AFT Pharmaceuticals is a Kiwi founded, operated and NZX-listed company, creator of a number of highly successful over-the-counter, prescription and hospital pharmaceuticals. But who knew that this company with operating revenue of more than $85 million is, and has always been, based in Takapuna? Evidence indeed, if any more was needed, that Takapuna is home to world-leading innovative businesses operating in a variety of different industries.

AFT Pharmaceuticals was founded 20 years ago by CEO Dr Hartley Atkinson and his wife Marree “in a garage on Auckland’s North Shore, with a commitment to use innovation to help make a real difference to people’s health”. It all happened after Hartley was unexpectedly made redundant from Roche. “It wasn’t the way I had planned it,” he said in an interview with Mindfood, “but it shows how an adverse event in your life can give you the opportunity and motivation to do what you’ve always wanted to do.”

The company listed on the New Zealand and Australian stock exchanges in late 2015, raising $33.2 million, which was put towards research and development of new drugs, and expanding its global market. But Hartley is still able to walk to work from his home each day, and swims in the sea most days over summer.

The company currently employs about 80 staff in New Zealand and internationally, with about half of them based in Takapuna, a location that provides an important part of the company’s culture. The local team includes a clinical development department of doctors, pharmacists and research nurses. In addition to the New Zealand base, AFT has offices in Australia, Singapore and Malaysia. It sells about 130 products, ranging from pain relief to allergy treatment and eye care, with more in the research stages.

AFT’s most high-profile product is Maxigesic, a patented combination of paracetamol and ibuprofen; this is sold in 20 countries, and licensed in more than 125 countries internationally. In a continuation of its drive for innovation, AFT recently successfully registered the intravenous form of Maxigesic (Maxigesic IV) in Australia, opening the way for its use as post-operative pain relief in hospitals where patients cannot take oral pain relief.

Earlier this year, AFT completed deals which resulted in Maxigesic IV being licensed in Mexico and Switzerland, and Maxigesic oral dose forms in Cyprus. Other regulatory filings are under way in a number of countries not only for Maxigesic IV, but for Maxigesic Oral Liquid and Maxigesic Hot Drink sachets.

Hartley says he invented Maxigesic to provide an effective alternative to opioid-based pain relief drugs, without the potential risk of harm and misuse that can result from their use. That focus on market niches and areas of need has also driven the development of other AFT products. His background in the pharmaceuticals industry, his education (a masters degree in pharmaceutical chemistry and a doctorate in pharmacology), and ongoing research form the basis of his understanding of these needs, at a local and global level.

A recent coup has been to reach a licensing agreement with Timber Pharmaceuticals, a major US-based pharmaceuticals company for the USA, Canada and Mexico for AFT’s drug Pascomer, a specialised dermatological treatment used to treat facial angiofibromas, a disfiguring condition which affects patients from childhood, and which impacts more than 30,000 patients in the US alone.

“The agreement with Timber represents a significant and exciting opportunity,” says Hartley. “The deal we have struck with Timber mitigates AFT’s research and development risks while still promising strong returns for the company if the clinical trials proceed successful.”

If clinical studies are successful, market research has indicated the market could be worth up to US$300+ million in the USA.

The first of AFT’s two planned clinical studies in 120 patients is due to start in eight research centres around the world, including in the US in the world-renowned Mayo Clinic. Research centres in Australia, Spain, the UK and New Zealand are also taking part in the trial.

Another recent success for the company has been to see its Hylo-Forte eye lubricant hit number one position in eye lubricants in Australian pharmacies, an achievement that follows hard on the heels of the launch last year of a revolutionary non-aqueous, preservative-free eye lubricant (Novatears), which has itself moved into the top 30 products in the eye lubricant category. Along with Maxigesic retaining its number one position in the paracetamol/ibuprofen analgesic market, these results have helped AFT consolidate its position in the key over-the-counter market in Australia.

It’s all part of AFT’s focus on international expansion for Maxigesic, and on growing the Australian and New Zealand markets through the growth of existing products and new product launches. Growth drivers for AFT in New Zealand include not only Maxigesic, but also its eyecare and allergy range and Vitamin C Lipo-Sachets as well as new products. In Australia the company has also expanded its hospital portfolio of products, such as the antibiotic Piptaz.

Working on new products remains a key part of Hatley’s role in the company, alongside strategic planning and budgeting. “The thing I enjoy most is… scientific development and how to do the research, and talking to the regulators,” he says.

AFT Pharmaceuticals, 129 Hurstmere Road, Takapuna

 

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Making a philanthropic difference

Amidst all the growth, Hartley and Marree’s initial motivation to make a difference to people’s health continues.

AFT regularly donates products and lower cost pharmaceuticals to initiatives in Vietnam, Fiji and Bougainville.

Locally, as well as the ongoing development of new products to meet unmet needs, this year in New Zealand the company launched an initiative to give back to three local charities: Lifeline New Zealand, Heart Kids New Zealand and Look Good Feel Better New Zealand. “Helping fund three of New Zealand’s most important charities is a powerful way we can use our success to do good in the wider community,” Hartley said as he launched the project where, for three months, $1 from the sale of each Maxigesic pack purchased from any of the 667 participating pharmacies was donated to the customer’s choice of one of the three charities.