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Forbes Medi-Tech Receives Funding, Stays on NASDAQ SmallCap
August 18, 2003
1 Min Read
Forbes Medi-Tech Receives Funding, Stays on NASDAQ SmallCap
VANCOUVER, British Columbia--Forbes Medi-Tech Inc.(NASDAQ:FMTI) received $3 million in advance payment from Phyto-Source LP, itsmanufacturing joint venture with Chusei (USA) Inc. The remaining $1 million debtwill be paid to Forbes via future sales of Phyto-Source's sterol-basedingredients.
"With no dilution to shareholders and the favorable terms provided, thisfinancing offers the best possible solution to meeting our capitalrequirements," said Charles Butt, president and chief executive officer.
The money will be used to fund further research on the VPx library ofcompounds and to pay approximately $1 million to Novartis toward settling aMaster License Agreement announced in June 2002.
Forbes Medi-Tech also reported it met the minimum bid price to be included onthe NASDAQ SmallCap Market.
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