Biotech company gains healthy turnaround

Christchurch biotechnology company PharmaZen achieved a turnaround last year to a pre-tax surplus of $442,822, saying it capitalised on groundwork in previous years.

The result for the year to the end of December by the animal and health products supplier compares with a pre-tax deficit of $660,962 for the previous 14-month period.

Turnover in the latest period was $5.8 million compared with $4.5 million previously.

PharmaZen chief executive Craig McIntosh said the biggest achievement in 2008 was the start of sales into China of Collamex, specifically targeted at the hair industry.

It was a record year for production, which was a direct consequence of investments in plant and equipment in 2007, McIntosh said.

Shares in PharmaZen are traded through the unlisted unregistered securities trading facility. The most recent price was 2.5c in early April, having ranged between 1.5c and 3c in the past year.

- NZPA