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Microcap & Penny Stocks : WASP -- Ignore unavailable to you. Want to Upgrade?

To: Jeffrey L. Henken who wrote (85)	9/22/1999 5:01:00 PM
From: sdheart	Read Replies (1) \| Respond to of 193

Wednesday September 22, 10:30 am Eastern Time Company Press Release Wasatch Pharmaceutical Inc. - Update On Use of Funds MIDVALE, Utah--(BUSINESS WIRE)--In a previous news release, it was announced that Wasatch (OTC BB:WASP) had received some funding and has commitments for additional funding by Oct. 1, 1999. The Use of Funds will include the following: FDA APPLICATION ON OTC PRODUCTS. The application process has begun. Retainers have been paid out of funds received and additional fees will be paid as required by the FDA regulators. AUDITS. Audits are now being conducted to bring current all filings with the SEC. These audits are being conducted by the firm of Thomas Leger & Co. which performed the previous audit. WEB SITE DEVELOPMENT. A Web Site is being developed that will provide information on the technology and products of the Company. This Web Site should be available within two weeks. TRAINING CENTER. Wasatch has identified a new facility in Salt Lake City to be used to establish a Training Center for physicians and medical assistants who will staff clinics to be established in Seattle, Portland, Ore., Denver, Boise, Idaho, and Phoenix. This new facility will also be used for administrative offices as well as for limited research in new product development. CONTRACTS WITH HEALTH CARE PROVIDERS. A consultant, Kent Heileson, has been employed to negotiate contracts with health care companies for reimbursement on a much more equitable basis and will also approach Blue Cross and Blue Shield of Utah to negotiate contracts for ''Preferred Providership'' status with existing clinics owned by Wasatch Pharmaceutical in the State of Utah Wasatch is a development stage company engaged in research in the field of dermatology. It has developed a technology that treats acne, eczema and other common skin disorders without the undesirable side effects often associated with prescription drugs. Having successfully treated hundreds of patients in two prototype medical skin care clinics for over five years, the Company is positioned to expand its clinic operation and to introduce seven over-the-counter products subject to FDA approval. NOTE: Any statements released by Wasatch Pharmaceutical, Inc. that are not strictly historical are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements invoke risk and uncertainties that may affect the company's business prospects and performance. These include economic, competitive, governmental, technological and other factors discussed in the company's filings with the Securities and Exchange Commission. Contact: Wasatch Pharmaceutical Inc., Midvale Gary Heesch, 801/272-1709 More Quotes and News: Wasatch Pharmaceuticals Inc (OTC BB:WASP.OB - news) Related News Categories: medical/pharmaceutical