Dimethaid draws $1.5 million against its financing facility
- Company Continues Preparing for North American Launch of PENNSAID(R) -
TORONTO, Nov. 5 /CNW/ - Dimethaid Research Inc. (TSE: DMX) announced
today that the Company has effected a draw pursuant to its January 2001
private placement agreement with Acqua Wellington North American Equities
Fund, Ltd. Dimethaid issued Acqua Wellington 415,512 shares of common stock
and received net proceeds of $1,500,000. Proceeds are to be used largely to
support the continued preparation for a North American launch of PENNSAID(R).
"We are very pleased to have the flexibility in raising capital that our
agreement with Acqua Wellington affords us, as we prepare to introduce
PENNSAID(R) to osteoarthritis patients in Canada and the United States," said
Rebecca Keeler, President and CEO.
In the United States and Canada, more than US$8 billion is spent annually
for oral non-steroidal anti-inflammatory drugs (NSAIDs), both selective and
non-selective. Osteoarthritis affects 35 million people in these countries,
and with the change in demographics expected as Baby Boomers enter their 50's
and 60's in the coming years, the demand for the treatment of this disease is
expected to continue to grow.
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(R) 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
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. |
