Genelabs has finished the first phase of the financing for Genelabs Biotechnology Ltd, a joint venture with the government of Taiwan, for $14.6 million. In the initial phase, the Taiwanese Ministry of Finance is investing NT$153 million ($5.6 million) and Genelabs NT$131 million. GBL is focusing on late-stage development, manufacture and commercialization of newly-developed or formulated drugs, vaccines and other health care products for the Asian market. Genelabs president Irene Chow was expected to be appointed chairperson for the GBL board of directors as the Marketletter went to press.
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