IOL Chemicals to issue convertibles to finance new drug

By Devika Patel

Knoxville, Tenn., Dec. 31 - IOL Chemicals & Pharmaceuticals Ltd. informed the Bombay Stock Exchange that its board of directors approved plans to issue convertible bonds at a meeting on Dec. 31.

The issue will be used to set up manufacturing facilities for Rebiprazole.

Rebiprazole is used to treat conditions where the stomach produces too much acid, including ulcers, gastroesophageal reflux disease and Zollinger-Ellison syndrome. It is used in combination with other medications to eliminate H. pylori, a bacteria that causes ulcers and is in a class of medications called proton-pump inhibitors. It works by decreasing stomach acid.

Sangrur, India-based IOL Chemicals is a chemical and pharmaceutical company.

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