Dimethaid Increases Position In Oxo Chemie To 20 Percent.MARKHAM, ONTARIO--(BUSINESS WIRE)--July 2, 1997--Dimethaid Research Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). DMX See DMX512. . ) announced that it has exercised its option to purchase an additional 10 percent interest in Oxo Chemie AG for US$10 million on June 30, 1997, bringing its total position to 20 percent. Dimethaid retains an option to further increase its position in Oxo to 25 percent by December 31, 1997. If the option is exercised in full, the aggregate purchase price for the 25 percent holding will be US$25 million. "Increasing our position in Oxo to 20 percent reflects not only a strong and constructive relationship, but also our commercial response to what we anticipate being a very significant year for the immune modulator Modulator Any device or circuit by means of which a desired signal is impressed upon a higher-frequency periodic wave known as a carrier. The process is called modulation. The modulator may vary the amplitude, frequency, or phase of the carrier. , WF10," said Rebecca Keeler Keel´er n. 1. One employed in managing a Newcastle keel; - called also keelman ltname>. 2. A small or shallow tub; esp., one used for holding materials for calking ships, or one used for washing dishes, etc. , President of Dimethaid Research. "This purchase also gives us a more structured role with Oxo, including the right to nominate a director to Oxo's Board," Mrs. Keeler added. The funds Dimethaid has invested in Oxo are earmarked for the clinical testing of, and regulatory applications for, Oxo's patented drug WF10 and its related products. Dr. F. W. Kuhne, Chair of Oxo's Board and developer of WF10, stated that Oxo will move part of its North American operations to Dimethaid's Markham facilities. WF10 treatment is significantly different from current AIDS therapies. WF10 appears to have none of the side effects Side effects Effects of a proposed project on other parts of the firm. associated with the current cocktail of antiviral therapies. As an immune modulator that targets the immune system immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. and not the virus, there is no issue of viral resistance. WF10 would also be expected to help fight opportunistic infections Opportunistic infections Infections that cause a disease only when the host's immune system is impaired. The classic opportunistic infection never leads to disease in the normal host. that characterize the "Immune Deficiency immune deficiency n. See immunodeficiency. " of AIDS, resulting in significant cost savings due to fewer hospital admissions, reduced home care and a decreased need for antibiotics to treat these infections. A Phase IIb Mechanism of Action study using WF10 as an AIDS therapy commenced earlier this year in San Francisco. Results of this study are expected to be presented later this year. "We expect there to be great international interest in using WF10 in conjunction with other antiretrovirals by the AIDS research community. This is the first drug to specifically address macrophages Macrophages White blood cells whose job is to destroy invading microorganisms. Listeria monocytogenes avoids being killed and can multiply within the macrophage. in patients with HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. disease," Dr. Kuhne said. "The data gathered from the San Francisco study will lead to a Phase III protocol with emphasis on survival and development of immune system specific surrogate markers that correlate with long term non progression." Long term survival after WF10 treatment has just been reported at a workshop on WF10 sponsored by the Ministry of Public Health of Thailand. Oxo Chemie AG of Switzerland is a pharmaceutical company committed to research, development and commercialization of its proprietary therapeutic product for the treatment of HIV and AIDS, cancer and other infectious diseases. Dimethaid holds the Canadian distribution rights to WF10 while Oxo holds patent rights to the drug. Dimethaid Research Inc. is a pharmaceutical company engaged in the development and commercialization of innovative therapeutic products which work with the body's own healing mechanisms. In addition to its investment in Oxo, Dimethaid is also developing Pennsaid(TM), a topically applied arthritis pain relief medication. Marketing approval for Pennsaid(TM) has been sought in both Canada and the United Kingdom with an application expected to be made in the United States later this year. CONTACT: Dimethaid Research Inc. Peter Block, 905/415-1446 e-mail: pblock@dimethaid.com www.dimethaid.com |
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