Dimethaid comments on financial position
TORONTO, June 23 /CNW/ - Pharmaceutical developer Dimethaid Research Inc.
(TSX: DMX) announced today that it expects to report financial results for
fiscal 2004 in August.
Commenting on a recent share price decline and the request for a
shareholders' meeting by dissident shareholders, Rebecca Keeler, Dimethaid's
president and CEO said, "We ask for investors' patience until our information
circular is distributed in advance of the September 21, 2004 shareholder
meeting. Meanwhile, the company will continue to take appropriate steps to
conserve cash."
On June 10, 2004, Dimethaid successfully completed a special warrant
private placement, raising $3.89 million Cdn in proceeds after commissions.
Keeler added, "Recently, a national newspaper ran an article that may
have created the erroneous impression TSX rules will prevent Dimethaid from
raising additional funds. The article fails to mention that we have a variety
of potential revenue sources."
As disclosed in its preliminary prospectus dated June 11, 2004, although
Dimethaid may have only a limited ability to effect private placement
financings in the next six months, the company does have other revenue
opportunities that include maximizing Pennsaid(R) sales and pursuing
out-licensing agreements with third parties. |
