To all,
So here is the announcement re Oxo Chimie. Might explain the sell-off today. Too bad. It would have appeared to be a vote of confidence in WF10 for them to take the additional 5%. Let us see what 1998 brings.
Happy New Year to DMX investors.
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Wednesday December 31, 1:10 pm Eastern Time
Company Press Release
Dimethaid Research Maintains 20 Percent Interest In Oxo Chemie
MARKHAM, Ontario--(BUSINESS WIRE)--Dec. 31, 1997--(TSE:DMX. - news) Dimethaid Research Inc. announced today that it will not exercise its option at this time to purchase an additional 5 percent of Oxo Chemie AG.
It is, however, in discussions with Oxo Chemie for an extension of the option into 1998. Currently, Dimethaid Research has a 20 percent interest in Oxo Chemie.
The funds Dimethaid Research invests in Oxo Chemie are earmarked for the clinical testing and regulatory applications of the patented drug WF10 and its related products. ''Oxo Chemie is currently sufficiently funded to continue the development of WF10 as planned, including additional clinical studies for both AIDS and cancer indications. We continue to be enthusiastic about the prospects for this drug and remain committed to Oxo Chemie in its development of WF10 as further financing is required,'' said Rebecca Keeler, President and CEO of Dimethaid Research. ''Our decision enables us to focus more immediately on preparing for what should be a very significant year for PENNSAID(tm), our topical non-steroidal anti-inflammatory lotion for the relief of osteoarthritic pain and our patented transdermal carrier.''
A New Drug Application for PENNSAID(tm) was made to the United States Food and Drug Administration earlier this month, the third application for approval Dimethaid Research has made for this drug. The Company is anticipating regulatory approval for PENNSAID(tm) in 1998. Dimethaid Research is also pursuing the development of additional indications for its patented transdermal delivery system in combination with other drugs.
Dimethaid Research is a pharmaceutical company engaged in the development and commercialization of innovative therapeutic products which work with the body's own healing mechanisms. In addition to its 20 percent interest in Oxo Chemie, the Company holds the Canadian distribution rights to WF10.
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Contact:
Dimethaid Research Inc., Markham
Peter Block, 905/415-1446
e-mail: pblock@dimethaid.com
www.dimethaid.com |
