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Phylaxia HUF 1 billion capital raise registered

The Budapest Court as a court of registration registered a HUF 1 billion capital increase of veterinary drugs maker Phylaxia 1912 Holding on July 22, Phylaxia said on the website of the Budapest Stock Exchange.

The capital raise was carried out through a private placement carried out by a June 16 resolution of the board. The 5 million shares issued in the raise were all subscribed by Bankár Holding. Phylaxia's board decided on the capital increase to finance the purchase of 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 aimed at increasing insulin sensitivity for people with type-2 diabetes. Phylaxia signed the contract to purchase the N-GENE shares on June 16. (MTI-Econews)