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Wednesday December 5, 6:08 pm Eastern Time
Press Release
SOURCE: Dimethaid Research Inc.
Dimethaid draws $2.5 million against its financing facility
-- Acqua Wellington Agreement extended to May 2002 --
TORONTO, Dec. 5 /CNW/ - Dimethaid Research Inc. (TSE: DMX - news) 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 676,802 shares of common stock and received net proceeds of $2,500,000. 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 extended our agreement with Acqua Wellington for an additional few months, through May, 2002, to continue the flexibility to access funds as necessary, despite some regulatory delays in PENNSAID(R) approval." said Rebecca Keeler, President and CEO. "The market into which PENNSAID(R) will launch is large, at over $8 billion in NSAID sales annually in the United States and Canada." Mrs. Keeler continued. "But more importantly, over 18,000 patients annually die from NSAID-induced fatalities, which underscores the need for a safe, efficacious product like PENNSAID(R)"
While regulatory approval is pending for PENNSAID(R), development continues on another application utilizing Dimethaid's transdermal carrier; in the area of onychomycosis (nail fungal infection), the completion of formulation studies have determined the most efficacious active ingredient in fighting this fungal infection. This formulation will now be carried forward into clinical trials with a product to compete in this market, which is estimated to be in excess of US $1 billion.
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.
For further information
Dimethaid Research Inc., Tel. (905) 415-1446, info@dimethaid.com
Lippert/Heilshorn & Associates, Kim Golodetz, Tel. (212) 838-3777
Bruce Voss, Tel. (310) 691-7100
Archived images on this organization are available through CNW E-Pix at newswire.ca. Images are free to members of The Canadian Press. To request a free copy of this organization's annual report, please go to newswire.ca and click on reports@cnw.
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