William Acquires a Stake in C Sixty Inc.
Toronto, Ontario - Wednesday, June 21, 2000, 10:44 AM EDT
* Private biotechnology company focused on the discovery and
development of drugs, diagnostics and medical devices based on
the fullerene molecule
* The fullerene molecule, awarded the Nobel Prize in chemistry
in 1996, represents a novel approach to the development of a
wide spectrum of therapeutics
* C Sixty's proprietary Platform Technology based on the
fullerene molecule is well positioned to compete in
multi-billion dollar markets
* The company is establishing an extensive network of
operational platforms in alignment with prestigious academic
centers including the University of California (Los Angeles),
Rice University (Houston), and Columbia University (New York)
* The company's management has extensive experience in the
biotechnology sector, is comprised of a superb scientific team
and an advisory board which includes Nobel Prize winner and
industry leaders
William Resources Inc. is pleased to announce that it has signed
a definitive agreement to acquire a stake in C Sixty Inc., a
privately held biotechnology company. Under terms of the
agreement William will acquire a 40% stake in C Sixty in exchange
for 29,000,000 treasury shares of William at an ascribed price of
$0.25 per share or $7,250,000. William may be obliged to issue up
to an additional 9.9 million common shares based on the William
share performance over the next 90 days. In addition William will
have a one year option to purchase an additional 9.99% of the
company on a fully diluted basis. Closing of the transaction is
expected to occur on or before June 30, 2000. William retained
Coniston Investment Corporation to act as an advisor in
connection with this transaction.
C Sixty Inc. is a privately held biopharmaceutical company whose
business strategy is focused on the discovery, development, and
the advancement of a new class of therapeutic drugs, diagnostics
and medical devices based on the fullerene molecule, considered
a "Platform Technology", with potential value for a large number
of diverse applications in multibillion dollar markets. The
company has adopted a virtual model for conducting its product
development through established relationships with world-class
institutions, thereby reducing costs, limiting dilution, and
therefore increasing the potential return to shareholders.
The fullerene molecule is a hollow geodesic sphere made up of 60
carbon atoms. The molecule was discovered in 1985 as the third
and unprecedented new form of elemental carbon in nature. Its
discoverers were awarded the 1996 Nobel Prize in chemistry.
C Sixty Inc. is a world-leader in the research and development
for the medical applications of fullerenes. The company's Nobel
Prize winning technology represents novel approaches to rational
drug development and the development of leading edge strategies
in the biotechnology sector.
C Sixty's Platform Technology is targeted at diverse market
segments. The company's lead compounds have potential value in
multi-billion dollar pharmaceutical markets for the treatment and
prevention of cancer, AIDS, heart disease, diseases of the
nervous system and arthritis amongst others. In addition to
protecting the use of fullerene compounds as drugs, the company's
intellectual property portfolio protects the use of certain
fullerene compound families as drug delivery vehicles. Fullerenes
also represent a novel drug delivery vehicle for the optimization
of marketed drugs as complex generic formulations.
The company operates through affiliated research facilities and
has executed exclusive worldwide option agreements to license the
use of fullerenes for specific medical applications with
prestigious academic institutions including The University of
California (Los Angeles), Columbia University (New York), and
Rice University (Houston). The company expects to conclude
further agreements with other prominent universities in the near
future.
"The potential for widespread applications, a versatile
proprietary technology platform and promising pre-clinical
studies positions C Sixty to become a leader in the biotechnology
sector" asserted Dr. Uri Sagman MD FRCPC, founding President and
CEO of C Sixty.
Exclusivity Agreements
University of California - On June 15, 200, the company entered
into an agreement with the University of California (Los
Angeles), for the exclusive worldwide rights to license propriety
technology related to the biomedical use of fullerenes as
anti-HIV compounds. C Sixty's lead product is an HIV
anti-protease substituted fullerene with minimal toxicity and
activity against mutant and drug resistant stains of the HIV
virus. The product provides a potential alternative treatment to
patients with AIDS who have exhausted available alternatives. The
company is currently advancing its lead product candidates to
toxicology studies and intends to complete pre-clinical studies
over the next 12-18 months.
Columbia University - On April 15, 2000, the company entered into
a licensing agreement with Columbia University (New York) to
obtain the exclusive worldwide rights for the use of
anti-fullerene antibodies. The company's monoclonal antibody
technology is anticipated to have widespread uses as therapeutic
agents, diagnostics and as tools for drug development. The
company's anti-fullerene monoclonal antibodies have been
optimized to selectively target and image fullerene based
compounds. The company has developed a diagnostic tool capable of
measuring the concentrations of fullerenes in biological fluids
with its anti-fullerene monoclonal antibodies for pharmacokinetic
studies and other drug development functions. This technology is
anticipated to assist the company in developing its lead products
in the short term and to potentially provide a revenue stream
based on the commercialization of diagnostic fullerene antibody
products.
Rice University - On January 1, 2000, the company entered into an
agreement with Rice University (Houston) to obtain the exclusive
worldwide rights to develop a fullerene substituted
bone-targeting agent and fullerene-based x-ray imaging contrast
agents. The company's lead bone targeting agent is a bimodal
compound characterized by inhibition of bone resorption and
stimulation of bone formation. The company is currently engaged
in scaleup studies of its lead bone targeting compound in
anticipation of pre-clinical studies within the next 12-18
months.
The company's contrast imaging agents are anticipated to enter
into animal studies within the next 12 to 18 months. The
fullerene contrast agents represent a novel class of imaging
technology with limited toxicity, long blood pool retention
capability and the potential avoidance of invasive imaging
procedures.
Product Development
In addition to C Sixty's products referred to above for
applications of fullerene as anti-viral agents monoclonal
antibodies and bone targeting agents, C Sixty is engaged in the
development of fullerene compounds for photodynamic cancer
therapy, free radical scavengers for neurodegenerative diseases
such as ALS and Parkinson's disease, tissue targeting fullerene
technology, and the applications of fullerenes to surfaces for
use in medical devices, prosthetics, and for diagnostic
technologies.
Dr. Uri Sagman MD, FRCPC. Dr. Uri Sagman is the founding
President and CEO of C Sixty. He is a medical oncolgoist. Dr.
Sagman is a recognized researcher in the field of clinical
oncology and had had numerous publications in the field of tumor
biology and immunology. Dr. Sagman is also the founder and
President of GRN Health International Inc., an academically based
global research organization and B Twelve Inc., a biotechnology
company.
Mr. Jacques Sayegh, CFA, MBA, Founding Chairman, C Sixty Inc. Mr.
Sayegh is the immediate past President and CEO (1990-1999) of the
Royal Bank Capital Corporation (RBCC), Canada's largest financial
institution. Mr. Sayegh has over 20 years of experience in
merchant banking and venture capital with broad expertise in
finance, technology, (biotechnology and information technology),
and international markets.
The scientific team of C Sixty Inc., includes the undisputed
world leaders in the application of fullerenes to medicine:
Dr. Richard Smalley, Nobel Laureate (Rice University, Houston)
Hackerman Professor of Chemistry and Physics. Director of Rice
University Center for Nanoscale Science and Technology. He is
best known for his discovery of fullerenes in 1985, for which he
won the Nobel Prize in Chemistry in 1996.
Dr. Stephen L. Wilson (New York University). Professor of
Chemistry and pioneer in fullerene chemistry. Dr. Wilson has
published more than 40 publications on fullerenes since 1993, and
has written two chapters-titled "Organic Chemistry of Fullerene,"
and "Biology of Fullerenes"-for the forthcoming book from John
Wiley & Sons-The Fullerene Handbook.
Dr. Fred Wudl (University of California, Santa Barbara).
Professor of Chemistry and Physics. Associate Director of the
UCSB Institute for Polymers and Organic Solids. Dr. Wudl is a
pioneer in fullerene chemistry and biology, electrically
conducting polymers, and organic compounds and ferromagnets. He
is a co-discoverer of anti-HIV fullerene compounds.
Dr. Bernard Erlanger (Columbia University, New York). Professor
of Microbiology and noted immunologist. He is a pioneer in
steroid antibodies. In the 1950's Dr. Erlanger developed the now
widely used techniques of linking haptens to BSA in order to
produce antibodies.
Dr. Long Chiang (National Taiwan University). Adjunct Professor
of Chemsitry and Chair, Center for Condensed Matter Sciences. He
is a leader in design and synthesis of fullerene derivatives for
biological applications. In 1980's he was senior research
scientist at Exxon Research and Engineering Company, New Jersey.
Dr. Lon Wilson (Rice University). Professor of Chemistry. He is
an expert in the application of fullerenes to nuclear medicine
and metallofullerenes and designed first application of fullerene
to tissue targeting.
Dr. Ursula Gibson (Dartmouth University). Professor of
Engineering, Thayer School of Engineering, Dartmouth College. Dr.
Gibson developed film layer applications of fullerenes to
Material Surfaces, laser applications and medical devices.
Dr. Simon Friedman (University of Missouri). Assistant Professor
of Chemistry. He developed the first anti-viral fullerene
derivative. He is a pioneer in computer assisted rational drug
design and modeling.
Dr. Kenneth Pritzker (The University of Toronto). Professor of
Laboratory Medicine and Pathology, Surgery, The University of
Toronto, and pathologist-in-Chief and Director, Pathology and
Laboratory Medicine, Mount Sinai Hospital in Toronto and Head,
Connective Tissue Research Group. Dr. Pritzker is an
internationally known expert in the field of degenerative joint
disease, arthritis, connective tissue disease and biomaterials.
The C Sixty Scientific Advisory Board consists of proven
biotechnology experts, Nobel Prize winning scientists, former
executives of major pharmaceutical companies and business
leaders.
Dr. Norman Jensen (Jacobus Pharmaceuticals). Former senior
executive in two of the world's largest pharmaceutical companies.
Assistant Vice President of Wyeth-Ayerst Pharmaceutical Co. and
Director of medicinal chemistry at Merck.
Dr. Robert Haddon (University of Kentucky). Noted fullerene
scientist, discoverer of fullerene superconductors, Director of
Center for Advanced Energy at University of Kentucky. Pioneer in
fullerene nanotube chemistry.
Dr. Karl Kadish (University of Houston). Professor of Chemistry
and founding chair of the Electrochemical Society Fullerene
Division, currently the world's largest scientific organization
dedicated to fullerene research.
Dr. Richard Houghton (Torrey Pines Institute for Molecular
Studies). Pioneer in combinatorial chemistry and founder, Trega
Pharmaceutical Co. (formerly Houghton Pharmaceutical Co.).
Dr. Richard Schinazi (Emory Medical School, Atlanta). Professor
of Virology. Director of Laboratory of Biochemical Pharmacology,
Emory Medical School. Pioneer in fullerenes virucidal effect on
HIV-1 and expert in anti-cancer and anti-viral drug development.
A co-discoverer of anti-HIV fullerene compounds.
Dr. Barry M. Trost (Stanford University). Professor of Chemsitry,
eminent synthetic chemist and member of the United States
National Academy of Sciences. Dr. Trost has extensive experience
in the design of new synthetic reaction and chemistry of
relevance to the pharmaceutical industry.
Dr. Lester Mitscher (University of Kansas, Missouri).
Distinguished Professor of Medicinal Chemistry and author of the
classis four volume Wiley-Interscience series: "The Organic
Chemistry of Drug Synthesis." He was winner of the 1989 Swissman
Prize in Medicinal Chemsitry and has extensive experience in the
pharmaceutical industry.
Dr. Warren Hehre (Wavefunction Inc.). Noted theoretical chemist
and former Professor of Chemistry at the University of California
at Irvine. Founder and President of Wavefunction Inc., a leading
software company. A pioneer in information systems, computer
graphics and molecular modeling.
About William
As previously announced, William has changed its focus from gold
mining to technology, and is evaluating several opportunities for
acquisition and/or merger in this non-resource sector. William is
particularly interested in companies involved in biotech,
connectivity technology, software development and Internet
solutions.
"The acquisition by William of a significant stake in C Sixty
represents the first step in the transformation of William to a
technology based company", said Stan Bharti, CEO of William. "C
Sixty's strategy is aimed at the development of products for
multi-billion dollar markets, and we anticipate that C Sixty will
become a leader in its sector. We have full confidence that our
investment will provide significant returns given the cogent
corporate strategy of C Sixty, its experienced management, a
superb scientific team and an advisory board comprised of
industry leaders and Nobel Prize winning scientists", added Mr.
Bharti.
William is in advanced discussions on specific transactions in
the technology and bio-tech sectors and expects to announce
further developments in the near future. By the time of the
scheduled annual and special meeting of June 27th, 2000, William
expects to have totally eliminated its debt and the Company
should be well on its way towards restructuring itself as a
multi-technology organization. The shareholders will also be
asked to approve a name change to William Multi-Tech Inc. at the
annual and special meeting.
The Toronto Stock Exchange has determined that William has
changed the nature of its business and must meet all of the
original listing requirements of the Exchange by the earlier of
six months following the closing of the transaction noted above
or a proposed technology transaction (whichever is first) and
December 21, 2000. If the Company fails to meet original listing
requirements by the stated deadline, the Exchange may suspend
trading in the Company's shares or require the Company to delist
from the Exchange.
The Annual and Special Meeting of Shareholders will be held at
the Sheraton Centre Hotel, 123 Queen Street West, Toronto,
Ontario at 4:30 p.m. on Tuesday June 27th, 2000.
Contact William:
Reg Burden/Kam Gill
Directors of Investor Relations
390 Bay Street, Suite 2008
Toronto, Ontario M5H 2Y2
Tel: (416) 861-9500
Fax: (416) 861-8165
Contact Coniston Investment Corp:
Paul A. Parisotto
President
390 Bay Street, Suite 2020
Toronto, Ontario M5H 2Y2
Tel: (416) 369-9333
Fax: (416) 603-1708
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WILLIAM RESOURCES INC.
390 Bay Street, Suite 2008 |
