Pharmena, the NewConnect-listed producer of drugs and dermocosmetics and a subsidiary of Polska Grupa Farmaceutyczna (PGF), is looking for a partner from the pharmaceutical sector to assist it in financing its US-based company Cortria Corporation, Parkiet reported. The other option for raising the necessary funds would be to issue a new series of shares.
A couple of days ago Pharmena disclosed that it purchased Cortria. The shareholders of Cortria will receive around $100m (€79m), which represents $1.2m (€0.9m) of the preliminary payment covered from Pharmena’s own capital, as well as future conditional payments from revenues generated on potential licensing, development, registration and sales of medicines.
Cortia Corporation has secured its financing by the end of 2010, claims Konrad Palka, president of Pharmena. For the future, the company hopes to attract a pharma partner to co-finance the project or, if not successful, will decide to issue the shares. Currently Cortria is working to introduce medicine to be used in atherosclerosis treatment.
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