On 24 March 2020, Nanjing Redsun Co., Ltd. (Nanjing Redsun) announced a plan to raise capital to control Hainan Kunning Biotechnology Ltd. (Hainan Kunning) and to jointly develop paraquat antidote.
According to the announcement, Nanjing Redsun, dedicated to join hands with Hainan Kunning to develop antidotes of special effects against pyridine herbicides such as paraquat, planned to strategically buy stakes of Hainan Kunning. The total investment was set at USD3.7 million provisionally.
Nanjing Redsun and Hainan Kunning reached an agreement to use all the investment to carry out pre-clinical research and clinical test into the paraquat antidote of special effects, so as to get it examined and approved by the drug supervision and administration department as soon as possible.
It’s reported that the move of Nanjing Redsun to raise capital and control Hainan Kunning is mainly intended to make integration of superiority of each side to speed up the development and large-scale, industrialized manufacturing of the world’s first paraquat antidote.
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