Pharmaust finds buyer for CBI
Tuesday, 10 June, 2008
WA generic medicines company Pharmaust (ASX: PAA) has found a buyer for its share in Commonwealth Biotechnologies Inc (CBI), a US-based life sciences R&D outsourcing specialist.
In a statement, Pharmaust's board said it had decided that ownership of the shares was doing nothing to help the company's bottom line, but had run into difficulties selling the shares.
The shares were unregistered, meaning they could not be sold on the NASDAQ exchange and had to be sold privately.
The company has finally sourced a likely buyer, Hong Kong-based Venturepharm Laboratories.
Pharmaust shareholders will be asked to vote on the deal on July 11.
Elevated blood protein levels predict mortality
Proteins that play key roles in the development of diseases such as cancer and inflammation may...
The microbiome helps to fight melanoma
Molecules produced by gut bacteria upon digestion of dietary fibre can improve the function of...
Heart implant brings hope to refractory angina patients
The coronary sinus reducer is understood to redistribute blood flow within the wall of the heart,...
