Sydney, July 26, 2006 (ABN Newswire) - Life Therapeutics (ASX: LFE) announced today that it has signed leases to open two new donor collection centers: one in Sacramento and the second in Long Beach in California. It is expected that these centers will become operational at the end of August 2006.
The Company recently announced that it intended to open 10 new Donor Center by 31 st December 2006 to take advantage of the recent upswing in the demand for IVIG plasma. "Sacramento and Long Beach are the first of these 10 new Donor Centers", said Dr Hari Nair CEO and Managing Director of Life Therapeutics.
"It is expected that these two centers will increase the volume of plasma collected by Life Therapeutics by at least 50,000L in a full year. This increase of at least 50,000L annually is close to the total volume of plasma that the Life Sera division collected in the 12 months ended 30 June 2005." Dr Nair added.
Since early 2006 demand for IVIG plasma has exceeded available supply. This was the result of new applications for IVIG and a number of collection centers being given FDA warning letters, reducing the available supply of plasma. Life Therapeutics is one of only very few significant plasma collection organizations not to have received an FDA warning letter in recent times. As a result of this tightening in the IVIG plasma market Life Therapeutics changed its strategy from concentration on the hyperimmune market to opening more IVIG plasma centers. In reality, any plasma that is produced above and beyond current contractual obligations can be sold as the demand is so high.
"In the short term this change of strategy has resulted in additional expenses associated with the opening of new centers and the holding of more inventory, but is now paying dividends as the additional sales flow through the P&L", Dr Nair added.
Dr Jim Brown, Chairman of the Board of Life Therapeutics said, "Once again the Company has shown its flexibility to change its strategy in the face of market conditions, while still maintaining its overall goal of becoming a Manufacturer of Niche Therapeutic Products."
The Company recently announced that it intended to open 10 new Donor Center by 31 st December 2006 to take advantage of the recent upswing in the demand for IVIG plasma. "Sacramento and Long Beach are the first of these 10 new Donor Centers", said Dr Hari Nair CEO and Managing Director of Life Therapeutics.
"It is expected that these two centers will increase the volume of plasma collected by Life Therapeutics by at least 50,000L in a full year. This increase of at least 50,000L annually is close to the total volume of plasma that the Life Sera division collected in the 12 months ended 30 June 2005." Dr Nair added.
Since early 2006 demand for IVIG plasma has exceeded available supply. This was the result of new applications for IVIG and a number of collection centers being given FDA warning letters, reducing the available supply of plasma. Life Therapeutics is one of only very few significant plasma collection organizations not to have received an FDA warning letter in recent times. As a result of this tightening in the IVIG plasma market Life Therapeutics changed its strategy from concentration on the hyperimmune market to opening more IVIG plasma centers. In reality, any plasma that is produced above and beyond current contractual obligations can be sold as the demand is so high.
"In the short term this change of strategy has resulted in additional expenses associated with the opening of new centers and the holding of more inventory, but is now paying dividends as the additional sales flow through the P&L", Dr Nair added.
Dr Jim Brown, Chairman of the Board of Life Therapeutics said, "Once again the Company has shown its flexibility to change its strategy in the face of market conditions, while still maintaining its overall goal of becoming a Manufacturer of Niche Therapeutic Products."
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About Life Therapeutics Limited
Life Therapeutics is an international company that specializes in niche therapeutic hyperimmune products. It has 14 operational plasma collection centers and signed leases for a further 2 centers around the US. The Company has considerable experience recruiting and collecting hard to find hyperimmune plasma for IND studies and clinical trials. Life Therapeutics has 500 employees, located in the United States and 14 plasma donor centers in eight American States. It has an established U.S. American Depositary Receipt (ADR) Level I program, which enables trading in Life Therapeutics shares by U.S. based investors. The company's divisions are all headquartered in Atlanta, Georgia.
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