Chantal Pharmaceutical halts Arizona lab acquisition.LOS ANGELES--(BUSINESS WIRE)--Sept. 14, 1995--Chantal Pharmaceutical Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CHTL) announced today that it has halted its acquisition of a previously announced Tuscon laboratory facility because the lab fails to meet the requisite criteria and needs of the company. The termination, which was made during the 60 days following the acquisition as provided for in the purchase agreement, was based on the determination that it would be too expensive to physically repair the laboratory, considering the status of the property, to meet the company's requirements including qualifying as a lab with 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. . The announcement was made by Chantal Burnison, chairman and chief executive officer of the company, who noted: "While we are disappointed we will not be producing Ethocyn from Arizona, we are contracting with an independent laboratory in Zurich to produce additional product to meet our present demand for the Chantal Ethocyn Skin Care line of products." Burnison added that estimates previously reported by news media and the financial community will not be affected, as these estimates are based on current production levels of 10 kilos of Ethocyn per month produced at the company's existing West German facility. The previously reported estimates are: for fiscal 1995, revenue of approximately $7 million with earnings at or about break-even; for fiscal 1996, revenue of approximately $80 million with earnings per share of 95 cents to one dollar. Chantal Pharmaceutical Corp.'s fiscal year ended June 30, and the company expects to report in late September. The company has executive offices, telemarketing telemarketing, the practice of selling goods or services to customers by means of the telephone or of surveying consumer preferences in telephone conversations. and warehouse facilities in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , with a laboratory in Kaiserslautern, Germany. In addition to marketing the Chantal Ethocyn Skin Care line, the company is engaged in ongoing research on other scientifically-based cosmetic products and in the research and development of topical and systemic pharmaceutical and therapeutic compounds for the treatment of androgen androgen (ăn`drəjən): see testosterone. androgen Any of a group of hormones that mainly influence the development of the male reproductive system. mediated disorders such as acne acne, common inflammatory disease of the hair follicles and sebaceous glands characterized by blackheads, whiteheads, pustules, nodules and, in the more severe forms, by cysts and scarring. The lesions appear on the face, neck, back, chest, and arms. , male pattern baldness male pattern baldness n. A progressive, diffuse loss of scalp hair in men that begins in the twenties or early thirties, depends on the presence of the androgenic hormone testosterone, and is caused by a combination of genetic and hormonal factors. , benign prostate hypotherapy and the treatment of certain cancers. CONTACT: Martin E. Janis & Company, Inc. Bev Jedynak, 312/943-1100 |
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