Microbix completes financing for its new state-of-the-art drug manufacturing facility in Toronto
Microbix Biosystems Inc. announced it has completed a Cdn $1-million financing agreement that will be used to operate a state-of-the-art facility in Toronto for the production of urokinase.
The financing is in the form of a 9% convertible debenture, in a non-arms length transaction with an existing shareholder. The principal amount of the debenture is convertible into common shares at $0.90 per share for a period of 10 years. The existing debentures of December 2002 and March 2004 have been conformed to a new debenture at the 9% interest rate and expire at the same time as the new debenture.
As previously announced, Microbix acquired all the assets and use of the GMP manufacturing plant from Genpharm Inc., an affiliate of Merck KgaA. Microbix is and will be negotiating for rights to new patented uses of the drug and plans to supply the product to companies with established franchises in target markets.
Under licensing agreements, Microbix would be the exclusive manufacturer of the active pharmaceutical ingredient for the drug. The Company's partners would market and sell the product. Once clinical trials and regulatory approvals have been gained, Microbix and its partners would participate in the revenues and market exclusivity for several years resulting from patent protection.
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