Adamas Finance subscribes for $5-million of PharmaJet bonds

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Adamas Finance Asia intends to subscribe for up to $5-million in a convertible bond offering by closely-held PharmaJet, the maker of needle-free injection devices.

The PharmaJet injectors have received FDA approval, CE Mark and a performance, quality and safety certification from the WHO.

PharmaJet aims to raise between $12-million and $20-million in its latest financing round, with funds earmarked for business expansion, notably in Asia.

"We are very excited with this proposed new investment in the medical devices sector, which is experiencing rapid growth, particularly in Asia," Adamas chairman, John Croft, said in a statement.

"PharmaJet has developed and is marketing one of the leading needle-free injection solutions on the market which competes with traditional needle-syringe delivery devices," he added.

Michelle Carr