WHITE KNIGHT LETTERED MANAGEMENT SAVES NORWOOD ABBEY
November 2nd 2008 06:41
Thursday October 30, 2008
Daily news on ASX-listed biotechnology companies
* ASX, BIOTECHS UP: PHOSPHAGENICS UP 8%, CHEMGENEX DOWN 13.5%
* MOST ALCHEMIA PROJECTS ON HOLD
* WHITE KNIGHT LETTERED MANAGEMENT SAVES NORWOOD ABBEY
* JAPAN PROTECTS STARPHARMA’S VIVAGEL, COATED CONDOMS
* FLUOROTECHNICS CLOSES 1st TRADING DAY EVEN AT $1
* CATHRX APPLIES FOR CE MARK FOR EXPANDED PRODUCT RANGE
* COLLABORATION EVALUATES OBJ’S TRANSDERMAL PLATFORM
* SUNSHINE HEART APPOINTS NICHOLAS CALLINAN
* CELLESTIS RELEASED FROM QUARTERLY REPORTS
* UNILIFE VOTES ON 10m CEO OPTIONS
* SOLAGRAN VOTES ON 37m SHARES, 10m DIRECTORS’ OPTIONS
To read all these articles in full, subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
NORWOOD ABBEY
Norwood Abbey says its white knight investor Lettered Management has provided an assurance it will provide or arrange up to a $1 million.
Norwood Abbey said it had a net cash outflow of $303,000 in the three months to September 30, 2008 and $314,000 in cash.
The company said it would “generate approximately $150,000 during the coming quarter from refunds due from taxation authorities in Australia and overseas” and had an equity line facility with GEM.
A previously foreshadowed rights issue has not yet been activated in view of the market conditions and share price.
Norwood Abbey said the cumulative effect of transactions was to expunge around $1.6 million from the company’s liabilities and to provide working capital to meet immediate needs. A further $500,000 in liabilities is expected to be dealt with in the short term.
The company said it had reached in-principle agreement with a US investment group for the Needle-free project.
Subject to completion, Norwood Abbey said it would retain a royalty interest in the project and the investor group would assume responsibility for $500,000 in liabilities.
The company said it was the largest shareholder in Norwood Immunology with 48.6 million shares representing a 21 percent holding.
Norwood Immunology has reported that it is increasing its emphasis on commercial opportunities in stem cell therapies.
The company is in discussions regarding additional new funding, designed to further address the company’s needs and prepare for proposed transactions that will be intended to add a new dimension to the company’s activities.
Norwood Abbey was up 0.3 cents or 60 percent to 0.8 cents.
To read all these articles in full, subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
Norwood Immunology white knight Lettered Management
| 36 |
| Vote |
Add To: 
subscribe to this blog