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16 August, 2006 - 11:45 By Staff Reporter

GeneMedix in arrangement with major company over restructuring plan

Newmarket biopharma, GeneMedix, has entered into a temporary exclusive arrangement with a “major company” in relation to the proposed restructuring of the firm.Newmarket biopharma, GeneMedix, has entered into a temporary exclusive arrangement with a “major company” in relation to the proposed restructuring of the firm.

In connection with the exclusivity arrangement, a bridging loan will be paid in instalments to GeneMedix, the first part of which has already been received.

The company has also received a second interim payment out of the total £1.6m it expects to receive from the sale of its Chinese facility, which it expects to complete over the coming months once approvals from the Chinese authorities have finally been obtained.

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