Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Nuvo Research Inc -- Ignore unavailable to you. Want to Upgrade?

To: Montana Wildhack who wrote (4145)	4/17/2000 9:19:00 AM
From: shakedown	Read Replies (1) \| Respond to of 14101

Here it is Wolf: Attention Business Editors/See CP Wire Photo: Dimethaid Research officially opens new manufacturing facility: prepares for production of Pennsaid(R) VARENNES, QC, April 17 /CNW/ - Dimethaid Research Inc. (TSE: DMX) today officially opened its new manufacturing facility in Varennes at a ceremony attended by local dignitaries, including the Deputy Premier, the Mayor and the Member of Parliament. The Company expects its investment to result in the creation of at least 50 new jobs. Dimethaid recently acquired the facility in preparation for the production of PENNSAID(R) Topical Lotion, a pain relief for osteoarthritis. The drug has already been recommended for approval for marketing in the United Kingdom and further regulatory approvals are anticipated in several other countries, including the United States and Canada. "We are pleased to have expanded our operations to Varennes. We are joining a thriving pharmaceutical sector in Qu‚bec and have been able to attract a highly qualified staff from the scientific and technical workforce in the area. Our new employees have an entrepreneurial spirit that fits perfectly with our corporate culture," said Rebecca Keeler, President and CEO of Dimethaid Research. "We look forward to growing our business here." "Dimethaid is emblematic of the knowledge-based companies that are so valuable in creating new jobs and wealth for Qu‚becers," said Bernard Landry, member for VerchŠres and Minister of Finance, Minister of Industry and Trade and Deputy Premier of Qu‚bec. "We're very pleased to welcome a new dynamic company to Qu‚bec." The manufacturing and research facility, custom-built by a multinational pharmaceutical company, is located in Varennes, Qu‚bec, east of Montr‚al. There are three buildings situated on 17 acres of land, bound by the St. Lawrence River on the north and a railway spur line on the west. The pharmaceutical plant is equipped to accommodate a variety of production capabilities in compliance with cGMP regulations. The production capability consists of both manufacturing and packaging operations and includes a well- equipped research laboratory. It is estimated that in anticipation of commercial launch, Fabrication Dimethaid Inc. (Dimethaid Manufacturing Inc.), a new wholly owned subsidiary of Dimethaid Research Inc., will initially have 21 employees. As PENNSAID(R) Topical Lotion is launched around the world and other opportunities for growth are acted upon, the number of employees is expected to grow significantly. The Mont‚r‚gie region of Qu‚bec is the second largest with 1,316,500 people, featuring diversified industrial processing activities. It is often referred to as Qu‚bec's industrial heartland with a considerable industrial infrastructure including approximately fifty industrial parks. It has more than 15% of Qu‚bec's manufacturing establishments and is responsible for 20% of its employment in this sector. It also plays a major role in Qu‚bec's industrial R&D accounting for more than 20% of total investments. Dimethaid Research is a pharmaceutical company engaged in the development and commercialization of innovative site-specific therapeutic products that minimize the unwanted systemic side effects of drugs on the body. The Company has developed a proprietary transdermal delivery system that facilitates the delivery of drugs to the site of disease with minimal systemic absorption. PENNSAID(R) Topical Lotion, which was developed to relieve osteoarthritic pain, is the first product developed by the Company that incorporates this unique carrier technology. The U.K. Committee on Safety of Medicines (CSM) has recommended that a marketing authorization be granted for PENNSAID(R). The Company's wholly owned subsidiary, Dimethaid International Inc. is in exclusive negotiations for a comprehensive agreement with McNeil Consumer Healthcare, a subsidiary of Johnson & Johnson (NYSE: JNJ), for US distribution rights to PENNSAID(R). Dimethaid International is also negotiating distribution rights for PENNSAID(R) in other geographical areas. WARNING: The Company relies on litigation protection for "forward-looking" statements. /NOTE TO PHOTO EDITORS: A photo accompanying this release is available on the Canadian Press Photo Network/ %SEDAR: 00002418EB -0- 04/17/2000