Sino Medical Sciences' Unit to Borrow $1 Million From Related Party
Sino Medical Sciences Technology's (SHA:688108) unit, Nova Technologies, plans to obtain a loan of up to $1 million from a subsidiary of the company's actual controller, Sun Jianhua, according to a Shanghai bourse filing on Thursday.The one-year loan, to be received from Well Sun Holdings, will carry an annual interest rate of 3.5%.The medical device maker said the loan will be used to fund Nova's research and development, clinical and operational activities.