Richter underwrites USD 5 mln of Prima-Temp convertible notes

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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.

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