We hear so much about poor commercial success of Australian export business other than raw materials, but maybe that perception should be receiving a serious rethink.
With established biotech companies such as Cochlear and CSL acknowledged as leaders in their fields and very significant businesses and export earners, and a swath of next generation companies starting to also emerge, a most unlikely company has joined the fray, and in India, surely a significant market?
Headlice are a pain............ask ANY parent of school age kids. Adults are also not immune either from the serious business of cleaning headlice eggs and washing adults off. There have been some treatment advances that offer less nasty products which have until recently been agrochemicals.
Pharmaceutical start-up Hatchtech has signed a deal with India’s Dr Reddy’s Laboratories to commercialise a head lice treatment product, a product focussed on a cunning option that interferes with insect development.
Fairfax reports that Dr Reddy’s will pay an $85 million pre-commercialisation payment and the rest of up to $279 million after sales-based targets are accomplished for Xeglyze Lotion.
Established in 2001 by Dr Vern Bowles, Hatchtech has received investment from university venture capital body Uniseed, as well as QIC, and the VC firms OneVentures, Blue Sky and GBS Ventures. "This success is another good success for the venture capital market. We'd like to think we are the third successful venture capital exit in 12 months," CEO Hugh Alsop told Fairfax.
Hatchtech’s Xeglyze is a lotion with an active ingredient called Abametapir, which stops enzymes critical for the survival of lice and their eggs.
[ partially sourced from Manufacturers Monthly newsletter]