MEDIA RELEASE 10 November 2008
Biotechnology company focuses on cancer cure by outsourcing their CFO
Melbourne based Biotechnology company, SDP Technology Limited (SDP), has been
able to focus on ground breaking cancer research by outsourcing their Chief
Financial Officer (CFO) and accounting function to Azure Group which has helped
raise necessary funding and enabled SDP to focus on business development.
Melbourne based SDP's research and development program will potentially deliver
new, innovative anti-cancer drugs through the discovery and development of small
molecule inhibitors of Sphingosine Kinase 1 (SK1).
Managing director of SDP, Ian Brown said the advice from an experienced CFO to
help with funding and long term planning has been crucial in ensuring the
company can continue its important work.
"The way in which Azure Group offers its services has been ideal for SDP. We
have the experienced level of strategic financial advice we need without having
to employ a full time CFO and this is integrated seamlessly with the accounting
services. It saves us a considerable amount of time as we don't need to brief
each one separately and we can concentrate on the funding and development aspect
of the business," said Brown.
"The depth of knowledge of the Azure team has helped us ensure the limited funds
we have are best utilised. Azure has also helped us raise funds through grants
and other capital raising activities and their advice and guidance has been
invaluable," he added.
From 2007 to 2008, SDP's income increased by 131 per cent due to the successful
procurement of grants, including an AusIndustry Commercial Ready Plus Grant of
"What Azure Group has done for SDP is help with much needed capital raising,
manage their expenses and most importantly put in place long term planning that
will ensure they can continue with their important work," said Michael Derin,
CFO for SDP and Azure Group managing director.
"Azure runs SDP's entire accounting function including payroll and accounts
payable. We also act as company secretary and look after the share register.
Azure also manages the taxation function for SDP, including tax returns and
assisting with research and development refunds. In fact we were able to secure
$164,000 for SDP's last R&D refund," added Derin.
Azure Group is a chartered accounting and financial services firm which was
established in 2002 by Michael Derin with offices in Sydney and on the Gold
Coast. Since its foundation Azure has grown exponentially with annual turnover
increases in excess of 40 per cent.
Derin started Azure Group with the idea of offering strategic level commercial
advice to SME clients. The fundamental thing that he identified was that SMEs
rarely get that level of assistance because they can't afford or attract an
experienced full-time CFO normally only afforded by a large corporate and they
can't find it in the consulting world.
As well as the CFO outsourced service, Azure Group is an experienced chartered
accounting firm that provides ongoing service and handles one-off projects for
clients. It provides its clients with proactive compliance advice to ensure that
a client's tax position is considered throughout the year, not just at tax time.
For more information on Azure Group, visit
www.azuregroup.com.au or call 1300 4
AZURE or 1300 429 873.
Released for Azure Group by Dennis Rutzou Public Relations (www.drpr.com.au)
For further information please call Joanna Gitsham or Nicola Rutzou on (02) 9413