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Dimethaid Announces Letter of Intent to Acquire Oxo Chemie AG
- Company to Purchase Remaining 80% of Oxo Chemie Held by Founder -
TORONTO, July 18 /PRNewswire/ - Dimethaid Research Inc. (TSE:DMX - news) announced today that it has signed a letter of
intent to acquire privately held Oxo Chemie AG of Switzerland, subject to a due diligence by Dimethaid.
Under the milestone-driven letter of intent, Dimethaid will have the option of acquiring all of the shares of Oxo it does not already
own, representing 80% of Oxo Chemie, from its founder Dr. Friedrich Wilhelm Kuhne, which at the discretion of Dimethaid will
be a cash or a non-cash transaction. Dimethaid currently holds a 20% equity ownership interest in Oxo Chemie. The Company
expects to enter into a definitive purchase agreement during its second fiscal quarter, at which time further details of the transaction
will be made available.
Dimethaid first acquired an interest in Oxo Chemie in 1996, and has held a 20% equity interest since 1997. ``This is the
culmination of the close working relationship we have established throughout the clinical development of WF10, Oxo Chemie's
lead compound. As WF10 has now completed a pivotal Phase III study in late-stage AIDS patients, we are confident that
Dimethaid's clinical and regulatory affairs departments can capitalize on the experience gained in the development and
commercialization of PENNSAID®, to bring WF10 to market'', said Rebecca Keeler, President and CEO of Dimethaid.
WF10 is a proprietary immune-regulating drug that specifically targets the macrophage, a key conducting white blood cell in the
complex orchestra that is the human immune system. The proposed investment in Oxo will significantly expand the Company's
product pipeline in a new and exciting field of scientific knowledge.
Dimethaid Research Inc. is a pharmaceutical company engaged in the development and commercialization of innovative
therapeutic products that offer the potential to minimize the unwanted systemic effects of drug therapy on the body. Dimethaid's
proprietary drug delivery technology utilizes the cell's tubule system to deliver drugs cell-to-cell. As a result, patients are able to
treat localized conditions, such as osteoarthritis, while limiting the body's absorption of, and associated risks from, the medication.
This technology has been applied first to produce PENNSAID® Topical Solution. The Company's business development strategy
is to leverage its proprietary transdermal delivery technology into additional commercial products. For additional information on
the Company, please visit www.dimethaid.com.
This release may contain forward-looking statements. Such statements involve known and unknown risks, uncertainties and other
factors outside of management's control that could cause actual results to differ materially from those expressed in the
forward-looking statements. A discussion of such risk factors is included in the Company's AIF filed with the OSC and includes,
without limitation, risks regarding product development, clinical trials, dependence on third parties for development and licensing
arrangements, and risks involving regulatory approval of products, licenses and patents. The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect subsequent events or circumstances.
SOURCE: Dimethaid Research Inc. |
