MAJOR NEWS OUT!!!
Altachem Pharma Ltd.
Trading Symbol "AAF": Canadian Venture Exchange (CDNX)
News Release
ALTACHEM PHARMA AND SI CANADA MOVING AHEAD TO MANUFACTURE ANTICORTä FOR PHASE I HUMAN CLINICAL TRIALS IN CANADA.
September 27, 2000
Warren Jackson, President and CEO of Altachem Pharma Ltd. is pleased to announce with the manufacturing division of Altachem Pharma being certified compliant with internationally recognized quality system standards ISO 9002:1994, ISO 13488 and EN 46002, SI Canada is preparing to manufacture Anticortä for Phase I human clinical trials in Canada and with successful clinical trials and approval from the Health Protection Branch continue to manufacture Anticortä for distribution.
Steroidogenesis Inhibitors Canada Inc.(SI Canada Inc.) is a wholly owned subsidiary of Altachem Pharma Ltd., which has bought and paid for an exclusive licensing agreement from Steroidogenesis Inhibitors Inc., a subsidiary of Steroidogenesis Inhibitors International, which trades (OTCBB:STGI). The exclusive licensing agreement gives SI Canada Inc. the exclusive right to manufacture, use, distribute and sell the product in Canada and an option on other countries of the world.
Currently, SI Canada is in litigation with Steroidogenesis Inhibitors Inc. regarding a bona fide offer, which was presented to SI Canada per the terms and conditions of our licensing agreement. SI Canada matched the bona fide offer, which Steroidogenesis Inhibitors Inc. refused to honour. Steroidogenesis Inhibitors Inc. has also refused to provide human clinical trial product, as well as "improvements" of the product, which means any improvements, innovations, inventions, modifications, designs, plans, drawings, specifications, techniques, processes, data and technical information whether patented or not patented, made or acquired by the developers during the term of the agreement to the use of, or the manufacturer of the product as outlined in our Exclusive Licensing Agreement. This has resulted in further litigation against Steroidogenesis Inhibitors Inc. for Breach of Contract. To avoid further delays in drug development SI Canada has decided to move ahead with the Phase I human clinical trials in Canada, and to do so we will manufacture our own Clinical Trial Product, while we work to resolve the dishonourment of the bona fide offer and the Breach of the Licensing Agreement.
SI Canada Inc. has a "No Objection" letter from the Health Protection Branch in Canada allowing SI Canada to proceed with Phase I human clinical trials.
Altachem Pharma believes, as does Dr. Sapse, the scientist who developed Anticortä , that Anticortä will prove to be very effective treatment for people suffering from HIV and AIDS as well as several other diseases with very minimum side effects.
Any further delay in drug development will only result in further suffering, pain and death from this deadly disease.
Altachem Pharma will continue to keep the investment community fully aware of the litigation proceedings. Altachem Pharma, with guidance from our legal council voluntarily opened the default judgement registered against Steroidogenesis Inhibitors Inc. in January 2000 by giving notice to the judge of the Court of Queen’s Bench of Alberta, Judicial District of Edmonton.
One reason for this decision was to not risk delay or change of the excellent schedule in the case management order, which the judge awarded in a court order in July 2000, which includes a court order for Dr. Sapse, Dr. Greeson and Bert Wollen to appear in Edmonton during October 2000 for Examination of Discovery with the court date for trial commencing April 2, 2001.
Altachem Pharma Ltd. is an Edmonton, Alberta based pharmaceutical company, which invests in, develops, manufactures and distributes pharmaceutical products globally.
For more information, please visit us on the WEB at www.altachempharma.com or contact Roger Andrews, Investor Relations at:
Phone: (780) 486-8331 ext. 331
Fax: (780) 448-1436
Toll Free Phone: (877) 502-5939
E-mail : Roger@altachempharma.com
This release may include ``forward-looking statement'' within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1034. 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 or disapproved of the information contained herein." |
