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Adamas Finance Asia Subscribes For USD5 Million In PharmaJet Bonds (ALLISS)

LONDON (Alliance News) - Adamas Finance Asia Ltd on Monday proposed new investment in PharmaJet ...

Alliance News 14 January, 2019 | 11:39AM
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LONDON (Alliance News) - Adamas Finance Asia Ltd on Monday proposed new investment in PharmaJet Inc through convertible bonds.

PharmaJet has developed needle-free injectors to deliver medications and vaccines, which have received US Food & Drug Administration marketing clearance, CE Mark and World Health Organisation PQS certification.

PharmaJet's latest round of financing is targeting to raise between USD12 million and USD20 million for expansion of its business, particularly focused on Asia, and a potential initial public offering.

PharmaJet is contemplating an IPO in Singapore or New York in due course, and subject to market conditions.

Adamas said it intends to subscribe for up to USD5 million in the PharmaJet convertible bond offering.

"We are very excited with this proposed new investment in the medical devices sector which is experiencing rapid growth, particularly in Asia," said Adamas Chair John Croft.

"PharmaJet has developed and is marketing one of the leading needle-free injection solutions on the market which competes with traditional needle-syringe delivery devices," added Croft.

Adamas shares were untraded on Monday, last closing at USD0.60 each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Adamas Finance Asia Ord 24.00 GBX -12.73

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