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Adamas Finance Asia to invest up to US$5mln in a developer of needle-free injection technology

PharmaJet Inc’s innovation has received US Food & Drug Administration marketing clearance

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An end to painful injections?

Adamas Finance Asia Limited (LON:ADAM) said it plans to invest up to US$5mln into the developer of needle-free injection technology.

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.

WATCH: Adamas Finance Asia to invest in developer of needle-free injection technology

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%.

READ: Adamas Finance Asia sees net asset value rise as investment opportunities beckon

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.

Quick facts: Adamas Finance Asia Limited

Price: 23.5 GBX

AIM:ADAM
Market: AIM
Market Cap: £20.66 m
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