Corum Group (ASX:COO) completes PharmX acquisition

• Software company Corum Group (COO) has now officially completed the acquisition of PharmX and the PharmX Unit Trust
• Earlier this week, the company announced it was going to purchase the remaining 57 per cent interest in PharmX
• Corum will pay nearly $8 million in cash for the company and paid around $4 million on Friday
• The company is also undertaking an entitlement offer at 4.2 cents per share to raise around $5.6 million
• Funds raised will be used to partly fund the purchase of PharmX, working capital and offer and transaction costs
• On market close, Corum remains steady and is trading for five cents per share

Software company Corum Group (COO) has now officially completed the acquisition of PharmX and the PharmX Unit Trust.

PharmX is an electronic gateway which connects pharmacies, pharmaceutical wholesalers and direct suppliers.

Earlier this week, the company announced it was going to purchase the remaining 57 per cent interest in PharmX.

Corum will pay $7.9 million in cash for the purchase, which $3.75 million was paid on Friday (September 4). The final payment of $4.15 million is due on October 15.

Capital Raising

The company is also undertaking a pro-rata one for three non-renounceable entitlement offer at 4.2 cents per share to raise around $5.6 million.

Proceeds from the raise will be used to partly fund the purchase of PharmX, working capital and offer and transaction costs.

On market close, Corum remains steady and is trading for five cents per share.