Chemeq banks $40m
Tuesday, 05 April, 2005
Beleaguered biotech Chemeq (ASX:CMQ) has seen some light on the horizon, announcing it has successfully banked AUD$40 million from an issue of 40,000 convertible bonds to Japanese investment group Mizuho International and related entities of investment management group Stark Investments.
Mizuho has also committed to underwriting an additional $20 million investment by the two companies if Chemeq options due to expire in June do not generate additional capital, bringing the total package to $60 million. The package was approved by Chemeq shareholders at a general meeting late last month.
The company has also announced it has secured patent protection in China until 2020 for its polymeric antimicrobial, and named Brian Mangano as its new CFO.
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