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Telix boss Dr Christian Behrenbruch.Credit:Simon Schluter

Telix’s June quarter financials show a 10-fold increase in sales of the product across the globe. In the US,revenue hit $US13.6 million ($19.3 million) in the first 10 weeks on the market.

Telix chief executive Dr Christian Behrenbruch said from Boston the company was “really delighted” with the early sales performance.

Australian patients will also soon gain access to Illucix,with Telix planning a commercial launch this year.

The product was listed on the Medicare Benefits Scheme from July 1 covering its use for immediate to high-risk cancer patients and those with recurrent prostate cancer.

“We are getting inventory ready for the Australian launch. We are the first and only approved product[of this type] and there is a lot of demand for it,” Behrenbruch said.

“The Australian market is a lot smaller than the US market,but it’s an important market,it is our home turf.”

Sales are expected to surge further in the US over the next few quarters because the company now has reimbursement codes for the drug,meaning US insurers can cover the use of Illucix.

“There’s a big pool of patients for us to potentially get reimbursement from,” he said.

On paper,the business is running at a loss,but has $123 million in cash on hand and has not yet realised all product sales on its balance sheet.

Telix is also looking to launch the technology for imaging kidney cancer.

“It’s not just a one-hit wonder - we have this pipeline coming in behind us,” Behrenbruch said.

Shares in the company were 15.3 per cent higher just before midday on Thursday to $6.42.

Investors who bought into the company’s initial public offer at 65 cents a share have made a return of 887.7 per cent. Those who invested during Telix’s first days on the ASX five years ago have seen their stakes grow by 756 per cent.

Telix’s market capitalisation has grown to $2 billion and the business has been a beneficiary of Australia’s research and development tax incentive scheme as it brought its first product to market.

In June,it received a $17.25 million tax refund for its research in Australia over the past year.

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