LEXINGTON, Ky. – Coldstream Laboratories will get additional money of up to $5.5 million from the University of Kentucky. The UK Board of Trustees approved the expenditure Tuesday after a motion from the board's finance committee claimed more funds were needed for working capital, operations, and the development of new products.
Faculty Trustee Joe Peek ultimately voted for the measure, but he did have some reservations.
"I would have liked to have seen financial statements; past financial statements, pro forma financial statements about the future, information about their business plan, things that I think should be viewed as standard so that then I can make an informed decision. Because I do not know if this is viable or not. So my objection wasn't that I know it's not viable, it's that I don't have any idea."
Coldstream Laboratories is a specialty maker of drug products and a provider of drug product research that is wholly owned by the university. Funding for the lab comes from money generated by healthcare services at UK.