Back to the Front Page


Previous client | Next client
Success Stories  


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  • Following a safety warning being issued by the FDA for testosterone products, Axiron was withdrawn from the market.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.

    Previous client | Next client