Manufacturing news briefs – stories you might have missed

Starpharma’s loss, strong financial position

Biotechnology company Starpharma‘s loss narrowed during FY24 by 48 percent from $15.6 million to $8.2 million. Net cash outflow of $11.8 million was down $7.4 million from FY23 on revenue up 132 percent to $9.8 million. Revenue included a one-time $6.6 million cash payment from Mundipharma on termination of a licence and supply agreement for Starpharma’s VivaGel product for bacterial vaginosis. Starpharma received a $7.2 million FY23 R&D tax incentive during the year. CEO Cheryl Maley said: “Importantly, we have sufficient capital to support our objectives, with a cash balance of $23.4 million…we are focusing on increasing revenue, with a number of opportunities on the horizon.”

Osteopore and University of Chile complete bone regeneration study

Singaporen-Australian bone regeneration manufacturer Osteopore and the University of Chile have complete pre-clinical bone implant studies aimed at speeding-up tissue regeneration. The study, funded with US$360,000 from the Gobierno de Chile, involves a novel 3D-printed bone implant. They also focused on developing compounds and materials that integrate with the bone implant and speed up regeneration. CEO Dr Yujing Lim said: “Albeit at an early stage, we are highly encouraged by the outcomes.” Osteopore is expected to commence clinical studies in H2 CY 2025.

Next Science sales lower than expected

Wound care technology developer Next Science has pushed out its guidance for becoming EBITDA and cashflow positive by three months to Q1 FY25. This follows slower than expected commercialising of its proprietary XBIO suite of products to reduce the impact of biofilm-based infections on human health. While changes in its sales organisation are expected to deliver annual savings of $6 million, recent sales results have been below expectations with the transition taking longer than originally forecast. According to Next Science: “The Board and management remain confident that the strategy will deliver top line growth and result in a more productive and scalable sales force.”

Ridley Corporation announces $20 million share buyback

Animal feed manufacturer Ridley Corporation has announced an on-market share buy-back of up to $20 million of its own shares. Companies are allowed to buy back up to 10 percent of their capital annually and use it as a means of rewarding shareholders by increasing share prices. Ridley’s Chair Mick McMahon said: “Ridley’s performance and the outlook for the business provides the Board with the confidence to conduct an on-market buy-back as part of our disciplined approach to capital management. The buy-back will enhance shareholder value while retaining flexibility to invest in other growth opportunities.”

Battery tech maker sees EV slowdown bite

Battery materials group Novonix has pointed to a global electric vehicle market slowdown as the driver behind a 30 percent revenue drop over the last six months. However, the company is positive on longterm forecasts, pointing to recent US government tariffs on synthetic graphite from China, which will support increased battery development.

Apprentice positions up for grabs at Riviera

Gold Coast yacht builder Riviera is looking for approximately 90 talented, young craftsmen and women to join its already 950 strong team. The company is recruiting 40 school based apprentices, 20 full time apprentices plus 30 general hands and full time trades. There are 10 individual trades on offer – Marine Craft Construction, Composites, Cabinetmaking, Engineering Fabrication, Diesel Fitting, Fabrication Trade Welding, Electrical, Timber Composites Machining, French Polishing and Upholstery. Riviera Apprentice & Training Manager Keira Badke said: “We had a record intake of females in January this year – 12 – so we’re hoping to grow on that success again in 2025. Historically, boat building has been seen to be a male dominated industry but with the broad range of apprenticeships we now offer, that has very much changed.”

Proteomics test predicts kidney disease – study

Perth biotechnology group Proteomics International Laboratories‘ PromarkerD test has proved highly accurate in predicting renal decline in type 1 diabetes. The results revealed in a study presented to the Australian Diabetes Conference in Perth, adds to validation of the test in type 2 diabetes. Proteomics Managing Director Dr Richard Lipscombe said: “This significant advancement highlights the versatility and robustness of the PromarkerD test.”

Fisher & Paykel sees boom year ahead

Fisher & Paykel are expecting a profitable financial year ahead as its health care group continues to perform strongly. “At the midpoints of first half guidance, this would equate to 18 percent growth in reported operating revenue and 44 percent growth in reported NPAT, compared to the first half of the 2024 financial year,” the company said in a statement.

Picture: Ridley Corporation/announced a share buy back