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

To: PlayTheKing who wrote (7747)	10/1/2001 7:55:34 PM
From: Cal Gary	Read Replies (2) \| Respond to of 14101

Dimethaid receives European commitments for approval of PENNSAID(R) Company Draws $1 million Against its Financing Facility TORONTO, Oct. 1 /PRNewswire/ - Dimethaid Research Inc. (TSE: DMX - news) announced today that Austria, Finland, Italy and Luxembourg are prepared to grant marketing authorizations for PENNSAID® Topical Solution under the Mutual Recognition Procedure (MRP) established in the European Union. These Concerned Member States (CMS) have recognized the marketing authorization previously granted by the UK and following agreement on the final product labeling, formal authorizations will be granted. These four countries represent a total population of over 71 million and a potential market in excess of US $600 million annually. Given the ease of travel within the EU, patients in neighbouring member states will also be able to obtain PENNSAID® for the treatment of their osteoarthritis symptoms. ``In order to shorten approval times in the remaining member states, we have elected to deal with each state individually, owing to what appears to be a wide variation in adherence to the regulations under the Mutual Recognition Procedure'' said Rebecca Keeler, President and CEO. ``Because agreement on each aspect of the marketing authorization must be obtained from all member states, we believe that we will best be able to achieve this consensus by dealing directly with each of the members.'' The Company also announced that pursuant to its January 2001 private placement agreement with Acqua Wellington North American Equities Fund, Ltd., Dimethaid issued Acqua Wellington 235,156 shares of common stock in exchange for net proceeds of $1,000,000. ``In light of the impact recent events have had on the equity markets, we are very pleased to have the flexibility in raising capital that our agreement with Acqua Wellington affords us, particularly as we prepare to expand our markets for PENNSAID®'' said Mrs. Keeler. Proceeds are to be used largely to support the continued preparation for a North American launch of PENNSAID® and for its launch in Europe. Dimethaid Research Inc. is a pharmaceutical company engaged in the development and commercialization of innovative therapeutic products that offer the potential to minimize the unwanted systemic effects of drug therapy on the body. Dimethaid's proprietary drug delivery technology utilizes the cell's tubule system to deliver drugs cell-to-cell. As a result, patients are able to treat localized conditions, such as osteoarthritis, while limiting the body's absorption of, and associated risks from, the medication. This technology has been applied first to produce PENNSAID® Topical Solution. The Company's business development strategy is to leverage its proprietary transdermal delivery technology into additional commercial products. For additional information on the Company, please visit www.dimethaid.com. This release may contain forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors outside of management's control that could cause actual results to differ materially from those expressed in the forward-looking statements. A discussion of such risk factors is included in the Company's AIF filed with the OSC and includes, without limitation, risks regarding product development, clinical trials, dependence on third parties for development and licensing arrangements, and risks involving regulatory approval of products, licenses and patents. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. SOURCE: Dimethaid Research Inc.