Dimethaid draws $2 million against its financing facility
--Notes Health Canada Moving Forward on Review--
TORONTO, March 28 /CNW/ - Dimethaid Research Inc. (TSE: DMX) announced
today that the Company has issued 445,250 shares of common stock and raised
gross proceeds of $2 million pursuant to its private placement agreement with
Acqua Wellington North America Equities Fund, Ltd. Proceeds are to be used to
support the ongoing preparation for a North American launch of PENNSAID(R) and
other strategic initiatives.
"We are pleased to report that Health Canada has taken less than the 45
days allotted to complete its screening of our responses to the issues raised
regarding our New Drug Submission for PENNSAID(R), with the result that their
review of our data is now targeted to be completed by August 1, 2002", said
Rebecca Keeler, President and CEO. "Our financing facility with Acqua
Wellington provides us the flexibility in raising capital as we undertake to
launch PENNSAID(R) into the US$8 billion market in North America, representing
approximately 35 million osteoarthritis patients. Our goal is to establish
PENNSAID(R) as the "first choice" topical therapy for the treatment of the
pain, stiffness and impaired physical function of osteoarthritis".
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.
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