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Australian biotechnology company, Next Science Limited (Proposed ASX Code: NXS) provides next-level solutions for the treatment of biofilm and planktonic bacteria. Biofilm bacteria are extremely difficult to kill, and they account for nearly 80% of global bacterial infections.
The companyâs unique and patented Xbio⢠technology is having a proven efficacy in eradicating biofilm and biofilm-protected bacteria. This technology has been validated by multiple FDA clearances, and it is currently being sold in the US market to eliminate biofilm-protected bacteria in surgery and chronic wound care applications. Over 70,000 patient treatments have been completed with Xbio technology delivered in a variety of products in the US market to treat biofilm-based infections since March 2017.
Next Science believes that its Xbio technology has broad applications in the human health care sector. Consequently, the Company has a number of medical device and pharmaceutical products in development, though not yet at a commercialization stage.
Next Science has already obtained FDA clearance for four of its products to treat and manage surgical site infections and chronic wounds (being Bactisure, BlastX, SurgX, and TorrentX). The companyâs Surgical Lavage product, Bactisure, received FDA clearance in 2016 and has been sold in the US market since March 2017. BlastX is an antimicrobial wound gel which received FDA clearance in 2017 and has been sold to hospitals in the US market by the Next Science sales team since 2017. In 2018, the companyâs two additional products, SurgX and TorrentX, entered the US market after receiving the required regulatory approvals. The Company intends to start distribution of its fifth product, an acne treatment gel, in Australia in the second half of 2019.
Next Science is party to three distribution agreements with international health companies, allowing Next Science to access large global markets by leveraging their established distribution channels without incurring extensive sales and marketing expenditures. In particular, the Company currently derives a significant portion of its revenues from its two key distributors, 3M and Zimmer Biomet. In 2018, the company earned a total income of US$2.8 million and Gross profit US$2.5 million.
Next Science intends to continue its strategy of sales through established distributors rather than directly market and sell its products itself.
On 07 March 2019, the company lodged a prospectus with ASIC in which it invited investors to subscribe for 35,000,000 shares, at an offer price of A$1.00 per share to raise A$35 million. The funds raised from the IPO will primarily be used in the commercialization of the companyâs proprietary technology platform, Xbio, and for working capital purposes. The funds will also be used for development activities across medical devices, over-the-counter drugs, and prescription pharmaceutical. The Company will be listed on the ASX under the code NXS. Opening date of the Offer was 15 March 2019 and is expected to close at 5.00pm on 4 April 2019. And, it is expected to list on ASX market on 29 April 2019.
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