 2008
QRxPharma (ASX: QRX) has had to write off $18 million in impairment charges this financial year, resulting in a $36 million deficit in the Brisbane-based company's bottom line.
The company accrued $18.1 million in non-cash impairment charges relating to intellectual property licensed from the University of Alabama.
Share based payment charges also accounted for $3.5 million of the deficit.
The remainder of the deficit is in line with QRxPharma's expectations, and has gone towards commercialising the company's Q8004IR dual-opioid oral analgesic, the company said.
The product is expected to be launched in 2010.
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