<font color=red>Globe says Provalis a fly in Dimethaid's ointment
2003-12-17 05:39 MT - In the News
The Globe and Mail reports in its Wednesday, Dec. 17, edition that Dimethaid Research slid 19 Canadian cents to close on the Toronto Stock Exchange Tuesday at 99 Canadian cents in heavy trading on news that a subsidiary of the drug developer will pay nearly $2.7-million (U.S.) to British drug distributor Provalis Healthcare after losing an arbitrator's decision in a contract dispute. In June, 2002, Dimethaid ended an agreement that gave Provalis exclusive rights to distribute the osteoarthritis lotion Pennsaid in Britain. Provalis sought arbitration six months later. Dimethaid said in The Globe on Jan. 21, when its stock was trading at $2.47 (Canadian), that Provalis's claim was without merit. The following day, when the stock was trading 15 Canadian cents lower, The Globe reported that Dimethaid director Daniel Sooley had sold 22,700 common shares on Dec. 4, 2002, at prices between $2.75 (Canadian) and $2.82 (Canadian). As well, The Globe said Mr. Sooley had sold in December 74,000 shares he held indirectly, at prices between $2.58 (Canadian) and $3.02 (Canadian). |
