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Australia's Clinuvel Pharmaceuticals ups annual dividend by 25%

Clinuvel Pharmaceuticals Ltd. raised its unfranked dividend for the year ended June 30 to 2.5 Australian cents per ordinary share, up 25% year over year.

The dividend record date is set at Sept. 5, while payment is scheduled on Sept. 19. Dividends are available to the company's Australian and overseas registered shareholders, including holders of its level 1 American depositary receipts.

The company issued its maiden unfranked dividend of 2 cents per ordinary share for the financial year ended June 30, 2018, and was paid to shareholders on Oct. 8, 2018.

Australian drugmaker Clinuvel is developing Scenesse, a potential treatment for a rare metabolic disorder known as erythropoietic protoporphyria. The condition is characterized by photosensitivity, in which sun exposure causes itching, reddening, swelling, pain and even burns.

The therapy is under review by the U.S. Food and Drug Administration, with the regulator expected to decide on its approval by Oct. 6.