The Globe and Mail reports in its Wednesday edition that SRTX on Tuesday closed on more than half of $40-million (U.S.) in financing from existing investors and named chief financial officer Timothy Leyne as interim chief executive officer. The Globe's Sean Silcoff writes that Mr. Leyne replaces founder Katherine Homuth, who departed last month and announced the launch of a new venture Tuesday. The financing milestone, set to be followed with a final closing by July 30 on the remaining amount, means SRTX will receive enough cash to pay for its planned production expansion and drive to reach operating profitability by the end of 2025. The four lead investors are H&M Hennes & Mauritz AB and Crown corporations Export Development Canada, Business Development Bank of Canada and Investissement Quebec. The group is searching for a permanent CEO and an independent director to join the board. In 2017, Ms. Homuth set out to create a durable alternative to nylon tights using a polymer found in bulletproof vests. She successfully raised $256-million (U.S.), sold $155-million (U.S.) in goods, and her SRTX products are now available at retailers like H&M, Costco, Walmart, Holt Renfrew, Macy's and Kim Kardashian's SKIMS.