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NRT doesn't make it easy for us in the States to get a hold of the GOOD NEWS, but I have it anyway.
SEPTEMBER 29, 1997
Nortran Licenses RSD921 For S.E. Asia
VANCOUVER, BRITISH COLUMBIA--Nortran Pharmaceuticals Inc. is
pleased to announce that it has reached an agreement in principle
with the Chemical Company of Malaysia Berhad (CCM), of Kuala
Lumpur, Malaysia for an exclusive license for Asia for RSD921,
Nortran's local anaesthetic and antiarrhythmic compound.
As part of this agreement, and subject to regulatory approval, CCM
has agreed to a non-brokered private placement to purchase 2.7
million units at a price of $1.60 per unit. Each unit consists of
one Nortran common share and 0.3 warrants, each full warrant
entitling its holder to purchase one share of the company at $2.00
for a period of one year. The $4.3 million raised through this
private placement will be applied to development costs for
Nortran's projects and to general working capital. There is no
commission or finders fee associated with this placement.
The details of the licensing agreement are still being negotiated
but are expected to include an up-front licensing fee, milestone
payments and a royalty on sales of RSD921. "We have always
recognized the enormous potential for growth in the pharmaceutical
industry in SE Asia and China" states Dr. Michael Walker, Chairman
of Nortran. "A large population coupled to phenomenal economic
growth in the region has led to an increasingly greater demand for
western pharmaceutical and biotech products. CCM is a leader in
pharmaceutical R&D in Asia and this agreement will provide for
rapid development and commercialization of RSD921 in SE Asia and
China." CCM and its subsidiaries, previously part of ICI's
multinational operations, offers products and services in the
chemical, pharmaceutical, and agricultural industries. Malaysia's
largest chemical and pharmaceutical company, CCM manufactures a
wide range of products to meet the growing needs of the ASEAN
market. Nortran is a drug discovery company whose technology
foundation is a synergy of pathology targeting and molecular
targeting of ion channels. The Company's current drugs in
development are targeted to prevent death due to heart attack and
to suppress severe pain.
Note - this deal is only for SE Asia!! PS - I think that we will be seeing those warrants exercised well before the one year time limit. cash up front on top of this ..... home run Nortran. More to come at www.westergaard.com tomorrow.
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