Biosensors is working to get regulatory approvals in France, China, Korea and Taiwan. The approvals are crucial as the company cannot be in full production without them.

Biosensors manufactures medical devices and produces drug-eluting stents. It is entering the Chinese stent market via JW Medical (not listed). With the modified selling agreement, Terumo (4543, ¥4,860, not rated) is exclusively selling Biosensors’ products in Japan after paying the one-time payment of US$40 mn to the company to lower the sales rebate. Management revealed that it is working to get regulatory approvals in France, China, Korea and Taiwan. The approvals are crucial as the company cannot be in full production without them. Although most of the capex has been spent, it is considering raising funds (not necessarily from the equity market) to repay the US$48 mn convertible bond maturing in November 2009.