Drugs developer Phynova Group has signed a collaboration agreement with Tasly Modern Chinese Medicine Resource Ltd but the company needs to raise more cash.
Tasly and Phynova, which develops drugs using natural Chinese plant ingredients, will collaborate on developing new products and technologies. Tasly will become Phynova’s preferred manufacturing partner. Phynova will also introduce other potential manufacturing customers to Tasly in return for commission or a share of profits.
Tasly has annual sales of £500m and a manufacturing plant in Tianjin.
Phynova says that trading is in line with expectations. Phynova had cash of £376,000 at the end of March 2008. A R&D tax credit of £189,000 has recently been received by Phynova. The company needs to raise cash in order to enable it to continue trading until the end of 2009.
Shares in Phynova rose 1.5p to 9p each, which values the company at £2.03m.
The share price has fallen by 81% over the past year.
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