Acrux jumps on royalties & CEO appointment

Company News

Shares in Acrux Limited (ASX:ACR) have jumped in morning trade after appointing a new chief and revealing Axiron sales results and royalties. 
The drug delivery business says Michael Kotsanis will take the reins as Acrux’s new CEO and Managing Director from November 3, 2014. 
Mr Kotsanis comes with 25 years of experience in the global pharmaceutical industry and has been appointed to drive Acrux through its next phase of growth. 
The company has also announced Axiron sales grew over the June quarter and hit a total of $US181.1 million in the 2014 financial year. 
Acrux will receive $US22.3 million in royalties from the annual sales in addition to a milestone payment of $US25 million. 
Shares in Acrux were trading more than 10 per cent higher at $1.27 following the announcements. 
Acrux reported a net profit of $24.59 million in the first half of the 2014 financial year.