- Corum Group (COO) will receive a $3.3 million investment from Arrotex Pharmaceuticals, making it a strategic shareholder
- Arrotex is Australia’s largest generic and private label over-the-counter (OTC) medicines company
- Under the agreement, Arrotex will purchase 60 million shares at 5.5 cents each
- Funds from the raise will be used for product development and business expansion
- This is Arrotex’s first investment in a listed company
- On the market this morning, Corum is up 5.71 per cent and is trading for 7.4 cents
Corum Group (COO) will receive a $3.3 million investment from Arrotex Pharmaceuticals, making it a strategic shareholder.
Arrotex is Australia’s largest generic and private label over-the-counter (OTC) medicines business. It is the company’s first purchase in a listed company.
Under the agreement, Arrotex will purchase 60 million shares at 5.5 cents each. Proceeds from the raise will be used for product development and business expansion.
The Corum Group owns businesses which specialise in technology and software development.
As part of the investment, will join Corum’s Board after the upcoming annual general meeting.
“We believe Corum is ideally positioned as a technology platform provider to Australian pharmacy and related healthcare sectors and look forward to assisting the Corum Board and management to create enhanced shareholder value,” Dennis told the market.
“Corum now has the people, relationships and capital to execute its growth strategy,” he added.
On the market this morning, Corum is up 5.71 per cent and is trading for 7.4 cents at 11:16 am AEDT.