Main-board listed Maxx Bioscience Holdings is to raise HK$30 million by issuing two-year debentures to finance the acquisition of a biotechnology company developing drugs targeted at heart disease. The unsecured convertible debentures, due to mature in October 2004, were launched following last week's announcement that the company would acquire a 70 per cent stake in pharmaceutical firm Best Express for HK$40 million. The company said it would pay HK$30 million in cash within 90 days of completing the transaction. The remaining HK$10 million would be settled within 180 days. To finance the acquisition, Maxx Bioscience entered into a subscription agreement with Health Capital Investment for the purchase of the debentures, which carry a 3.5 per cent annual interest rate. The conversion price is the higher of 15 HK cents or 90 per cent of the average closing price of the company's shares during the 10 business days immediately before conversion. The 15 HK cents fixed conversion price represents a discount of about 16.67 per cent to the closing price of 18 HK cents before the shares were suspended from trade on the exchange on Thursday. On resuming trade yesterday, the counter jumped 16.6 per cent to 21 HK cents with just HK$4,200 worth of shares changing hands. The company's shares have fallen 12.62 per cent in the past month. Acquisition target Best Express is mainly engaged in research, development and production of potential drug candidates targeted at circulatory diseases of the heart and brain.