Biomin Therapeutic Corporation Enters Agreement in Principle.VANCOUVER, British Columbia--(BUSINESS WIRE)--April 24, 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 announces that it has entered into an agreement in principle to acquire 100% of the outstanding shares of Canapharm Manufacturing Inc. ("Canapharm"). Started in 1994 by Mr. Stephen Dempsey of Toronto, Canapharm exists today as a manufacturer of "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. ) pharmaceutical formulations. Located in Perth, Ontario, Canapharm is operating out of a leased, 30,000 square foot manufacturing plant which was formerly used by Rhone-Poulenc-Rorer. Under the terms of the agreement, Biomin shall issue 2,500,000 shares in the common stock of the Company to the vendor, a private company owned by Mr. Dempsey and shall assume the liabilities of Canapharm in the amount of approximately $550,000. Mr. Dempsey shall join the Board of Directors, where his knowledge of the pharmaceutical manufacturing business and related technology will help facilitate Biomin's goal of becoming a vertically integrated pharmaceutical manufacturing, packaging and distribution company. Canapharm has developed innovative granulation granulation /gran·u·la·tion/ (-shun) 1. the division of a hard substance into small particles. 2. the formation in wounds of small, rounded masses of tissue during healing; also the mass so formed. technology for the manufacture of DTH analgesic analgesic (ăn'əljē`zĭk), any of a diverse group of drugs used to relieve pain. Analgesic drugs include the nonsteroidal anti-inflammatory drugs (NSAIDs) such as the salicylates, narcotic drugs such as morphine, and synthetic drugs formulations (including narcotic containing 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. formulations). This innovative technology enables Canapharm to supply the pharmaceutical industry with a variety of DTH pharmaceutical formulations ready for tabletting. The DTH formulations eliminate costly and time consuming manufacturing and quality control processes for the pharmaceutical manufacturers. Canapharm DTH products have been extremely well received by the pharmaceutical industry in Canada. Under a purchase agreement, a major Canadian pharmaceutical manufacturer has committed to a two-year purchase of the Canalgesic DTH, from which Canapharm will generate an estimated $2.8 million in gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. per year. Canapharm's strategy is to further market it's products to Canadian generic drug generic drug, a drug sold or prescribed under the nonproprietary name of its active ingredients or under a generally descriptive name rather than under a brand or trade name. manufacturers. To finance its acquisition, Biomin has issued an interest-bearing, two-year promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. to a third party in the amount of $616,000, convertible at the election of the holder into common shares of Biomin at $0.25 per share. Prior to giving effect to the acquisition of Canapharm, Biomin has 13,352,515 shares outstanding and a further 5,852,000 shares authorized for issuance on the exercise of outstanding warrants and options. In addition, Biomin intends to issue up to 2,000,000 shares to acquire Pharmex Rom (Romania), as announced in the Company's news release of March 26, 1996. Completion of the acquisition of Canapharm is subject to compliance with all regulatory requirements. The Company would like to announce the following changes to it's Board of Directors. Mr. Eugene Beukman has resigned as a Director. Mr. Ahmad Doroudian has joined the Board as Director, President and Chief Executive Officer. Finally, Mr. Andrew Small has been appointed as Director and Chief Financial Officer. CONTACT: Biomin Therapeutic Corporation Donald R. Sheldon, 604/687-2038 |
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