Bioton gets up to $117 mln financing from US fund

WARSAW, July 4 (Reuters) - Poland's troubled insulin maker, Bioton BOTN.WA, said on Saturday it had clinched a deal with U.S. investment fund GEM Global Yield Fund on financing worth as much as 363 million zlotys ($117 million). "The agreement guarantees Bioton financing at the level of 200 million zlotys over three years starting with the signature of the deal," Bioton said in a statement.

The company would also issue warrants to the investment fund worth almost 163 million zlotys and exchangeable for its shares.

Earlier in July Bioton, which reported a $6 million net loss in the first quarter of 2009, said it would issue 50 million zlotys ($16.12 million) in shares to its main shareholder, Polish tycoon Ryszard Krauze. (Writing by Gabriela Baczynska, Editing by Peter Blackburn)