Cyclopharm Reports Record Revenues in 1H 2023

Cyclopharm Limited (ASX: CYC) has announced record revenues for the first half of 2023, with operating revenue reaching AU$15.3 million, a 39% increase compared to the previous corresponding period. The company's TechnegasTM revenues remained steady at approximately AU$7.6 million, while third-party distribution sales surged by approximately 116% to approximately AU$7.7 million. The USFDA approval process for Cyclopharm's TechnegasTM product remains on track, with an expected approval date of September 29, 2023.

The company incurred USFDA costs of around AI$2.3 million during the half-year, mainly associated with the final submission lodged on March 31, 2023. Cyclopharm's cash reserves stood at AU$18.9 million as of June 30, 2023, providing a strong financial position for the upcoming US launch and the advancement of the company's 'Beyond PE' strategy. The US market entry is expected to significantly increase TechnegasTM sales and explore expansion opportunities for the product in the treatment of conditions such as COPD, asthma, and Long COVID. Cyclopharm is scheduled to provide further details on its half-year performance in August 2023.

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