Bioxyne chief executive Sam Watson has heralded the “remarkable” progress of the company after a strong first quarter saw its share price rally.
The firm reported revenue of A$4.6 million in the three months to September, up 48% on the previous quarter and more than double Q1 FY23.
With quarterly cash receipts of $5.8m, Bioxyne posted a positive operating cash flow of $1.2m.
The encouraging quarter was underscored by deals struck with Montu and Aura Therapeutics to manufacture pastilles at its Brisbane facility.
Watson said the result was a “significant milestone… in becoming Australia’s leading manufacturer and wholesaler of novel medicines”.
“The great progress our team and business has made towards this objective since the granting of our GMP licence in February 2024 is remarkable,” he said.
“The commercial manufacture of pharmaceutical cannabis pastilles at scale is a unique achievement in Australia… and we are only at the beginning of our journey in becoming a key player in the global medical cannabis and psychedelics industry.”
Bioxyne said it remained “confident” of delivering on its guidance of generating revenue of $20m in FY25.
The firm had available cash of $1.8m at the end of Q1.
