IDT Australia looks to improve on flat results

Pharmaceutical manufacturer and clinical trials group IDT Australia (ASX: IDT) is confident of better times ahead following a flat 2019 which saw revenue down on the previous year.

The company, which manufactures pharmaceutical active ingredient and consumer dosage products, as well as conducting clinical trials, has recovered from an adverse situation with the US FDA and is looking forward to entering the medicinal cannabis manufacturing.

The company’s annual general meeting yesterday was told the FDA lifted a warning letter in September which had sparked a re-inspection by the Us regulatory body of its Melbourne manufacturing plant.

In the year divestment of some operations saw revenues fall nine per cent to $12.1 million, with the company reporting an underlying loss of $4 million.

IDT has also installed critical equipment to manufacture medicinal cannabis as envisaged by its partnership with Cann Group.

Approval has been received from Australia’s Office of Drug Control (ODC) and the Therapeutic Goods Administration to begin manufacture.

A number of contract manufacturing partnerships are planned by IDT, with further growth to be pursued in pharmaceutical manufacture.

During the year Dr David Sparling was appointed CEO.

IDT began as an initiative of the Victorian College of Pharmacy, with the company later purchasing Nicholas Kiwi Laboratories and listing on the ASX.

Picture: IDT Australia

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