Malaysian Group Buys Into Nortan Of Canada

Chemical Company of Malaysia has agreed privately to purchase 27 millioncommon shares and 810,000 warrants in the listed Canadian biotechnology company Nortan Pharmaceuticals, based in Vancouver. The cost of this is said to be $3.8 million.

In addition, CCM has agreed in principle to a licensing agreement under which it would have exclusive rights to co-develop, manufacture and market some of Nortan's products in Asia, and the first rights of refusal on Nortan's future products. CCM has also purchased 1.3 million Nortan shares on the open market for C$1.7 million ($1.2 million), and now holds 18.5% of Nortan's enlarged capital.