Cellmid Limited (ASX:CDY) has posted record sales for the second quarter of financial year 2019, earning $2.2 million or an 8% increase on the same period last year.
The company became profitable for the month of December 2018 with $278,000 net profit after tax received.
Sales growth continued across all of Cellmid’s divisions, with the USA recording the highest growth rate while Japan remains the largest contributor in terms of sales revenue.
Cellmid continued preparation of its orphan drug application during the quarter and expects to complete a filing during the March quarter.
Cellmid chief executive officer Maria Halasz said: “Our cash position will be further boosted in quarter three financial year 2019 as our record accounts receivable arrives.
“In addition, we have repaid all of our major debt and we are now in a strong financial position to fulfil growth expectations in current and new channels.”
The company’s cash balance at the end of the December quarter was $5.4 million, down from $9.26 million at the end of the previous quarter.
The current receivables balance is over $1.5 million which Cellmid expects to contribute to strong cash receipts in the coming March quarter.
Significant cash outflows during the quarter included the repayments of the remaining Platinum Road loan facility with interest.
Part of the company’s growth strategy has been securing the supply chain for évolis activator bottles and other packaging products.
During the quarter, Cellmid placed major orders for supplies of évolis product components to rapidly fulfil orders in the growing US and Japanese distribution.
évolis is a clinically-validated portfolio of anti-ageing hair treatments
In November last year the company’s Lyramid patent application, entitled ‘Antibody recognizing N-domain of midkine’, was granted by the US Patent Office.
Cellmid has also received a notification of intention to grant from the European Patent Office for the corresponding Lyramid patent in key European territories.
The newly-granted midkine antibody patents and allied patent families underpin Cellmid’s intellectual property position over the use of therapeutic midkine antibodies.
This includes their use in treating diseases such as cancer, chronic inflammation, surgical adhesions and functional disorders in T-regulatory cells associated with autoimmune disease.
Cellmid is an Australian life sciences company with lead programs in multiple disease indications.
The company develops and markets novel therapies and diagnostic tests for fibrotic diseases, cancer, ischemic diseases of the heart and hair loss.
Cellmid holds the largest and most comprehensive portfolio of intellectual property relating to the novel targets midkine and FGF5 globally.