Palla Pharma produces opiate-based pain relief medications and is one of Australia’s three licenced poppy producers. Palla Pharma is a vertically integrated manufacturer, from poppy straw processing through to tableting production.
It has developed an innovative, efficient, and environmentally sustainable opiate manufacturing process based on a unique water-based extraction technology. It is one of only six licensed opiate producers globally.
A recent review of the Company’s strategy and operations highlighted, amongst other things, the further impact the COVID Omicron variant is having on elective surgery volumes, particularly in the UK, and therefore on forecast sales.
Mr Shepard said: “The Administrators will continue to trade the business while they seek immediate expressions of interest for the sale or recapitalisation of the business.
“The Company has approximately 60 employees which are primarily located at its head office in Coolaroo, Melbourne, with a small number of employees based in Europe.
A report examining the reasons leading to the administration will be provided to creditors before the Second Meeting of Creditors.”
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