Dimethaid provides corporate update
TORONTO, Dec. 17 /CNW/ - Pharmaceutical developer Dimethaid Research Inc.
(TSX: DMX) has announced that it expects second-quarter sales of its lead
product Pennsaid(R) to top $1.2 million US, representing a 70-percent increase
over the previous quarter. The company also anticipates sales will continue
growing throughout the remainder of the fiscal year.
"We are extremely pleased with how well the marketplace has responded to
Pennsaid," said Rebecca Keeler, president and CEO of Dimethaid Research Inc.
Total revenue for the second quarter, ended November 30, 2003, will
exceed $1.4 million US. The company expects to report its second quarter
results in mid January.
Business Development
To continue expanding worldwide Pennsaid sales, Dimethaid is also
focusing on new business partnerships in countries where the product has
received final approval. Negotiations are now underway with marketing and
sales organizations in Finland, Greece, Iceland and Portugal.
Cash Management
In November Dimethaid successfully completed a special warrant private
placement, raising over $9.8 million US in net proceeds. The company is
effectively managing its cash position in light of the recent Provalis
arbitration award, and will continue to take appropriate steps to conserve
cash as Pennsaid sales ramp up in Canada, Italy and the UK.
About Dimethaid Research Inc.
Dimethaid Research Inc. is a publicly traded, Canadian, pharmaceutical
company headquartered in Markham, Ontario, with manufacturing facilities in
Varennes, Québec and Wanzleben, Germany. The company develops and
commercializes targeted therapeutic drugs designed to produce minimal side
effects. Dimethaid's two technology platforms focus on immune system
regulation and transcellular drug delivery. Products are aimed at expanding
treatment options in oncology, immunology, rheumatology and the therapeutic
management of chronic viral infections. For more information, please visit
www.dimethaid.com. |
