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Gold/Mining/Energy : Nuvo Research Inc
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To: axial who wrote (13763)10/29/2004 8:59:32 AM
From: Cal Gary  Read Replies (1) of 14101
 
Globe says OSC looking at Dimethaid trading activity

Dimethaid Research Inc (TSX:DMX)
Shares Issued 83,412,759
Last Close 10/28/2004 $0.63
Friday October 29 2004 - In the News

The Globe and Mail reports in its Friday, Oct. 29, edition that the Ontario Securities Commission is reviewing certain disclosures and trading activity in shares of Dimethaid Research. The Globe's Leonard Zehr writes in the Business Ticker column that in a prospectus for a new debenture and warrant offering, the drug developer said it was advised on Tuesday that the OSC had requested records from the company that pertain to the United States Food and Drug Administration, late-stage clinical testing of its pain reliever Pennsaid and a special warrant financing announced on May 21, 2004. Dimethaid said it is co-operating with the commission. In June, the OSC advised the company that it had concerns about short selling in Dimethaid immediately prior to the May financing and was reviewing this trading activity. This month, a new management team issued a detailed analysis of the company's prior dealings with the FDA and its Pennsaid testing that differed markedly from statements made by the company during a recent proxy battle. Dimethaid also disclosed that it is facing a possible lawsuit in Britain after terminating an agreement with In2Focus to market and promote Pennsaid.

© 2004 Canjex Publishing Ltd.
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