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

To: Mark Bartlett who wrote (7524)	7/20/2001 5:52:45 AM
From: Tom Drolet	Read Replies (1) \| Respond to of 14101

Mark and Wolf et al: Some press finally. The G&M page 3 Report on Business. Great article size and position. Only new info near the end of the article--reproduced here below. "Another industry source, who also asked to remain anonymous, said Oxo used the original grubstake from Dimethaid to develop WF10. "They ran out of money recently and couldn't raise any more elsewhere." Dimethaid spokesman Renny Ho said the company is confident of the potential of WF10 or it wouldn't be pursuing Oxo." Tom D. Dimethaid to buy rest of Oxo --G&M 20 July 2001 Drug developer's purchase of Swiss firm meant to boost its presence in AIDS sector By LEONARD ZEHR BIOTECHNOLOGY REPORTER Friday, July 20, 2001 – Print Edition, Page B3 Dimethaid Research Inc. is buying the 80 per cent of Swiss drug developer Oxo Chemie AG that it doesn't already own in a deal to broaden its product pipeline into the AIDS sector. Terms of the proposed transaction weren't disclosed, but in 1996-97, Dimethaid purchased a 20-per-cent stake in Oxo for $20-million (U.S.). "This new deal will be far more expensive," said one investment banker, referring to the $100-million valuation of Oxo five years ago. That's because closely held Oxo has completed a pivotal Phase III clinical trial with its flagship WF10 drug in some 240 late-stage AIDS patients at 35 clinics in North America. Oxo also is testing WF10 against hepatitis C and other autoimmune diseases. The drug targets macrophages, a key component of the immune system, and T cells that fight infections. "We are confident that Dimethaid's clinical and regulatory affairs departments can capitalize on the experience gained in the development and commercialization of Pennsaid to bring WF10 to market," said Rebecca Keeler, president and chief executive officer of Dimethaid. Pennsaid, a topical treatment for osteoarthritis, has been cleared for sale in Britain. Regulators in the United States, Canada and the rest of Europe are reviewing the company's application to sell Pennsaid. Markham, Ont.-based Dimethaid said it is buying the rest of Oxo from founder Friedrich Wilhelm Kuhne for cash or stock. Subject to due diligence, Dimethaid hopes to complete the transaction by the end of November. Another industry source, who also asked to remain anonymous, said Oxo used the original grubstake from Dimethaid to develop WF10. "They ran out of money recently and couldn't raise any more elsewhere." Dimethaid spokesman Renny Ho said the company is confident of the potential of WF10 or it wouldn't be pursuing Oxo. -------------------------------------------------------------------------------- Copyright © 2001 Globe Interactive, a division of Bell Globemedia Publishing Inc.