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Lee's Pharmaceutical to Receive Gates Foundation Funding

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The Gates Foundation selected Lee's Pharmaceutical (HKG:0950) to receive funding for its synthetic surfactant project, according to a Monday filing with the Hong Kong bourse.

The pharmaceutical company's shares gained nearly 2% in morning trade Tuesday.

The funding will support the development of the active pharmaceutical ingredient and manufacturing processes for the drug.

Long term, the project is meant to bring the life-saving medication to low- and middle-income countries to help premature infants suffering from respiratory distress syndrome.

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