BioCentury
ARTICLE | Finance

Ebb & Flow

December 4, 2006 8:00 AM UTC

ConjuChem (TSX:CJB) recently disclosed positive Phase I/II data for PC-DAC: Exendin-4, a once-weekly therapeutic to treat diabetes. But the company was in a bind. It only had C$19 million ($16.7 million) in cash at July 31 and was burning about C$3 million a month. Moreover, the company's balance sheet includes C$60 million of debt that matures in December 2008.

CJB was out looking to raise money, but CFO Lennie Ryer said the company got a consistent message from would-be investors. "The smart money needed to see the debt taken care of if they were to invest," he said...