The results came on the back of a 25% increase in net loss to $4.6 million.
Medlab reported the net loss increase was due to the accelerated costs of its research projects, with some up to 18 months ahead of schedule, and NanaBis costs related to the Federal Government’s Special Access Scheme (SAS).
Cash receipts were up 47% as the company ended June 30 with a $20.3 million cash balance.
Financial year standouts
Medlab managing director Sean Hall reported the company made a number of achievements in the 2017-18 financial year in its nutraceutical business and its research.
These included receiving a licence to sell or supply a schedule 8 or schedule 9 drugs which was limited to cannabis and its derivatives.
The company also