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Share Name | Share Symbol | Market | Type |
---|---|---|---|
China Travel International Investment Hong Kong Ltd | TG:CTI | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.006 | -4.76% | 0.12 | 0.12 | 0.133 | 0.12 | 0.12 | 0.12 | 1,000 | 17:59:28 |
RNS Number:2948O Cathay International Holdings Ld 04 August 2003 Date: 4 August 2003 Cathay International Holdings Limited Cathay International Holdings Limited ("Cathay") announces a USD 550,000 investment in Tianjin Longbai Biological Engineering and Technology Company Limited ("Longbai"), a pharmaceutical and biotechnology equity joint venture company based in Tianjin City in the north of the People's Republic of China ("China"). This second investment by Cathay in the biotechnology and pharmaceutical sector in China is made with industry professionals from China led by Dr. Liu Hui. Longbai researches and develops technology concerning novel drug delivery formats, focusing on oral fast release drugs. The company is developing a technology to facilitate drug absorption within thirty seconds of oral intake. This will significantly reduce the amount of time required for drugs to become effective, compared to the two to four hours of time often required for drugs to be absorbed through the stomach. This technology platform can be applied across a wide range of drugs, especially for diseases with acute symptoms. Longbai already has one product approved for clinical trials in China, and has eight other products expected to be ready for clinical trials within twelve months. Longbai is expected to generate revenue by first transferring and/or licensing know-how and technology to other pharmaceutical companies. On 30th June 2003, subsidiary companies of Cathay entered into agreements to acquire equity in Longbai resulting in a 70.0% interest for a total consideration of RMB 4,550,000 (USD 550,000). One of the subsidiary companies involved is Cathay International Changchun Biotechnology and Pharmaceutical Limited ("Cathay Changchun"), a joint venture recently formed by Cathay. For further details regarding Cathay Changchun, please see the Company's announcement dated 26th June 2003. The agreements were subject to certain conditions precedent, which have now been fulfilled, and the approval of the board of directors of Cathay, which has now been given. Cathay will finance the investment from existing cash resources. Cathay expects to make further investments in the biotechnology and pharmaceutical industry in China, and will make announcements at the appropriate time. Enquiries to: Cathay International Holdings Limited 25/F Standard Chartered Bank Building 4-4A Des Voeux Road Central Central District Hong Kong Attention: Stephen Hunt, Director Tel: + 852 2828 9289 Background Note: Dr. Liu Hui holds Master and Ph.D. degrees in Medical and Biological Sciences from Montana University, USA. He was also a post-doctoral research fellow at McGill University, Canada. Dr. Liu established Longbai in 2001, has been instrumental in developing its core technology and will be the General Manager of Longbai. This information is provided by RNS The company news service from the London Stock Exchange END ACQUUUAGRUPWGWC
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1 Month China Travel Internation... Chart |
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