MediVac Results for Half-Year to End December 2010
MediVac Limited (ASX:MDV) today announced its Interim Financial Report and Appendix 4D for the six months to 31 December 2010.
Highlights from the Company's operations during the half-year ending 31 December 2010 include:
- Near completion of new MetaMizer 240 SSS clinical waste converter which will have significantly higher capacity, improved durability, greater longevity and reduced maintenance costs, increasing its appeal to a large potential global market. Final completion of the new MetaMizer is planned for March 2011.
- Securing of Memorandum of Understanding (MOU) with Sri Lanka Ministry of Health for potential order of 25 30 new MetaMizer 240 SSS machines with revenue expected of in excess of A$15 million. Final proposal has been completed and submitted. The project is subject to entering into final contractual and funding arrangements.
- Successful completion of Therapeutic Goods Adminstration registration for SunnyWipes Virucidal and Antimicrobial Wipes, completing the registration process for SunnyWipes to enter the professional healthcare markets.
- Tenders completed for the Professional healthcare channels in the Western Australian, Victorian and Queensland public health services.
- Completion of manufacturing trials and first production run of SunnyWipes new Antimicrobial Hand Sanitising Gel at a new GMP facility.
- Continued R&D work on opportunities to leverage SunnyWipes' unique intellectual property.
- The Company's SunnyWipes subsidiary has been invited to join collaborating activities and to work with the World Health Organisation (WHO) and other worldwide stakeholders to improve world hand hygiene practices with its "First Global Patient Safety Challenge: Clean Care is Safe Care" initiative.
- Expanded the Company's distribution partner network through appointment of Santair A.E. for Greece and Cyprus, complementing its existing partners in Japan, India, Russia & CIS.
- The Company's new product initiatives were launched to the world market at Medica in Dusseldorf Germany. Companies from the USA, Canada, South Africa, Peru, Mexico, Turkey, Italy, France, Spain and Romania expressed strong interest in distributing the new MetaMizer in their respective territories. The new SunnyWipes medical range also attracted interest from potential distributors in Brazil, UK, Italy, Holland, Poland, Norway, Belgium and India.
- The Company secured a $20 million equity funding facility with Dutchess Capital. During the reporting period $259,500 (net of costs) was drawn under the facility. A further $295,190 (net of costs) has been drawn down in January/February.
- The Company has received increased market exposure through several independent research reports, various media interviews, publications and forums.
- The Company has announced it is seeking a commercialisation partner for its Diakyne subsidiary to take its TraceSmart technology to market. The technology has been confirmed through work with the Australian National University in Canberra. Specialist corporate advisory firm Supertrac has been appointed to identify a suitable partner.
- The Company announced that it has strengthened its Board with the appointment of the Hon. Reba Meagher and Helen Owens as Non Executive Directors of the Company effective February 1, 2011, bringing strong healthcare and government experience.
Since the end of the period, the Company has continued its focus on completing its key development work, in particular the new MetaMizer.
MediVac has also received increased media, PR and brokerage exposure. Recently the Company sponsored and presented at the Hospital Waste Management Conference an integral part of Australian Healthcare Week where there was strong interest for the new MetaMizer.
The Directors believe that as the above commercialisation activities are completed, the Company will be in a stronger position to execute new sales opportunities in the forthcoming quarters across both its Medivac Technology and SunnyWipes businesses.
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