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NEWS RELEASE
IDT Signs Major Contract Institute of Drug Technology Australia Ltd (IDT), has signed a major contract with a US-based specialty pharmaceutical manufacturer covering development and manufacture of a range of finished pharmaceutical products. IDT Chairman and Managing Director, Dr Graeme Blackman, said today IDT won the contract because of its expertise in the containment of high potency products and because of the company's high level of compliance with standards set by the US Food & Drug Administration. Under the agreement, IDT will undertake a multi-million dollar fee-for-service project for the US group that will comprise the following elements: " tablet formulation development After regulatory approval, IDT will manufacture, on a commercial basis, a range of finished pharmaceutical products. The product range will be made exclusively for the customer and is destined for sale in the US. "This is a substantial contract for IDT which will have an immediate and favourable impact on revenue and earnings," Dr Blackman said. "IDT has demonstrated that it can handle difficult chemistry
and we have earned a reputation for being a "can do" company,"
Dr Blackman said. To accommodate the contract, IDT will build a new manufacturing facility at its Boronia, Victoria complex. The facility will cost approximately $3 million and will be funded from internal resources. It is expected to be operational within the next 12 months. Dr Blackman said the facility would be designed to include additional capacity for future growth opportunities. The latest contract follows IDT's announcement of a substantial deal with Pfizer Inc., the world's largest pharmaceuticals manufacturer, for development and manufacture of a new development drug candidate. Dr Blackman said the two agreements represented a major advance for IDT. "These agreements confirm IDT's international reputation for the manufacture of pharmaceutical products that require containment," he said. "Although IDT has been manufacturing active pharmaceutical ingredients for international customers for many years, the company has now developed facilities and infrastructure that will enable it to successfully manufacture finished pharmaceutical products in Australia for world markets."
Established in 1975, IDT is an Australian-owned public company, listed on the Australian Stock Exchange and employing over 140 highly qualified scientific and support staff. The company has extensive modern manufacturing facilities and laboratories in Melbourne and is licensed by the Australian Therapeutic Goods Administration (TGA) and the United States Food and Drug Administration (FDA) for production of active pharmaceutical ingredients. The company has become especially well known internationally for its dedicated facilities for the development and production of anticancer drugs. In addition, the company offers early stage clinical trial services from its base at the Royal Adelaide Hospital through its CMAX division. For information contact: Dr Robyn Elliott Telephone: 61 3 9801 8888 |