Admedus expects $9m in income for FY13-14

Admedus (ASX:AHZ) has had an “extremely successful” past 12 months and expects to report a total income of $9 million for the financial year, according to CEO Lee Rodne.

In a market update, Rodne said the company had made solid progress with the commercialisation of regenerative tissue heart patch product CardioCel.

“The past 12 months have been extremely successful, with European and US marketing clearance for ... CardioCel and the completion of the HSV-2 vaccine Phase I study,” he said.

“The initial target is to get CardioCel into 15 key centres in Europe and in the US and as we scale up our manufacturing we will increase the number of new centres coming onstream and continue to grow our revenue.”

As of now, CardioCel is available at 12 centres in Europe and has received orders from US centres earlier than Admedus had initially anticipated.

In Australia, CardioCel is available under the TGA’s Authorised Prescriber Scheme and has been used in more than 200 procedures.

“We’ve had a very encouraging initial launch period for CardioCel and the key for us during this early phase is centre penetration,” Rodne said.

The company is also seeking regulatory approval for CardioCel in more markets and evaluating expanding the use of CardioCel for more cardiovascular applications, as well as other areas of surgical repair.

During the financial year, Admedus subsidiary Coridon also entered into a phase I trial for its DNA vaccine candidate for HSV-2. The company aims to be able to report results from the trial in the next quarter once final assay analysis is completed. Coridon also plans to progress to a phase II trial by the end of 2014.

Admedus (ASX:AHZ) shares were trading 1.48% higher at $0.137 as of around 1 pm on Friday.