Biomin Therapeutic - Company update.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 10, 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, as of June 01st, 1996, Pharmex Rom Industry S.R.L. ("Pharmex Rom"), Biomin's wholly owned Romanian subsidiary, has initiated construction on its new plant in Bucharest, Romania. The current, leased facility in Romania has recently received a two-year full operations permit from the Institute de Medicament me·dic·a·ment n. An agent that promotes recovery from injury or ailment; a medicine. medicament a medicinal agent. (Romanian Ministry of Health), based on Good Manufacturing Practices Good Manufacturing Practice or GMP (also referred to as 'cGMP' or 'current Good Manufacturing Practice') is a term that is recognized worldwide for the control and management of manufacturing and quality control testing of foods and pharmaceutical products. (GMP GMP (guanosine monophosphate): see guanine. ) and Quality Control (QC) standards upheld by Pharmex Rom. Furthermore, based on the receipt of the aforementioned permit, the Company has completed filing for registration of 8 new products with the Romanian Health Ministry and anticipates approval within the next 10-15 weeks. Pharmex Rom expects its new, 18,000 square foot plant to be fully operational by the end of August, 1996. The plant is geared towards production of liquids, tablets and capsules, including the manufacturing, packaging and distribution thereof. The addition of said manufacturing facilities will allow Pharmex Rom to quadruple its capacity in operations and sales in the next 12 months. In total, Biomin will have capitalized approximately $150,000 USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. (financed out of operations) into the development of Pharmex Rom's new Romanian facility upon completion. In other news, Biomin announces that its wholly owned Canadian subsidiary, Canapharm Manufacturing Inc. ("Canapharm") has experienced positive cash flow since the announcement of the Canapharm acquisition in late April. In the last 2 months, Canapharm has realized gross revenues in excess of $300,000. Furthermore, Canapharm has, in the past 2 months, successfully experimented with the manufacture of 2 new high margin products: a generic menstrual menstrual /men·stru·al/ (men´stroo-al) pertaining to the menses or to menstruation. men·stru·al or men·stru·ous adj. Of or relating to menstruation. pain killer and an extra strength 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. Both products, which were requested by customers prior to analysis, have passed both internal and independent laboratory testing for content and quality. Finally, Biomin announces that it has granted incentive stock options to Mr. Stephen Dempsey, entitling him to purchase up to a total of 250,000 common shares at a price of $0.25 per share for a period of two years. Mr. Dempsey holds the position of Vice President of Marketing and Sales for Canapharm Manufacturing Inc. CONTACT: Biomin Therapeutic Corporation Andrew Small, 604/608-0450 |
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