Bioton strikes gold – twice
Warsaw – Polish insulin maker Bioton has bounced back. After incurring a $6m loss in the first quarter of this year, (see EurobiotechNews 5-6/2009), the company announced at the beginning of July that it was issuing €11.5m in shares to its major shareholder, Polish businessman Ryszard Krauze. Three days later, Bioton also bagged financing worth EUR83.5m from the US-based GEM Global Yield Fund. The funding secures Bioton’s operations for the next three years. The company had carried out an emergency share issue in April to get access to cash, while at the same time promising a major restructure aimed at improving earnings.