Consistent Revenue for SUDA

The revenue is consistent with the prior year and was generated by Suda Ltd’s subsidiary company Westcoast Surgical and Medical Supplies Pty Ltd. Whilst maintaining revenue, the Group has reduced operating costs resulting in a decrease in the loss attributable to members from $3.37m for FY2015 to $2.23m for FY2016.

Audit Status

This preliminary report is based on financial statements that are in the process of being audited.

Operating results

The consolidated loss of the consolidated group after providing for income tax attributable to owners of the parent entity amounted to $2,230,877 (2015: $3,367,191). The loss decreased by 34% on the loss reported for the year ended 30 June 2015. Key developments during the year are explained below.

Product pipeline and subsidiary activities

ZolpiMist™ oral spray for the treatment of insomnia

In December 2015, SUDA amended its cross-licence and collaboration agreement with Amherst Pharmaceuticals (Amherst), a US specialty pharmaceutical company based in New Jersey. As a result, SUDA has expanded its license to ZolpiMist™ to include all countries excluding North America. In the US market, ZolpiMist was successfully relaunched by Magna Pharmaceuticals in March 2016. SUDA is working with a multi-national contract manufacturer regarding the manufacture of ZolpiMist in their facility in Australia. The Company has also embarked on the initial steps towards registration of ZolpiMist by the Australian Therapeutics Good Administration.

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