Asset Portfolio

Xerion Limited 

Xerion Limited is a growing Australian speciality pharmaceutical company with a range of clinically validated anti-fungal products, a proven companion diagnostic tool and a strong product and R&D pipeline.  Xerion was founded by Plentex in May 2014.  Xerion’s product range includes an efficacious and naturally derived range of over the counter (“OTC”) nail fungal treatments and fatty acid blood level testing devices.

Business Overview:

Xerion has two proprietary technology platforms with products commercialised from each in the global OTC and personalised medicine markets:

  • KALM: a range of OTC dermaceutical products featuring a key anti-fungicidal ingredient, AMYCOT®.   nailKALM® is Xerion’s flagship product.
  • PUFA: dried blood spot (DBS) test kits for consumers and healthcare professionals to test fatty acid levels, including Omega-3 levels.

Key Highlights

  • Leading brand (nailKALM®) with strong IP protection through international granted patents and recently ranged in all Chemist Warehouse stores throughout Australia.
  • Very high product efficacy with Therapeutic Goods Australia (TGA) approval secured to treat fungal infections.
  • Competitive advantage with natural active ingredient and zero toxicity.
  • Clearly differentiated from the competition through ease of use (no filing necessary) and efficacy.
  • Clear path to take AMYCOT® to the US as a prescription nail fungal drug.
  • Large global markets including nail fungus (US$3.4 bn), acne (US$4.7 bn) and atopic dermatitis (US$7.0 bn+).

Xerion operates an outsourced business model, with limited overheads and minimal fixed costs.  For its nailKALM® product it currently utilises contract manufacturing services and outsourced distribution partners.  The manufacturing of AMYCOT® takes place in Xerion’s new, in-house manufacturing facility to derisk supply chain issues.  This is an efficient and scalable operating model with minimal working capital requirements.

Xerion’s DBS test cards and kits are manufactured in India and Xerion has engaged laboratories in Australia, Asia and the USA to conduct the analysis of test samples.

Sales Channels

The majority of Xerion’s sales from nailKALM® in Australia come from Chemist Warehouse, other independent pharmacies and podiatrists.  An online presence in the US has been established through Amazon with further online sales just commenced via Xerion’s own e-commerce site.

Xerion has partnered with one of the world’s largest pharmaceutical companies, BASF to distribute its PUFAcoat® test kits to the consumer health market.  BASF market PUFAcoat® alongside their Cardio3 high potency Omega-3 supplement in the US market.  PUFApro® targeting healthcare professionals has recently been launched in Singapore, Australia and New Zealand.

Favourable Industry Trends – KALM

The AMYCOT® anti-fungal product range competes in the OTC pharmaceutical market, globally valued at US$129 billion.  In Australia, this market is valued at $2 billion and is forecast to grow annually by 2% (CAGR 2019-2023).  As a sub-set of the OTC market, the anti-fungal drugs market was valued at US$10 billion in 2018, with 3,2% annual growth expected to 2027.

Xerion is well positioned to grow market share due to the proven high anti-fungal efficacy of nailKALM®, its competitive price point and increasing month-on-month sales as the brand rolls out.

Favourable Industry Trends – PUFA

The PUFA product range competes in the pathology testing services market, specifically testing for cardio vascular and inflammatory markets.  The PUFA test kit is recognised as a medical device and can be widely used in the growing personalised medicine market.  Globally, the in vitro diagnostic (IVD) market is valued at US$65 billion, growing to reach US$93 billion in 2023.

Growth Outlook

Xerion has recently established a third operating subsidiary in Singapore to advance and develop its AMYCOT® technology into the US.   Specifically targeting the nail fungal market, this subsidiary will initiate clinical trials in its development of a prescription-only product for this lucrative US$1 billion market.

Healthcare professionals are starting to recognise the importance of correct fatty acid balance and that the Omega-3 Index is becoming an emerging indicator and can be more accurate than cholesterol in measuring cardio vascular risk.  Xerion will continue its expansion of PUFA products into the healthcare, veterinary, prescription and precision medicine markets

Plentex Shareholding

Plentex currently holds 4,646,748 shares in Xerion, representing approximately 8.66% of Xerion’s current issued capital.


Protemax is planning the development of a large scale manufacturing plant to produce aquafeeds and premium petfoods for Australian and international markets.

Protemax has established a Project Management Team and a very experienced Technical Advisory Committee comprising experts in extrusion technology in petfood and aquafeed manufacturing who are providing input into plant design, product specifications and markets. 

The plant will incorporate a state of the art TX3000 twin screw extruder and associated preconditioners, dryer/coolers, oil coaters and process controls  supplied by Wenger Manufacturing Inc. of Kansas, USA.

Features of the proposed plant include:

  • Annual production capacity of up to 70,000 tpa depending upon product type, mix and duration of production runs – can operate up to 14 tph on certain products.
  • Ability to produce products with high levels of inclusion of meat slurries, fish soluble and other wet ingredients.
  • Impressive flexibility producing super premium petfoods on the one hand to specialised aquafeeds on the other such as 100% sinking shrimp feeds, at several times the production rate of extruders currently in use in Australia.
  • The technology which Protemax is adopting offers best practice, sanitary and highly flexible production processes resulting in high quality premium products.
  • Access to high quality regionally sourced ingredients facilitating the production of premium and ultra-premium feed formulations.

Protemax’s management team has:

  • Developed
  • a detailed process flow sheet and plant layout
  • a preliminary capital cost estimate.
  • Obtained commercial and technical quotations for major items of equipment.
  • Investigated raw material sourcing, optimal plant location with emphasis on logistics.
  • Carried out preliminary discussions with potential customers and funding sources.

Business Strategy


  • Protemax has identified that there is currently a lack of high quality, efficient petfood contract manufacturing capacity in Australia and in some countries that export petfoods to Australia.
  • Protemax will manufacture both dog and cat dry foods for some of Australia’s existing petfood companies either to:
  • supplement or replace their current “in house” manufacturing activity or supplement or replace their current subcontract manufacturers
  • or assist petfood marketing and/or distribution companies wishing to supplement or develop their own private labels.
  • Protemax will have the technology and capacity to:
  • not only produce standard, premium and ultra premium petfoods to their customer’s specifications
  • but importantly assist its customers to innovate and manufacture for them advanced or special premium petfoods incorporating features not currently available in Australia.
  • Protemax will consider at a later point developing its own private label petfoods for sale in Australia and where markets exist internationally.


Protemax has entered into an agreement with a long established world wide manufacturer and supplier of aquafeed pursuant to which it has exclusive rights to negotiate with that company a licence agreement which will enable Protemax to manufacture and sell aquafeeds under that company’s internationally recognised trademark, and made to its specifications.  Protemax considers that this arrangement will provide immediate credibility for Protemax as a supplier of the variety of aquafeeds into the rapidly expanding Australian aquaculture industry.