The permit issued by Alabama Department of Environmental Management is open for public comment.
Avexa anticipates that it will receive final permit by early June after positive review of draft permit by Environmental Protection Agency (EPA). Further, it expects to generate revenues from the mine by late 2013.
Meanwhile, the company has invested $4m to acquire 25.5% equity stake in Coal Holdings that also owns North Pratt property.
Avexa chairman Iain Kirkwood stated that the company is pleased with the drafting permit and added that it is now close to secure
final approval to begin the operations at the mine.
"Revenue is likely to be generated later this calendar year. These revenues will be used to fund the final clinical development of apricitabine (ATC), our late stage drug candidate for drug-resistant-HIV, prior to seeking marketing approval," noted Kirkwood.
