PharmAust (ASX:PAA) has announced Epichem, its wholly owned subsidiary, has continued to make progress towards operational milestones and revenue targets.
In July 2017, Epichem announced plans to expand its laboratory capacity by a further 50 per cent to meet increasing demand.
Building is underway and is expected to be complete by the end of December 2017, said the company in a statement.
"Epichem is also finalising two new standards accreditations (ISO17025/ISO17034) to offer its services to a wider range of global customers," it said. "If successful, Epichem will be one of only a few companies worldwide to achieve these accreditations. The company has completed an official audit of its facilities and is expecting an outcome to the application by December 2017."
Epichem is forecasting a 25 per cent jump in revenues for the current financial year, to approximately $4 million.
Epichem has been recognised with the prestigious ‘WA Exporter of the Year’ award at the 29th WA Industry and Export Awards event this week. The company also received the coveted Health and Biotechnology Award and has been registered as a finalist in the Australian Export Awards.
Dr Wayne Best, CEO of Epichem, said, “We’re proud to be named ‘WA Exporter of the Year’, which recognises the hard work and dedication from our outstanding team. Epichem has now won a WA Export Award in each of the five years it has entered and is in the WA Export Hall of Fame. Epichem has also won a prestigious Australian Export Award in the Small Business category.
"We’re particularly pleased with this year’s award as it recognises the strong revenue growth we’ve achieved following the strategic decision to invest significant capital into the company.”