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Chemeq gains regulatory approval

LOCAL veterinary pharmaceutical company Chemeq has announced that the recent removal of special restrictions imposed on it by the Australian Pesticides & Veterinary Medicines Authority will allow it to commence exports of its polymeric antimicrobial. The updated good manufacturing practice licence for Chemeq’s Rockingham production facility allows the company to fulfil its existing $1.5 million sales contract in South Africa and secure additional sales under its existing distribution agreements in South Africa, New Zealand and Malaysia, according to Chemeq. The announcement follows an overdue lodgement of a statement to the ASX by former Chemeq director Graeme Major, in which he revealed that he had sold down $2 million worth of the company’s stock. Mr Major, who lodged notification later than the required two business days after ceasing to be a substantial holder, indicated that the sale was motivated by liquidity needs.

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