Richter underwrites USD 5 mln of Prima-Temp convertible notes
Hungarian drugmaker Gedeon Richter said on Wednesday it has underwritten USD 5 million of convertible notes issued by Prima-Temp, a U.S. company that is developing a smart fertility sensor, state news wire MTI reported.
Richter noted that it signed an exclusive license and distribution agreement with Prima-Temp late in 2017 to commercialize the device globally, with the exception of the U.S. and Canada.
The license agreement was first complemented by the acquisition of a minority stake in Prima-Temp of USD 5 mln, Richter added.
"This funding support of Prima-Temp is a clear sign of our commitment towards our partner and it proves our trust in the device under development. In our view, female fertility is a paramount market within Womenʼs Healthcare, which is our core business," said Richter CEO Gábor Orbán.
The device, called Priya in the U.S. and Ayola in the rest of the world, is an intravaginal sensor that detects subtle changes in temperature prior to ovulation and sends notifications to a smartphone.
ADVERTISEMENT
ÁKK Sells HUF 60.5 bln of Bonds at Auction, Double Plan
Nearly 40% of Poles Report Worsening Financial Situation - S...
New Car Registrations in Hungary Fall 10% in August
New Generation Internet Forum 2023 Coming in November
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
