Biomin Therapeutic - Canapharm Manufacturing - Company Updates.PERTH, Ontario--(BUSINESS WIRE)--Sept. 18, 1996--BIOMIN THERAPEUTIC (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. : BMIN BMin Bachelor of Ministry BMIN Bureau of Marine Inspection and Navigation (US Coast Guard) BMIN Bi-Directional Multistage Interconnection Network ) Biomin Therapeutic Corporation ("Biomin") is pleased to announce that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Canapharm Manufacturing Inc. ("Canapharm") has reported initial sale and acceptance of sample product lots to three additional major Canadian generic pharmaceutical manufacturers. Positive runs of sampling will initiate potential annual orders of 180 - 200 tons of product, equivalent to $4.5 - $5 million in sales. The current North American retail market for the acetaminophen acetaminophen (əsēt'əmĭn`əfĭn), an analgesic and fever-reducing medicine similar in effect to aspirin. It is an active ingredient in many over-the-counter medicines, including Tylenol and Midol. product is $3 billion per year. Utilizing its innovative, Drum-to-Hopper ("DTH (Direct-To-Home) Typically refers to satellite TV broadcasting directly to a dish antenna on the roof of a house. See DBS. ") technology, Canapharm will service this market by providing manufacturers with its ready-to-tablet formulation of the most commonly prescribed drug in North America. The Company anticipates firm orders within the next 4 - 6 weeks, pending completion of the above mentioned independent product trials. By way of the new and increased orders, Canapharm continues its product line expansion in a $US47.5 billion (worldwide) OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). pharmaceutical market which, in the last 15 years, has experienced average growth of 7.3 percent annually. Canapharm is also pleased to announce that with the recent shipment of 2.5 tons of product to an international Biomin subsidiary, vertical integration within the Biomin group has been initiated. Commencement of inter company purchasing signifies organization and growth within the corporate structure and continues to support Biomin's ultimate objective of building a united corporation through vertical integration. Biomin is a generic manufacturer and distributor of OTC pharmaceuticals and vitamin/mineral supplements. Its products are packaged under generic names, including Biomin's own label. Biomin's operations are currently carried out in Canada Out In Canada is a travel magazine focused on gay and lesbian also known as LGBT tourism, exclusively within Canada. The magazine is printed twice yearly, and is distributed free in gay villages across North America. at its Canapharm manufacturing plant, in Latin America and in Eastern Europe. Further, it is anticipated that the Company's name change to Pharmex Industries Inc., ("Pharmex"), as approved at the Annual General Meeting held on 21 July 1996, will take effect by mid October, 1996, following which the Company will commence trading under the name Pharmex on the Canadian Dealing Network. Specific dates will be announced when available. CONTACT: Biomin Therapeutic Corporation Ahmad Doroudian, 604/608-0450 or Andrew Small, 604/608-0450 |
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