SUDA Quarter Update June 2016: Cash Position at $2.4 million

29th July 201

SUDA LTD (ASX: SUD), a leader in oro-mucosal drug delivery, today released its Appendix 4C for the consolidated Group for the fourth quarter of FY2016. Receipts from customers for the period were $1.5 million, an increase of 12% from the fourth quarter of FY2015.

The net operating cash loss for the fourth quarter was $1.0 million, compared to $0.7 million in the same period of the previous year. The increase in cash outflow in the quarter included an adjustment for research relating to SUDA’s new-generation optimised SUD-003 sildenafil oro-mucosal spray for erectile dysfunction. There was also an increase in payments for other working capital. The cash position as at 30 June 2016 was $2.4 million.

SUDA’s CEO, Mr Stephen Carter, commented: “Our negotiations with pharmaceutical companies to license SUDA’s first-in-class oro-mucosal sprays continue to advance towards final agreements. These discussions span various products and territories. We have overcome several product-related challenges that have slowed the pace of licensing discussions. With these matters addressed, we are well placed to finalise multiple commercial agreements. In addition, our medical and surgical supplies subsidiary, Westcoast, continues to perform well