Clinuvel Pharmaceuticals (CUV: $13.12) has been retained in the Top Six Stock Picks. The company has formed a quality business around its first product, Scenesse, for the treatment of EPP (a disorder characterized by severe sunlight intolerance). The company generated a net profit of $36 million last financial year, with a cash balance of $224 million. Revenue was up 10% to $105 million. This included $9.4 million of interest income.
Next year will see the start of the second Phase III study in Vitiligo in 200 patients, with the readout from the first study expected in the second half. The company also intends to file its ACTH generic for approval in Europe. There are few ACTH products on the market, with the two leading products generating revenue of US$1.1 billion.
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