Phosphagenics
Climate Impact & Sustainability Data (2011, 2015, 2018)
Reporting Period: 2011
Environmental Metrics
Social Achievements
- Launched Elixia® skincare range, achieving significant sales in Australia and Asia.
- Established over 500 retail outlets for Elixia® products in Australia.
Governance Achievements
- Adopted a Share Trading policy in May 2010, amended in December 2010.
- Established an Audit, Compliance and Corporate Governance Committee.
- Implemented a diversity policy, outlining measurable objectives for achieving gender diversity.
Climate Goals & Targets
Long-term Goals:
- Complete pivotal human clinical trials for oxycodone patch, achieve $2 million in dermatology product revenue, achieve $30 million in non-prescription product revenue by December 2014.
- Achieve NDA registration or commercial agreement for oxycodone patch, or achieve $40 million in non-prescription product revenue by December 2015.
Medium-term Goals:
- Complete oxycodone patch clinical trial, achieve $1 million in dermatology product revenue, achieve $20 million in non-prescription product revenue by December 2013.
Short-term Goals:
- Complete recruitment for oxycodone patch clinical trial, submit IND, achieve $10 million in non-prescription product revenue by June 2012.
Environmental Challenges
- Failure to develop commercial products from R&D.
- Ability to raise capital or generate free cash flow.
- Failure to market company's products.
- General economic factors.
Mitigation Strategies
- Successfully raised $27 million in capital.
- Established partnerships with major companies for product development and distribution.
- Developed a strong online presence for Elixia®.
Supply Chain Management
Climate-Related Risks & Opportunities
Sustainable Products & Innovation
- Elixia® skincare range
Reporting Period: 2015
Environmental Metrics
ESG Focus Areas
- Sustainability
- Employee Well-being
- Ethical Conduct
- Environmental Protection
- Community Contributions
Social Achievements
- Commitment to employee health, safety, and well-being through risk management, consultation, training, and advice.
- Commitment to diversity in employment practices.
- Commitment to preventing discrimination, bullying, and harassment.
Governance Achievements
- Establishment of a Code of Conduct to guide decision-making and accountability.
- Implementation of a continuous disclosure policy to ensure timely and transparent information to shareholders.
- Development of strict guidelines to prohibit bribery, facilitation payments, secret commissions, and money laundering.
- Establishment of policies and procedures for managing conflicts of interest.
Climate Goals & Targets
Supply Chain Management
Responsible Procurement
- Commitment to fair and honest dealings with external personnel.
Climate-Related Risks & Opportunities
Reporting Period: 2018
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- Disappointments over the last five years in terms of some product or clinical developments not working out as planned.
- The mid-2013 scandal in which Phosphagenics’s then CEO was found to have defrauded the company out of ~A$6m over around nine years.
- The company historically billed itself as a developer of new transdermal products for opioid analgesics, but this effort has yet to result in late-stage clinical success or commercial success for Phosphagenics despite more than a decade of work.
Mitigation Strategies
- New and seasoned leadership is in charge with a track record of success in the Life Sciences.
- Since 2015, the company has diversified its suite of TPM® projects, most notably into injectables and animal health, so that it is not reliant on the legacy opioid projects.