ALTACHEM PHARMA Signs Letter Of Intent To Purchase Sonolight Pharmaceuticals Corp.
4/25/01
ALTACHEM PHARMA LTD ("AAF-V;ALPJF-0") - Signs Letter Of Intent To Purchase Sonolight Pharmaceuticals Corp.
Warren Jackson, President and CEO of Altachem Pharma Ltd., is pleased to announce the signing of a letter of intent to aquire 100% of the outstanding shares in the share capital of SonoLight Pharmaceuticals Corp. The proposed acquisition by Altachem Pharma for the SonoLight Pharmaceuticals shares will be 2,344,000 Altachem Pharma Common Shares at a value of $1.25 per share. It is the intention of the parties to conclude a definitive agreement in the near future containing customary terms for transactions of this type, as well as customary conditions to closing including the receipt of all necessary stock exchange and regulatory approvals.
SonoLight Pharmaceuticals Corp. is an Edmonton, Alberta based biopharmaceutical company specializing in the research, development and commercialization of compounds based upon its unique photosensitizer, "Hypecrellin", as well as the associated activation and delivery modalities. These drugs, which are derivatives of Hypocrella bambusae, a compound isolated from a mushroom found in China, are used for use in photodynamic and sonodynamic therapies to treat a wide variety of diseases.
The uniqueness of this technology is that studies to date indicate that these compounds are inactive until activated either by light or ultrasound, which enables the physician to provide selectivity to the treatment protocol. The core technologies are based upon the intellectual property discovered and developed by Drs. J. William Lown, Gerald G. Miller and Beatrice Leveugle at the University of Alberta and University of Lille, France. SonoLight Pharmaceuticals has acquired the exclusive world-wide license from the University of Alberta to develop, commercialize and exploit several proprietary inventions involving a class of photosensitizer and their use in cancer and non-cancer based therapies. SonoLight Pharmaceuticals technology is also the subject of three patent applications and more than thirty publications in peer reviewed scientific journals.
SonoLight Pharmaceuticals intends to focus on diseases that presently have unmet medical needs including metastatic prostate and breast cancer. Non-oncology applications include products for the treatment of acne, psoriasis and periodontal diseases. [SonoLight Pharmaceuticals is currently involved in late state negotiations with five potential partners for the purpose of securing complementary technologies and providing manufacturing capabilities.]
SonoLight's core technologies are based upon the intellectual property as discovered and developed by the following management team who collectively have more than 600 publications in peer reviewed scientific journals and fifteen patent applications during their scientific careers. SonoLight's management team are committed to the development of the technology for an additional term of three years.
Dr. Madi R. Madiyalakan
Chairman, CEO, and Co-Founder
Dr. Madiyalakan utilizes his broad managerial experiences to
provide leadership and strategic vision to SonoLight. His
primary duties include strategic and investor relations, the
co-ordination of the research, development, and
commercialization efforts. Dr. Madiyalakan effectively
manages the balance between the business and science of the
corporation.
Dr. J. William Lown
Vice President of Product Development
Dr. Lown brings extensive proprietary knowledge to the
corporation. His scientific acumen, networks, and
credibility serve to augment the effectual product
commercialization. Dr. Lown's comprehensive experiences in
organic chemistry, medicinal chemistry, cellular
pharmacology, cancer chemotherapy, and related cancer
therapies enable the Company to target these areas for
photodynamic and sonodynamic therapies.
Dr. Gerald G. Miller
Vice President of Research and Development
Dr. Miller is active in both the business and scientific
operations of the Company. He brings a unique perspective
derived from a variety of research and non-research
industrial appointments. Dr. Miller's wealth of knowledge in
areas such as genetics and cell biology, pharmaceutical
oncology, experimental oncology, PDT/SDT, novel adjuvant
therapies, and neoplastic disease parallels the Company's
scientific research and applications. From this base, Dr.
Miller draws effective idea generation, leadership, and
proven business qualities.
Dr. Beatrice M. Leveugle
Director of Research
Dr. Leveugle brings numerous research experiences in the
development of immunotherapeutic products for the treatment
of various diseases with a special reference to prostate
cancer. She has also been involved in the study of the
pathological mechanisms involved in the development of
neurodegenerative diseases with a particular emphasis on
Alzheimer's disease. From these studies, therapeutic
approaches have been developed and tested. Her research
intelligence lends focus and direction to the research
activities.
Altachem Pharma Ltd. invests in, develops, manufactures and distributes pharmaceutical products in Canada and internationally. The Company is certified compliant with internationally recognized quality system standards, ISO 9002:1994, ISO 13488 and EN 46002.
Altachem's primary operating components include a Manufacturing Division, a Proprietary Drugs Division and a Joint Venture registered in the People's Republic of China to manufacture and distribute pharmaceutical products.
Certain information contained in this press release may be forward-looking and is subject to unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable it can give no assurance that such expectations will prove correct. This is neither an offer to buy or sell a security. For informational purposes only, from sources deemed to be reliable. TEL: 780-486-8331 ext. 331
Rogers Andrews, Investor Relations FAX: 780-448-1436
Altachem Pharma Ltd. TEL: (877) 502-5939 E-mail: roger@altachempharma.com Web:
altachempharma.com TEL: 416-979-8300 Don Bain, Vice President FAX: 416-979-8638 McManus Elliott Communications E-mail: don@mcmanuselliott.com |
