Chemeq says it will meet production requirements
Tuesday, 08 March, 2005
Chemeq (ASX:CMQ) has clarified its current and future production capabilities after questions were raised in a research report about the ability of the company to produce the levels of product required by new investment partner Mizuho.
As one of the conditions of the company's AUD$60 million rescue by Mizuho, Chemeq is required to obtain confirmed sales orders for a minimum of 40,000 litres of its polymeric antimicrobial in the 2005-2006 financial year by the end of September this year.
But a recent issue of biotech investor newsletter Bioshares questioned whether the company's production levels were adequate to meet this.
Now the company has confirmed that its current production levels are 60,000-100,000 litres of product, which equates to approximately 15-25 per cent of plant capacity. Ultimately, the plant is expected to reach a production output of 400,000 litres of finished product.
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