The Mayne Pharma Group Ltd (ASX: MYX) share price is up 1% with the company announcing the launch of the TOLSURA 65mg capsule in the US.
Mayne Pharma is an Australian specialist pharmaceutical company, creating commercialised and generic products you’ll find in pharmacies across Australia. Mayne Pharma’s history started in South Australia. Today, it develops most of its drugs in Australia and the USA.
Mayne Pharma launches TOLSURA 65mg capsule in the US
The TOLSURA 65mg capsule which is being launched in the United States is a new formulation of itraconazole for the treatment of systemic fungal infections including blastomycosis, histoplasmosis and aspergillosis.
Mayne Pharma received the approval from the US FDA for TOLSURA in December 2018 and it has completed the recruitment and training of a specialised field sales team who are promoting the benefits of TOLSURA to infectious disease physicians.
The patients that Mayne Pharma is targeting suffer from serious infections and who are vulnerable or immunocompromised patients, such as those with a history of cancer, transplants, HIV/AIDS, or chronic rheumatic disorders.
Mayne Pharma CEO Scott Richards commented, “TOLSURA provides a new treatment option for patients and physicians fighting these life-threatening fungal infections.
“We look forward to bringing further specialty product innovations to market over the coming years with our pipeline of products under development.”
Are Mayne Pharma Shares A Buy?
Investors seem to be moderately pleased about the news with the share price up more than 1% today. It will take some time to see how much traction the product gets, but it could do well.
The Mayne Pharma share price is down nearly 60% since September 2016 and it’s down 36% since the October 2018 high. It hasn’t been an easy ride for shareholders in recent years.
The fall in the value of the shares is understandable, in FY18 revenue fell 7%, gross profit dropped 19%, reported EBITDA (click here to learn what EBITDA means) declined 48% and statutory net income went from a $88.6 million profit to a $133.9 million loss.
Mayne Pharma shares could be worthy of consideration once it can show that its revenue and profit aren’t declining any further – it can be like trying to catch a falling knife if a business’ profit keeps falling.
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).