Altachem Pharma Finalizes Acquisition Of SonoLight
Pharmaceuticals Corporation
Edmonton, Alberta
Trading Symbol ``AAF'': Canadian Venture Exchange (CDNX)
Warren Jackson, President and CEO of Altachem Pharma Ltd. ('Altachem'), an
Alberta-based international pharmaceutical company, announced today that conditional
approval granted by the relevant regulatory bodies for the Company's proposed acquisition
of SonoLight Pharmaceuticals Corporation ('SonoLight') has been met.
``The SonoLight acquisition represents an integral element in Altachem's overall strategy to
develop leading edge technology for diseases whose demands are not being met by existing
technology and treatment methods,'' stated Mr. Jackson.
SonoLight is a Canadian biopharmaceuticals company focussed on the application of next
generation technologies to manage neoplastic diseases with currently unmet treatment needs,
such as breast cancer and prostate cancer. SonoLight specializes in the research,
development and commercialization of compounds based upon its unique family of
photosensitizing and sonosensitizing compounds, the Hypocrellins. These drugs are derived
from a compound isolated from a mushroom found in China, and are used in photodynamic
and sonodynamic therapies to treat a wide variety of neoplastic and non-malignant diseases.
The uniqueness of Hypocrellins has enabled SonoLight to be the first company to undertake
commercial development of sonodynamic therapy as a method of treatment for cancer.
Sonodynamic therapy combines the action of drug and ultrasound.
Studies to date indicate that these Hypocrellin-based compounds are non-toxic until
activated by light or ultrasound. The uniqueness of this technology is that it can provide
physicians with the ability to be much more selective in targeting and treating cancers and
non-oncologic diseases, greatly enhancing physicians' control over treatment timing and
targeting the affected areas while avoiding surrounding healthy tissues. This means fewer side
effects, such as toxicity, experienced by the patient during treatment.
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 sonosensitizers and their use in cancer and non
cancer-based therapies. SonoLight technologies are also the subject of three patent applications and more than thirty
publications in peer-reviewed scientific journals.
``In addition to the far-reaching potential of SonoLight's cancer-fighting technologies, the depth and expertise of SonoLight's
existing scientific team brings significant intellectual capital to Altachem,'' Mr. Jackson added.
SonoLight's core technologies are based upon the intellectual property discovered and developed by Drs. J. William Lown,
Gerald G. Miller at the University of Alberta and Dr. Beatrice M. Leveugle at the University of Lille, France. SonoLight senior
management comprises Dr. Madi R. Madiyalakan, Chairman, CEO and Co-Founder; Dr. William Lown, Vice President of
Product Development; Dr. Gerald Miller, Vice President of Research and Development; and, Dr. Beatrice Leveugle, Director
of Research.
Under the proposed transaction, Altachem will acquire 100% of the outstanding shares of SonoLight in exchange for
2,334,000 Altachem common shares at a value of $1.25 per share.
In the Company's continuing efforts to build shareholder value by focusing on pharmaceutical products with exceptional market
potential in Canada and internationally, Altachem Pharma has successfully achieved a number of key initiatives in recent months.
Recent announcements include a precedent-setting Joint Venture in the People's Republic of China, as well as the proposed
acquisition of world rights to Bionex(TM), a blood cleaning technology viewed by many as the future of risk free blood
banking.
Altachem Pharma Ltd. is a publicly traded (CDNX:AAF) Alberta-based pharmaceutical company that is committed to
developing new and improved pharmaceutical products to globally enhance the quality of life. Altachem 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.
For additional information, contact:
Roger Andrews, Investor Relations Altachem Pharma Ltd. Tel. (780) 486-8331 ext. 331 Fax. (780) 448-1436 Toll-free Tel.
(877) 502-5939 Email: roger@altachempharma.com Web: www.altachempharma.com
Don Bain, Vice President McManus Elliott Communications Inc. Tel. (416) 979-8300 Fax. (416) 979-8638
Executive Vice President of Research and Development Dr. Madi R. Madiyalakan, Altachem Pharma Ltd. Tel. (780)
486-8331 ext. 328 E-mail madi@altachempharma.com
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.
``CDNX has neither approved nor disapproved of the information contained herein.''
SOURCE: Altachem Pharma Ltd. |
