BIOTECH company Chemeq Ltd has announced that it had achieved a gross revenue in excess of $4 million, and possessed more than $28 million in cash reserves, satisfying the final milestone covenant in the convertible bond deed poll issued early last year. The company, which expects to release its audited full year results in August, recently announced it would pay the $500,000 penalty suggested to the Federal Court by the Australian Securities and Investments Commission, for failing to disclose multi-million dollar cost blowouts on its Rockingham plant in 2003. The company had previously posted a half-year net loss of $13.6 million as at December 31 2005. All $60 million worth of Chemeq convertible bonds are currently held by US-based Stark Investments Ltd.
