Epichem, a wholly-owned subsidiary of PharmAust (ASX:PAA), has generated $3.05 million in revenue for the 2017 financial year, a 30 percent increase over the previous year.
The company said Epichem is targeting $4 million in revenue for the current financial year. Epichem is a contract synthetic drug manufacturer.
The growth was driven across its divisions, including its Drug Discovery Services arm and Fine Chemicals and Technical Services business.
The company also confirmed it recently applied for both ISO17025 and ISO 17034 Quality Accreditation, which represent the highest international standards for the production of reference standards.
"Successfully achieving these accreditation standards will facilitate access to further major global partners and is expected to drive significant growth in the high-margin catalogue business," said the company, adding an outcome on the applications is expected by the end of 2017.
Epichem also announced plans to expand its existing laboratory space and hood capacity by a further 50 per cent. Ths expansion will be part-funded by a $466,000 loan from the Export Finance Insurance Commission.
According to managing director, Dr Wayne Best, “Our existing laboratories, which were expanded in 2015, are now running at full capacity. The new laboratories are needed to meet current and forecast demand.”
Dr Best continued, “The time could not be better for a further expansion. The lower Australian dollar and the ongoing improvements to our quality accreditation levels are expected to continue driving significant revenue growth for the company and shareholders”.