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Drug development company announces reduced loan principal.
2004 MAR 31 - (NewsRx.com & NewsRx.net) -- VaekstFonden has informed Pharmexa that the principal of a loan taken out by Pharmexa in 1997 will be written down from DKK 21 million to DKK 9 million.
The DKK 12 million was used in the development of a therapeutic vaccine against the cancer protein PSM, a project on which Pharmexa has not had activities for some time.
The remaining loan concerns the development of a HER-2 vaccine and continues on unchanged conditions, however without the right to write down the principal if the project is not successful.
The reduced principal and interest totaling approximately DKK 18 million is expected to be accounted for under "Other operating income" in Pharmexa's 2004 annual report.
Jakob ...
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