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East West Technology stake in Phylaxia falls under 5% threshold

UK-registered East West Technology's stake in Hungarian drug maker Phylaxia 1912 Holding fell to 4.8%, under the 5% threshold for disclosure, after it sold 1.1 million shares on August 23, Phylaxia said on the website of the Budapest Stock Exchange.

East West Technology sold the shares in an off-exchange transaction at a price of HUF 136 per share.

On Wednesday Phylaxia 1912 Holding announced that Bankár Holding held 13.51% of its shares following the floatation of new shares on August 24 issued in a HUF 1 billion capital raise and subscribed by Bankár Holding.

Bankár Holding subscribed the 5 million shares in July, providing Phylaxia with the liquidity to purchase 750,000 shares and an equal number of warrants in New York-based N-GENE Research Laboratories, a company set up by investors and Hungarian researchers to develop a drug that could increase insulin sensitivity for people with type-2 diabetes. (MTI – Econews)