As the Australian stock market heads into a sell-off, some companies are looking to buy up the stock they are bidding for and then reselling it back to the consumer in order to raise money for research and development projects.
A new study from Australian startup Azurity Pharmaceuticals suggests this strategy is gaining momentum.
The company is trying to find a buyer for its A-Series (AAP), a range of patented drugs developed in collaboration with pharmaceutical company Kodak.
Azurity CEO Andrew Taylor says the AAPs are not currently on the market.
“It’s a relatively rare case in Australia where you have a product that you have developed by a company that has been in existence for over 100 years and you’ve got a company who has a long-standing track record and who’s got an amazing track record of innovation,” he says.
The AAPs have been developed by Kodak since 1955.
“We were very excited about these products and what they were doing in the development process, but at the same time we knew that there was a lot of work ahead to make them more effective and to bring them to market,” Taylor says.
Taylor says the company will continue to research and develop its AEs, but that the company is focused on developing more drugs to help prevent stroke, diabetes and heart disease.
“The idea is to develop these products for people who need them but who don’t necessarily have the money for them,” he explains.
“And then we would like to see how they’re going to be more widely available, cheaper and available to more people.”
Taylor says that Kodak will continue developing its AIs until 2019.