Sicomed wants $30m from Citibank

The pharmaceutical company Sicomed Bucharest is to obtain loans totalling 30 million dollars (nearly 25 million euros) to fund its operations, according to the Bucharest Stock Exchange. The company will access a joint financing fund opened with Citibank Prague and worth 20 million dollars (16.2 million euros) to cover Sicomed”s current outstanding loans. The drugmaker is also to take out a 10 million-dollar (8.1 million euros) credit for its day-to-day needs from Citibank Romania. The General Meeting of Shareholders of the company that convened on January 13 decided to change the structure of the Board of Directors by appointing three new members: Smith Kevin, Radu Cristian Mircea and Neuwirth Peter. Kevin Smith is the representative of the US investment fund QVT on Sicomed”s Board and has previously worked as the chief executive of the Turkish branch of Icelandic pharmaceutical company Actavis. QVT Fund owns 12.4% in Sicomed. ZF