The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price had lifted 4.8% higher today as the broader S&P/ASX 200 (INDEXASX: XJO) was mostly flat.
Clinuvel Pharmaceuticals is a global biopharmaceuticals company with a focus on developing and delivering treatments for patients with a range of severe genetic and skin disorders. Clinuvel’s main product is called SCENESSE, which they develop and self-distribute.
Clinuvel Boosted By Board Appointment
The only piece of material news from Clinuval this week came in the form of the appointment of a non-executive director Susan Smith.
Mrs Smith is currently the CEO of the Independent Doctors Federation, an organisation for doctors in the UK.
“Mrs Smith is an accomplished and all-round healthcare executive who adds to the depth of experience of the CLINUVEL Board to guide the Company’s future growth,” Clinuvel Chairman Stan McLiesh commented.
Adding, “Her mix of skills and experience complement those of the existing Board, and will no doubt be applied to progress the operational strategy of the Group, particularly in the context of the ongoing European commercialisation program.”
Over the past five years, Clinuvel shares have risen from around $3 to over $26. During its most recent financial year, Clinuvel reported a 22% increase in revenue to $31 million thanks to the ongoing demand for SCENESSE, a product used to treat erythropoietic protoporphyria or EPP.
Looking ahead the company is targeting more growth in Europe and is attempting to take its drug to the US market, subject to FDA approval.
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Disclosure: At the time of publishing, the author does not have a financial interest in any of the companies mentioned.
