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Angel Biotechnology signs long term agreement with Estonia
Angel Biotechnology Holdings Plc. said it has signed a long-term agreement with EPhaG A.S., an Estonian pharmaceutical company, under which the company provides the biomanufacturing resources required by EPhaG.
The company said initially the agreement is likely to comprise production of four products to support development, clinical research and commercial activities over the next three years, for which it will get royalty payments for five years on the sale of the first three products.
Angel Biotechnology Holdings said EPhaG will make an investment of 1 million pounds in the company, 617,023 pounds as a placement to buy shares at 0.275 pence a share, and 382,977 pounds as a convertible loan carrying a commercial rate of interest. It said the loan is designed to convert or be redeemed at the option of EPhaG after 12 months and can be repaid by Angel after 18 months from the date of the agreement.
Copyright Thomson Financial News Limited 2008
Source http://hemscott.com/news/latest-news/item.do
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