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Acrux (ASX: $ACR) reports positive cashflow and increased reserves

Acrux Limited (ASX: $ACR) December Quarter 2023 Report


Acrux Limited (ASX: $ACR) has reported a positive cashflow of $1.309 million for the December Quarter, resulting in an increase of Cash Reserves to $4.565 million. The cash surplus was primarily driven by the receipt of $2.869 million from the Research and Development Tax Incentive for the year ended 30 June 2023, as well as $1.762 million received in relation to client contracts.

Executive Commentary on Company's Strategy and Financial Performance


Acrux continues to focus on its strategy to develop a pipeline of topically applied pharmaceutical products with the goal of bringing to market an expanding number of products. The Company's overriding corporate objective is to generate sustainable and diversified revenue growth. The Board, together with senior management, conducted a formal analysis of its pipeline and portfolio of products, resulting in the identification and approval of three new product development opportunities to be added to the development portfolio. Additionally, work on two early stage projects will be ceased. Acrux CEO, Michael Kotsanis, expressed encouragement by the progress made in the December quarter and thanked shareholders for their ongoing support.

Summary of Acrux's Quarterly Report and Outlook


Acrux (ASX: $ACR) has reported a positive cashflow for the December Quarter, driven by the receipt of the Research and Development Tax Incentive and income from client contracts. The Company's focus on developing a pipeline of topically applied pharmaceutical products remains steadfast, with the goal of bringing an expanding number of products to market. Acrux aims to generate sustainable and diversified revenue growth and has identified and approved three new product development opportunities to be added to the development portfolio. The Company's strategy includes the launch of Dapsone 5%, Gel in early 2024 and continued engagement with the FDA on future product candidates. Acrux looks forward to making further constructive announcements in the coming months.

Sourcehttps://announcements.asx.com.au/asxpdf/20240131/pdf/05zxfywf37bly7.pdf

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