Next Science appoints exclusive distributor for Sinus Lavage; releases Investor Presentation

  • May 28, 2019 AEST
  • Team Kalkine
Next Science appoints exclusive distributor for Sinus Lavage; releases Investor Presentation

Medical technology company, Next Science Limited (ASX: NXS) is based in Sydney, Australia, and has a research and development centre in Florida, USA. The company is currently engaged in the development and continued commercialisation of its proprietary XbioTM non-toxic technology that eradicates both biofilm-based and free-floating bacterial infections in humans and provides targeted therapy with no known antimicrobial resistance.

Four of Next Science’s existing products that have already been introduced in the US market with FDA clearance include – Bactisure™, BlastX™, SurgX™ and TorrentX™. For Acne Gel, exclusive distribution through Advanced Skin Technology’s clinic network with non-exclusive online sales in AU/NZ is expected to commence in H2 2019.

Source: Investor Presentation

On 27 May 2019, Next Science announced that it had appointed US-based Grace Medical, a recognised global market leader in the ear, nose and throat (ENT) marketplace, as an exclusive distributor of Next Science’s Sinus Lavage. Under the agreement, Grace Medical would exclusively promote, market, distribute and sell Sinus Lavage for use as a medical device in human rhinology and airway procedures.

Grace Medical would be commencing distribution of Sinus Lavage through its extensive networks across Europe, Australia, United States and other key markets, following receipt of the necessary regulatory approvals for the product. In addition, Next Science expects to submit the Sinus Lavage for FDA approval through the 510(k) pathway, and for CE Mark approval, in 2019.

Besides, Next Science currently has multiple other products under its development pipeline (across medical devises, OTC drugs and prescription pharmaceuticals) which includes distribution agreements in discussion for MIS Lavage (minimally invasive surgery) and Middle Ear Wash.

Source: Investor Presentation

Next Science debuted on the Australian Securities Exchange (ASX) on 18 April 2019 after its IPO offer closed early on 19 March 2019. Under the IPO, the company raised around $ 35 million via the issue of 35,000,010 shares at an issue price of $ 1.00 each. The proceeds were indicated to be utilised for expanding the company’s product development activities, for administration costs and working capital, and to pay for the cost of the offer.

To date, the company’s substantial shareholders include:

Shareholders Interest
Auckland Trust Company Ltd* 25.96%
Walker Group Holdings Pty Ltd* 16.46%
Matthew Myntti (Founder & CTO) 11.53%
Judith Mitchell (Managing Director) 2.64%
Total Board & Management Shareholdings 15.4%

Source: Company’s Presentation

With a current market capitalisation of around $496.27 million and approximately 178.51 million outstanding shares, the NXS stock settled the day’s trading (27 May 2019) at $ 3.380, zooming up 21.58% by $ 0.600 with ~ 5.02 million shares traded. Since its listing on ASX, the stock has skyrocketed by ~106%.

Source: Investor Presentation

In its Investor Presentation released on 27 May 2019, the company emphasised that its products touch a breadth of applications across many medical specialties as they address the issues of chronic infection. A snapshot of the large market opportunity in the United States is illustrated below:

Source: Investor Presentation

As for the Year-to-date business update for FY 2019, strong sales continued in the current year as per the company, as per the company. While BlastX distribution transitioned to the 3M sales force in Q1 2019, there was 61% growth in the sales of Bactisure as compared to the prior YTD period.

Source: Investor Presentation

Going forth, sales growth is expected to accelerate on the back of compounding growth drivers such as increased US market penetration, geographic expansion of sales outside the US (Canada Q3 FY19, Australia Q4 FY19, Europe CE submitted) and the extension of technology into applications outside human health and other active initiatives.


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