Panax Pharmaceutical Company Ltd. Reports Results for the Year Ended June 30, 1996.NEW YORK--(HealthWire)--Oct. 1, 1996--Panax Pharmaceutical Company Ltd. (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 : PANX, PANXU, PANXW) today announced results for the year ended June 30, 1996. The Company has increased activities in plant collection, chemical fractionation fractionation /frac·tion·a·tion/ (frak?shun-a´shun) 1. in radiology, division of the total dose of radiation into small doses administered at intervals. 2. and screening of compounds increasing its research and development expenditure to $644,051 for the fiscal year from $391,712 for the prior year. As a result of expanded scale of operations, the net loss for the year ended June 30, 1996 was $1,216,930, or $0.38 per share, as compared with a net loss of $799,027, or $0.31 per share for the comparable year ended June 30, 1995. The Company reported revenues from interest income of $239,022 in the year ended June 30, 1996 as compared to $85,733 in the year ended June 30, 1995. The Company reported that a number of the compounds have shown anti-bacterial, anti-fungal, anti-viral, and anti-cancer activity. Three anti-fungal compounds and one anti-bacterial compound are currently undergoing preclinical testing Noun 1. preclinical test - a laboratory test of a new drug or a new invasive medical device on animal subjects; conducted to gather evidence justifying a clinical trial preclinical phase, preclinical trial . Commenting on the results, Dr. Taffy Taffy Welshman who “stole a piece of beef.” [Nurs. Rhyme: Baring Gould, 72–73] See : Thievery J. Williams, President and Chief Executive Officer stated, "I am very pleased with the progress we have made, especially in the area of forming collaborative relationships. In addition to the Komarov Botanical Institute The Komarov Botanical Institute of the Russian Academy of Sciences (Russian: Ботанический институт им. В.Л. of St. Petersburg, Russia, we have established relationships with the University of Kansas The University of Kansas (often referred to as KU or just Kansas) is an institution of higher learning in Lawrence, Kansas. The main campus resides atop Mount Oread. and Case Western Reserve University. These relationships significantly strengthen our discovery efforts. We have also expanded our impressive scientific advisory board with several key additions. The board has been helpful in identifying opportunities and assessing the potential of the Company's compounds." Panax Pharmaceutical Company Ltd. is engaged in the research and development of pharmaceutical products derived in and isolated from natural sources such as plants. The Company targets plants based on ethnobotanical information -- both oral and written records and history of the use of plants by native peoples to cure diseases. The Company has an exclusive agreement with the Komarov Botanical Institute of the Russian Russian associated in some way with Russia. Russian blue a breed of cats with short, dense, silver-tipped blue-colored coat and vivid green eyes. Academy of Science which has extensive knowledge of the rich flora regions of the territory currently comprising the Commonwealth of Independent States Commonwealth of Independent States (CIS), community of independent nations established by a treaty signed at Minsk, Belarus, on Dec. 8, 1991, by the heads of state of Russia, Belarus, and Ukraine. Between Dec. 8 and Dec. , particularly Russia, Kazakhstan, Kyrgistan and Armenia. -0-
Year Ended Year Ended
6/30/96 6/30/95
Net loss $1,216,930 $ 799,027
Average shares 3,231,038 2,599,097
Net loss per share $0.38 $0.31
Cash and investments $3,056,668 $4,245,011
CONTACT: Panax Pharmaceutical Company Ltd. Dr. Taffy J. Williams, 212/319-8300 |
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