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Acrux Limited

Transdermal drug delivery systems
Acrux Ltd is an Australian listed company focusing on the development of topical generic drugs.

TSL was engaged in 1999 to create a spin-out company based on a proprietary technology platform for transdermal drug delivery systems from Monash University's Victorian College of Pharmacy and to raise initial capital for its development.

  • Advised on corporate structure and established Acrux Limited as a Pooled Development Fund
  • Provided acting CEO under contract to June 2001
  • Conducted initial capital raising of $5 million in 1999 through a Prospectus at $1.00 per share.
  • Assisted with a successful $3.8 million START grant application
  • Assisted in the structuring of the Company’s Board since the Company’s inception. The current Board has significant experience in international venture capital, capital markets and pharmaceutical development.
  • Conducted an $11.3 million capital raising in 2001 from both Australian and overseas institutions and private investors at $5.00 per share
  • Provided strategic business development advice
  • Conducted a $9.8 million capital raising in 2002 from an Australian institution at $6.00 per share

Acrux had a peak market capitalisation of over $750 million after negotiating commercial licensing of its products, the most material of which was a global licence for Acrux’s male testosterone product Axiron, which generated sales of $1billion. During this period Acrux paid out $170 million in dividends. Acrux also entered into a number of other commercial licenses for its products, including:

  • A worldwide license for veterinary pharmaceuticals with Elanco (an Eli Lilly subsidiary)
  • A development agreement with the Population Council for nesterone
  • A license for the US for female testosterone with Vivus
  • A license in the US for estradiol with Vivus, which was subsequently sublicensed to KV Pharmaceutical.
  • Following a safety warning being issued by the FDA for testosterone products, Axiron was withdrawn from the market. Acrux subsequently changed its business model to focus on the development of a range of generic drugs. To learn more about Acrux Limited visit their web-site here.

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