Clinichem Development Inc. is a spin-off company of Biochem Pharma. Does anyone know any detailed information about it? Haven't heard much myself except for the original press release of which portions are written below.
Thanks, Jarrod
BioChem Pharma Inc. today announced a special distribution of Class A Common Shares of CliniChem Development Inc. (the CliniChem Common Shares) by way of a dividend in kind to the shareholders of BioChem Pharma Inc.
CliniChem was formed by BioChem for the purpose of conducting the clinical development of certain of its therapeutic and vaccine product candidates with a goal of commercializing such products. CliniChem will continue the development of a number of therapeutic and vaccine candidates initially discovered and developed by BioChem. BioChem has made a capital contribution amounting to CDN $150 million to CliniChem.
The formation of CliniChem is a major element of our strategy to invest heavily in research and development in order to assure a growing pipeline and to benefit shareholders in the long run, said Dr. Francesco Bellini, Chief Executive Officer of BioChem Pharma. |