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iX Biopharma unit obtains Australia licence to bring product testing in-house
IX Biopharma on Monday said it has obtained a licence in Australia to bring its product testing in-house, improving speed-to market and potentially saving on testing costs.
The pharmaceutical company's wholly-owned subsidiary iX Syrinx got a Good Manufacturing Practice (GMP) licence from the Therapeutic Goods Administration of Australia for its testing laboratory located within its facility in Victoria, Australia, it said in a press statement.
The GMP licence permits the group to conduct chemical and analytical laboratory testing for its commercial and developmental products in-house. This includes raw material testing, stability testing and finished product testing - which are contracted to external third-party laboratories.
Thus, iX Biopharma will be able to increase its speed-to-market as the testing and quality control process will no longer be dependent on the schedule of these third-party testing laboratories.
iX Biopharma director of corporate and commercial strategy Eva Tan said the group is now able to shift its laboratory testing operations in-house and potentially save on testing costs.
"These capabilities also complement our fully integrated business model which includes drug development to manufacturing and supply," she added.
The group completed the sale of its laboratory testing business under Chemical Analysis Pty Ltd, which included a GMP testing licence, for A$12.5 million (S$12.1 million) in March 2019.
Shares of Catalist-listed iX Biopharma closed flat at S$0.24 on Friday.