This press release from IGT yesterday may explain the increased
trading activity, along with other developments discussed in
previous posts....ba/
News Release IGT PHARMA INC. ("IGT") 311-2386 East Mall, University of British Columbia
Vancouver, B.C., Canada V6T 1Z3 Trading Symbol: IGT For more information contact: Bruce
Schmidt - basigt@wis.net Monday, July 7, 1997 (604) 822-3503 or 1 (800) 743-7444 SHARE
ACQUISITION - PRECISION BIOCHEMICALS INC. Management is pleased to announce the
acquisition of 35% of the outstanding shares of Precision Biochemicals Inc. ("Precision"), a
Vancouver based manufacturer of specialty research chemicals. Currently, Precision supplies mostly
US distributors with approximately 60 custom chemicals that are used in both academic research
and pharmaceutical development. In its second year of operations, Precision is in an expansion
phase and plans to be profitable in 1997. The $150,000 commitment represents a purchase of
shares from the principals that has been loaned back to Precision and will allow Precision to move to
new laboratory facilities adjacent to IGT's operation at the University of British Columbia. IGT's
association with Precision allows for the integration of Precision's manufacturing capabilities with
IGT's drug development program. Through this strategic association, IGT will be able to expand its
capabilities as not only a research and development organization but also a source of active
pharmaceutical compounds for the anti-cancer market. In addition, IGT's scientific team will be
augmented through the association of Dr. Ken Curry, Ph.D. and Dr. Martin Peet, Ph.D., the
principals of Precision, both of which bring extensive experience in organic chemistry and
pharmaceutical sciences. IGT Pharma is a Vancouver based bio-pharmaceutical company focused
on the innovation and enhancement of cancer therapies using synthetic chemistry. IGT's business
plan involves the utilization of novel low cost production methods for both new and existing
anti-cancer drugs. IGT recently announced that its new lead drug, Anhydrovinblastine, will be soon
entering human clinical trials for non small cell lung cancer, the cancer most commonly related to
smoking. On behalf of the board of directors of IGT Pharma Inc. per: Bruce Schmidt, President The
Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy of
this News Release. --------------------------------------------------------------------------- |
