Cortecs International Ltd. raised L11.4 million through issuance ofmore than 34 million new shares Tuesday on the London StockExchange.The company, based in London, also received L3.6 million inconverted loans from two existing shareholders for a total of L15million in new equity. Expenses for the stock sale totaled about L1million. West Merchant Bank Ltd., of London, is underwriting theissue. Sponsors are West Merchant Bank and Henry Cooke Corp.Finance Ltd., also of London.Jonathan Pockson, Cortecs' group finance director, said the money willbe used to support the company's core technologies involving thedevelopment of oral drug delivery systems and rapid diagnostic tests.The stock sale and existing resources, Pockson said, will keep thecompany financed for more than two years. He said the company isburning between L4 million and L4.5 million per year.Cortecs' three main oral drug delivery products under development are:Macromol, an oral delivery system for peptides and proteins; Adept,the oral delivery of a plant extract for treatment and prevention ofdiarrhea; and Aimi, an oral therapeutic vaccine against bacterial andviral diseases. _ Charles Craig
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