PharmaJet Inc’s innovative technology has received US Food & Drug Administration marketing clearance, is CE-Marked in Europe and is PQS certified by the World Health Organisation.
PharmaJet, which has a distribution agreement with a company called Mundipharma, is hoping to raise between US$12-US$20mln to expand the business, particularly in Asia.
The latest funding round could also pave the way to the stock market listing of PharmaJet on the Singapore exchange “and/or” NASDAQ in the US.
Asia-focused investment vehicle ADAM is ploughing its money into the business via a convertible bond structure. The convertible bond has a four-year maturity and an annual coupon of 10%.
The bond itself can be converted at ADAM’s discretion at a 40% discount to the pre-money valuation of the shares established by a liquidity event such as an IPO of PharmaJet.
“This investment represents another example of the attractive opportunities available to ADAM in capturing fundamental growth driven by Asia via a structured instrument which will provide income and potential capital gain," said chairman John Croft.
In the same announcement, ADAM said it still awaiting US$12.6mln of subscription funds from Fortune Insight following the sale Global Pharm Holdings Group.