Corporate: Alchemia made a number of high - calibre board and executive changes during the year including the appointment of : San to Costa as Non - Executive Chairman , who has held top executive positions across the life sciences industry including President and Chief Operating Officer of Quintiles Transnational Corporation ; Tim Hughes as Non - Executive Director, with over thirty years of experience in investment banking, funds management and as an institutional investor ; T homas Liquard as Chief Executive Officer , recruited directly from Pfizer in New York where he held various commercial roles of increasing scope and responsibility , and since the end of the fiscal year, Alchemia has also appointed Jenni Pilcher as Chief Fin ancial Officer . Jenni is currently the CFO of Mesoblast Limited, one of Australia 's largest biotechnology companies . She will join Alchemia on September 1 , 2014. These significant, senior appointments further strengthen Alchemia 's world - class board and man agement team in preparation for the company's next phase of growth.
HyACT : Alchemia has previously announced that we expect to release top line data results from the Phase III trial by end of September quarter 2014. We are currently working towards finali s ing the database, and we will notify the market should there be any change to the expected timing of results becoming available. This represents an important milestone and marks a pivotal point in the development of HA - Irinotecan . Positive data from this t rial will pave the way for commercialisation of the drug in the US and Europe and validat e the HyACT platform , which can be used to optimize the clinical effectiveness of other cancer drugs .
In addition, the investigator - sponsored Phase II CHIME trial tes ting HA - Irinotecan combined with Merck Serono's Erbitux® recruited its first patient . Enrolment is progressing well with 5 patients enrolled to date. HA - Irinotecan's second investigator sponsored Phase II trial in small cell lung cancer (SCLC) has also made solid progress with 32 patients treated to date.
Fondaparinux: The Company's FDA - approved generic anticoagulant drug, fondaparinux sodium, continues to be an important revenue stream for the company. Alchemia's net profit share amounted to A$8.1m (US$7. 5m) for the 2014 fiscal year . Improvements in the profitability of fondaparinux can be expected in FY2015 , with manufacturing improvement contributions ending in December 2014 and with Dr Reddy's continued expansion in markets outside of the US.
VAST discovery platform: Alchemia achieved continued success with its drug discovery technology both in its internal programmes and through its collaboration with AstraZeneca. The platform has now demonstrated broad application against diverse targ ets.
Financial: The Company reported a loss of A$6.9 m ( FY2013: A$4.8m) for the year with a strong cash and short term deposit balance of A$11 .1 m ( FY2013: A $13.0m) and receivables of A$8.3 m ( FY2013: $12.3m ) .
"We are excited to report another year of strong progress across all our pharmaceutical platforms," said Thomas Liquard, Chief Executive Officer of Alchemia. " Fondaparinux revenues continue to provide us with a strong financial base to support our developme nt activities . HA - Irinotecan is nearing an important milestone with the results of its pivotal Phase III trial and w e plan to move forward aggressively toward marketing authori s ations in the event of a positive result. Lastly, we have continued building a world - class team which will allow Alchemia to take full advantage of our future growth opportunities."