CMQ 0.00% 8.3¢ chemeq limited

pre-open, page-48

  1. 22,691 Posts.
    CHEMEQ LIMITED 2003-06-25 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Pharmaceutical company Chemeq Ltd (ASX:CMQ) today announced that it
    has raised $25 million to fund upgrades and expansion of its
    manufacturing facilities.

    The $25 million was raised by a placement, through Bell Potter
    Securities Limited, of new ordinary shares at $5.35 to institutions
    and sophisticated investors.

    The funds will be partly used for previously announced upgrades and
    expansion of Chemeq's 20 tonne per annum manufacturing plant,
    currently under construction, as follows:

    1. Expansion and upgrade, so that production will continue,
    uninterrupted during periods of maintenance and cleaning;

    2. Expanded warehousing and formulation areas of the manufacturing
    facilities, to accommodate future productive capacities of 750 tonnes
    per annum;

    3. Upgrade from Food and Drug Administration (FDA) standards for
    veterinary pharmaceuticals to potential manufacture of human
    pharmaceuticals.

    The funds will also be used to expedite the construction of an
    additional 200 tonne per annum plant as soon as possible, following
    the completion of the 20 tonne per annum plant within the facilities,
    due for commencement of commissioning in October 2003.

    These manufacturing facilities will produce Chemeq's unique
    veterinary drug, CHEMEQ RTM polymeric antimicrobial, which supersedes
    the use of antibiotics in animals for growth purposes.

    Chemeq has already received pre-orders for its drug (at $1 million
    per tonne); potential global market is estimated to be worth $10
    billion annually.


    For more information:

    Andrew Dwyer Jane Cotter
    COMPANY SECRETARY & CORPORATE FINANCIAL MANAGER COTTER COMMUNICATIONS
    Chemeq Ltd (03) 9650 1955
    (08) 9355 0099
 
watchlist Created with Sketch. Add CMQ (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.