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Whitehall Enterprises Completes Second Acquisition
09/13 05:44
MIAMI--(BUSINESS WIRE)--Sept. 13, 1999--Whitehall Enterprises Inc. (OTC BB: WTHL),a growth oriented holding company, announced the acquisition of Hairbiotech Inc., a development stage biotechnology company with three unique patents for hair growth and hair loss prevention technologies.
Hairbiotech currently holds patents to: (1) Antioxidant (A-O) technology, (2) 1,25 Dihydroxy Vitamin D3 compound and its analogue, with FDA approval for Phase II Human Clinical Trials, and (3) Hair Growth Factor (HGF) technology.
THe Antioxidant patent was granted in December 1997, for a cosmetic product that does not require FDA approval. It protects hair, just as fluoride protects teeth, against damage caused by oxidants resulting from regular dyeing, sunlight, pollution, etc. and prevents further hair loss from oxidants in both men and women. This product can be immediately licensed and/or sublicensed to cosmetic industry leaders.
The 1,25 Dihydroxy Vitamin D3 compound and its analogue patent was granted in February 1997 to the University of Miami and was acquired by Hairbiotech in August of 1997. Hairbiotech currently sponsors research at U of M as part of its Research and Development agreement with the University. This technology has been proven to be effective in preventing hair loss due to chemotherapy treatment. This will be a product that will generate significant revenue, when marketed through an alliance between Hairbiotech and a Fortune 100 pharmaceutical company, to the tens of thousands of patients who are undergoing chemotherapy treatment for cancer each year.
The Hair Growth Factor (HGF) hair growth stimulation composition patent was granted in February 1998 for a research stage pharmaceutical product derived from human cultured cells. The only FDA approved competing products are Rogaine and Propecia which are limited in their effectiveness. Rogain is effective in only approximately 20%-30% of its consumers, and in the case of Propecia, it is for use by men only and carries the possible side effect of impotence. Hairbiotech's technology is natural because it targets specific human hormones responsible for hair growth and thus it is safely effective when used by both men and women. It is anticipated that HGF will be marketed within three to five years to both men and women experiencing any kind of hair-related malady.
"Our business objectives are progressing much faster than we anticipated," said President and Chief Executive Officer Luis Alvarez. "Although Hairbiotech won't contribute revenue until we license the Antioxidant product, it will be a significant addition to our asset base."
"We are extremely excited with the prospects of working with the Whitehall team," said Dr. Doured Daghistani, President of the Hairbiotech subsidiary. "We can now concentrate on the scientific aspect of our future business."
Alopecia (commonly known as hair loss) affects four in ten men and one in ten women, which represents a $500 million annual market. The chemotherapy induced alopecia market represents $100-200 million. Whitehall, through its medical technology division, expects to play a significant role in these markets.
Whitehall Enterprises Inc. (OTC BB: WTHL) is a growth oriented holding company targeting business acquisitions, which will contribute a diversified asset base for the company. The company's current business activities include manufacturing of plastic containers for pharmaceutical and healthcare companies as well as marketing hair growth and hair loss prevention technologies.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this news release (as well as information included in oral statements or other written statements made or to be made by Whitehall Enterprises Inc.) contains statements that are forward-looking, such as statements related to consummation of the transaction, anticipated future revenues of the companies and success of current product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Whitehall Enterprises Inc. For a description of additional risks and uncertainties, please refer to Whitehall Enterprises Inc., filings with the Securities and Exchange Commission, including Forms 10K and 10Q. |
