Work begins on Chemeq plant
Monday, 06 May, 2002
Perth-based research pharma Chemeq (ASX: CMQ) has begun work on its $25 million production facility at Rockingham, in the city's south.
The 8ha plant will produce all the company's requirements to July 2006. Chemeq's chairman and CEO, Dr Graham Melrose, said the first commercial stage was due to be commissioned in early 2003, with sales to Asia planned immediately afterwards.
Among the company's products to be manufactured at the facilities is its CHEMEQ polymeric antimicrobial. The drug is billed as alternative to the use of human antibiotics in animals.
Meanwhile, Chemeq recently raised $5 million at $2 per ordinary share in placements to institutional and other investors. The company also announced a share purchase plan (SPP) allowing the purchase of new ordinary shares at $2 per share to a maximum of $3,000 per shareholder.
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