Cortecs Reduces Loss In Fiscal 1994

18 September 1994

Australian Company Cortecs International has reduced its consolidated losses for the year ended June 30, 1994 by 2.2% to A$9.6 million ($7.12 million). Sales revenues amounted to A$10.2 million, down 2.6% following the disposal of the medical diagnostic business in November, 1994.

Cortecs said that turnover from the UK-based pharmaceutical marketing operations was flat at L4.7 million ($7.38 million). Operating profits grew 6% to L1.1 million. The company spent A$7 million on R&D during the year, which was the same as in fiscal 1993.

The year has been a busy one for the company, which has signed agreements with a variety of pharmaceutical companies relating to its Helisal rapid diagnostic kits. It also obtained a full listing on the London Stock Exchange in the UK, with a L15 million equity placement with institutional investors.

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