New disinfectant for SARS & WEST NILE!!!
Altachem Pharma Ltd. Receives Approval to Change Joint Venture to Wholly Owned Foreign Enterprise and Update on Bionex(TM)
5/2/03
EDMONTON, May 02, 2003 (Canada NewsWire via COMTEX) --
Mr. Warren Jackson, President and CEO of Altachem Pharma Ltd., is pleased to announce the Beijing Erdos Altachem Pharma Ltd. joint venture formed between Erdos Cashmere Group Corp. from Inner Mongolia, China and Altachem Pharma Ltd. of Edmonton, Alberta, Canada has been approved by the Beijing Foreign Trade Commission to be converted and registered as a wholly owned foreign Company with the registered capital remaining the same at $19,230,000 US and name change to Beijing Altachem Pharma Biotechnology Ltd.
Beijing Altachem Pharma Biotechnology Ltd. has three years to have $9,422,700 US re-invested. Beijing Altachem Pharma Biotechnology Ltd. is currently in discussions with, and evaluating two Chinese pharmaceutical companies and one from the United States with equity investment interest.
BIONEX(TM) UPDATE
Bionex(TM), a revolutionary product for the potential use in various disinfectant products and potentially inactivates the HIV virus, hepatitis B and C, Herpes and other pathogens in blood products is exclusively licensed to Beijing Altachem Pharma Biotechnology Ltd.
Currently, five formulations of Bionex(TM) have been completed for potential use as a chemical sterilant and various levels of disinfectants. We have contracted a Level 3 GLP (Good Laboratory Practice) Bio-Science Laboratory which has received certification through the council for Anti- Microbial Quality (CAQ) in its laboratory accreditation program as well as having memberships with the National Capital Area Regional Society of Quality Assurance (NCARSAQ) and the Society of Quality Assurance (SQA) in the United States to validate the effectiveness of our formulations as a chemical sterilant and if successful, it will prove effective to kill bacteria with spores and protozoa with cysts. With third party validation of effectiveness we will proceed with the necessary steps for regulatory approval to sell a chemical sterilant for various applications in the hospital and healthcare settings, such as sterilization for operating rooms, equipment, devices and industrial applications.
Secondly, we will also contract the same laboratory for validation as different levels of disinfectants for killing non-enveloped viruses such as the poliovirus, Norwalk virus, hepatitis A virus etc. and down to the enveloped viruses such as HIV, hepatitis B and C viruses, hantavirus, coronavirus (believed by some scientists as SARS) and possibly the West Nile virus. We have accelerated the development work on Bionex(TM) as a disinfectant in an attempt to capitalize on the current market conditions.
Altachem Pharma Ltd is currently evaluating manufacturing economics of starting another production line in our Shanghai manufacturing facility to manufacture the Bionex(TM) product for sales in China as well as for export.
We have also formulated a Bionex(TM) alcohol based disinfectant with the intended use as a hand disinfectant in hospitals, dental clinics, restaurants and various other public places.
We are currently in advanced negotiations with an international disinfectant distribution company for the North American and Saudi Arabian markets.
Research and development is ongoing for the blood safety applications.
Altachem Pharma Ltd. is a publicly traded (TSX Venture Exchange: AAF), Alberta-based pharmaceutical company committed to the development and commercialization of new pharmaceutical products. The Corporation is developing a multi-tiered, integrated approach for the treatment of HIV/AIDS and cancer using non-toxic therapeutic products and adjunct therapies. The lead products of the Corporation are based on its two proprietary drugs: ACP-HIP and HB. The Corporation's manufacturing facilities located in Edmonton, Alberta and Shanghai, China are certified compliant with internationally recognized quality systems standards.
Certain information contained in this press release may be forward- looking and is subject to unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. This is neither an offer to buy or sell a security. For informational purposes only, from sources deemed to be reliable.
'TSX Venture Exchange has neither approved nor disapproved of the information contained herein.'
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VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: newswire.ca
For further information: Roger Andrews, Investor Relations Altachem Pharma Ltd., Tel.: (780) 486-8331 (Ext. 331), Toll-free: (877) 502-5939, Fax: (780) 448-1436, E-mail: roger(at)altachempharma.com, Web site: www.altachempharma.com
News release via Canada NewsWire, Calgary 403-269-7605 |
