LNST, me too.
MDCH, check this out!!!! This is huge!!!!!
Thursday February 3, 6:43 pm Eastern Time
Company Press Release
Meditech Signs Agreement With Immune Networks, Ltd.
SCOTTSDALE, Ariz, and VANCOUVER, British Columbia--(BW HealthWire)--Feb. 03, 2000--Meditech
Pharmaceuticals Inc. (OTC BB: MDCH - news) and Immune Network Research Ltd. (CDNX: IMM - news)
Thursday announced that Meditech is granting Immune Network an option to purchase an exclusive license on two of its drugs.
The first drug, MTCH-24(TM), is an over-the-counter herpes medication. The second, Viraplex©, has shown potential in preclinical studies for treating
certain cancers. The license will be worldwide excluding the United States. Meditech will retain U.S. rights at this time.
The agreement calls for an initial cash payment for granting the option, a cash payment if and when the option is exercised, and a continuing royalty of 7
percent on net sales of MTCH-24(TM) and 4 percent on net sales of Viraplex©. The option term is one year.
Meditech will grant Immune Network a one year option to purchase up to 10 million shares of Meditech's restricted common stock.
Immune Network will immediately expand its ongoing R&D program to include MTCH-24(TM) and Viraplex©.
Immune Network's chief executive officer, Dr. Allen Bain, will be nominated to serve as a director of Meditech .
Meditech chief executive officer, Gerald Kern, said, ``This is a superlative business arrangement. IMM's capabilities include the rapid development of
previously registered drugs for new and highly marketable uses. Meditech has developed two such drugs.
``The combination of IMM's research capabilities and marketing contacts, together with the broad spectrum of uses for MTCH-24(TM) and Viraplex©,
forms a perfect partnership which could enable Meditech to accomplish the goals which were set when the company was founded 17 years ago.'
Immune Network President & Chief Executive Officer, Dr. Allen Bain, said, ``One of our objectives is to be a value added reseller of drug candidates to
major pharmaceutical companies and we believe, after due diligence, that these two drugs have very significant potential in markets outside of the U.S.
``We are building an arsenal of proven and potential drugs that we believe will make a significant contribution to healthcare. Our strategy is to focus on
mainstream diseases and do the additional research and development to prove the science and their commercial potential. In these two drugs from Meditech,
we feel we have good prospects.'
This agreement is subject to IMM's receipt of stock exchange acceptance to the filing of this agreement.
``Safe Harbor' Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements that are not historical facts and are subject to risks and uncertainties which could cause actual results
to differ materially from those set forth in or implied herein. These risks are described in detail in the companies' Securities and Exchange Commission
filings.
Contact:
Meditech Pharmaceuticals Inc., Scottsdale
Cindy Kern, 480/614-2874
Fax: 480/614-0560
Internet http://mdch@bizland.com
Email: mdch24@aol.com
or
Immune Network Research Ltd.
Ron Kertesz, 604/222-5541
Fax: 604/222-5542
immunenetwork.com
Email: rkertesz@immunenetwork.com |
