Mayne receives authorisation for new cancer treatment product

Mayne has stated that it has received marketing authorisation for its new oxaliplatin product used for the treatment of cancer patients.

Sold under the brand name Eloxatin, oxaliplatin is a core anti-cancer product that is used to treat stage III metastatic colorectal cancer. It completed its mutual recognition procedure at the end of July and has been granted authorisation by the UK drug approval agency MHRA.

Sales of oxaliplatin reached ?18.8 million in the UK, with the drug having been approved in six EU countries and Australia so far.

The drug approval follows an announcement from the UK High Court earlier this summer which ruled in favour of oxaliplatin as a treatment for UK patients.

This follows patent approvals for the drug in Germany, with the company stating that launching the product will help reverse profit fortunes, which have so far seen a decline this year.

Recent results for the company showed an annual net loss, though underlying results were in line with expectations from the Mayne group.

While losses of around ?16.6 million were recorded for the company, earnings were up by 37.4 per cent. The company’s chief executive told Adelaide Now that its first year has been “very successful”.