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Biotech / Medical : Xechem International -- Ignore unavailable to you. Want to Upgrade?

To: GatewayStocks who wrote (1)	2/28/2006 9:21:03 PM
From: GatewayStocks	Read Replies (1) \| Respond to of 75

Xechem Closes On $4.2 Million Lawsuit Settlement With Bristol-Meyers Squibb Wednesday January 25, 6:30 am ET NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Jan. 25, 2006--Xechem International, Inc. (OTC BB: XKEM - News) Xechem International said today that the $4.2 million settlement of its antitrust lawsuit against Bristol-Meyers Squibb Co., announced December 2005, has closed and that the net settlement proceeds have now been received by the company. (For more information regarding the settlement, including the allocation of proceeds, please refer to the Company's previously filed Form 8-K of public record.) The lawsuit, filed against Bristol-Meyers in federal district court in Chicago in 2003, centered on allegations that Bristol-Meyers had engaged in anticompetitive practices relating to Xechem's efforts to manufacture and bring to market the drug paclitaxel, a generic equivalent of Bristol's cancer drug, TAXOL®. Bristol-Meyers did not admit to any wrongdoing as part of the settlement. Settlement Proceeds To Be Used To Further Restructuring Objectives and Xechem's Efforts to Launch Sickle Cell Drug Dr. Ramesh C. Pandey, Xechem's chairman and CEO, said that the money received by Xechem would be used, in part, to consummate Xechem's previously announced restructuring with Alembic Limited and in part to move Xechem closer to its goal of launching NICOSAN(TM)/HEMOXIN(TM), its promising sickle cell drug: "In anticipation of this Bristol settlement, we recently entered into a restructuring agreement with Alembic Ltd. which calls for the release of Alembic's significant equity stake in our Nigerian subsidiary and the cancellation of a significant 15-year gross royalty from the future sales of our sickle cell drug in exchange for accelerated debt repayment and certain collateral security. We intend to use a portion of the settlement monies to meet our obligations under that restructuring, with most of the rest of the money to be used to move us closer to our goal of commercially launching the sickle cell drug." Xechem has previously reported that it plans to bring NICOSAN(TM) to the Nigerian market in early 2006, and at the same time, embark on the clinical trials in the US hospitals for FDA approval through the Investigational New Drug (IND) Application for sale of the drug in the United States. About Xechem Xechem International, Inc. is a development stage biopharmaceutical company focusing on anticancer, antiviral (including AIDS), antifungal, Sickle Cell Disease (SCD), antimalarial and antibacterial products from natural sources, including microbial and marine organisms. Xechem's mission is to bring relief to the millions of people who suffer from these diseases. Its focus is on the development of phyto-pharmaceuticals and other proprietary technologies, including those used in the treatment of orphan diseases. Its primary attention and resources are currently being directed toward the development and commercial launch of its Sickle Cell Drug, NICOSAN(TM)/HEMOXIN(TM), which has shown efficacy in the treatment of SCD. Contact: Xechem International, Inc. Stephen Burg, 707-425-8855