N.Z. Biotech Uses New Law To Recover From Financial Problems
This article was originally published in PharmAsia News
New Zealand biotech ICP Biotechnology says it has taken advantage of new law to recover from financial problems. ICP Bio relies heavily on its new-proteins business, but sales were slowed by what the firm considers difficult market conditions. The "voluntary administration" law allows the firm to find a new investor that would allow ICP Bio to recaptalize, according to its chairman, Roger Gower. (Click here for more
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