STGI Secures Funding for ANTICORT Through FDA Clinical Trials
LAS VEGAS--(BW HealthWire)--July 21, 1999--Steroidogenesis
Inhibitors International (OTC-BB:STGI) has signed a letter of intent
to commence negotiations of a definitive agreement with the Pashua
Partners, L.P. to take over the funding of full-scale clinical testing
and development of ANTICORT for the AIDS/HIV+ indication. Pashua would
in turn be granted the exclusive worldwide (excluding Canada)
marketing and manufacturing license rights to ANTICORT in exchange for
an initial funding of $4,500,000 plus a commitment to fund ANTICORT
through FDA testing. In the proposed funding STGI also receives a
progressive, minimum royalty guarantee starting with $7,200,000 the
first year after FDA approval. Pashua would have a first right of
refusal to fund ANTICORT for other indications. Pashua has already
sent an initial check to fund a bridge loan while the negotiations for
the proposed funding and a definitive agreement take place.
Dr. Alfred T. Sapse, President of Steroidogenesis Inhibitors
International states, "We create value for our shareholders through
research and technology and this funding strengthens our position in
the cortisol/anticortisol pharmaceutical industry."
Bert Wollen of Pashua, LLC, General Partner of Pashua Partners,
L.P. states, "We are pleased to be involved in what we believe to be
significant science."
The company's drug ANTICORT is a dramatic step forward in
anti-cortisol technology. ANTICORT is an anticortisol, steroidogenesis
inhibitor drug for the treatment of immune deficiency in AIDS/HIV+ and
other diseases such as aging and cancer where a high level of the
hormone cortisol plays a major role in destroying the immune system.
ANTICORT is currently in Clinical trials, Phase IB/IIA for AIDS/HIV+
under FDA regulations.
This release may include "forward-looking statements" within the
meaning of section 27A of the Securities Act of 1933 and Section 21E
of the Securities Act of 1934. 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.
CONTACT: Steroidogenesis
Janet Greeson, Ph.D
702/222-1988
or
Performance Strategies, Inc.
Richard L. Brown / Chuck Jordan
303/948-3601
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