NSBI Puts $350K into `Stabilized’ Origin
Halifax consumer health products maker Origin BioMed is receiving a $350,000 investment from Nova Scotia Business Inc. which it plans to use to continue its recovery from a cash crisis earlier this year.
In an interview, Executive Chairman Carlo Shimoon said the investment that has been approved by the NSBI Board is part of a $1 million round of equity financing that will be used largely for marketing in the next six to nine months, at which time the company hopes to be cash-flow positive and ready for another funding round. The other parts of the funding are to be announced later.
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