Polydex Pharmaceuticals Reports Continuation of Matching Funds From CICCR for Contraceptive Project.SCARBOROUGH, Ontario--(BUSINESS WIRE)--March 10, 1998--Polydex Pharmaceuticals Limited (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 :POLXF) announced today that the Consortium for Industrial Collaboration in Contraceptive Research (CICCR CICCR Consortium for Industrial Collaboration in Contraceptive Research ) has extended for another year its matching of Polydex funds for continued joint development of the company's patented barrier compound, Ushercell, for use in female contraception and prophylaxis prophylaxis (prō'fĭlăk`sĭs), measures designed to prevent the occurrence of disease or its dissemination. Some examples of prophylaxis are immunization against serious diseases such as smallpox or diphtheria; quarantine to confine . CICCR is part of the Contraceptive Research and Development Program (CONRAD Conrad, Latin king of Jerusalem Conrad, d. 1192, Latin king of Jerusalem (1192), marquis of Montferrat, a leading figure in the Third Crusade (see Crusades). He saved Tyre from the Saracens and became (1187) its lord. ), which targets developing nations in its product research and development efforts. CICCR previously provided nearly $250,000 in matching funds Noun 1. matching funds - funds that will be supplied in an amount matching the funds available from other sources cash in hand, finances, funds, monetary resource, pecuniary resource - assets in the form of money for preliminary research into useful applications of Ushercell, a cellulose derivative gel. Polydex president George G. Usher noted that the earlier funding allowed the company's researchers to work closely with Dr. Larry Zaneveld of the Rush Institute of the University of Chicago at Presbyterian-St. Luke's Medical Center in Chicago. Announcing the new funding at a meeting last week with the Ushercell development team, Dr. William Rencher, Product Development Coordinator of CONRAD explained that Ushercell is continuing to show promise in early tests. "Securing additional funding for this project from CICCR/CONRAD moves Polydex further along in the marketing cycle for this product, potentially one of the most important to come out of our laboratories in 25 years," said Usher. CICCR commenced operations on October 1, 1995 with funding from the Rockefeller Foundation Rockefeller Foundation, philanthropic institution established (1913) by John D. Rockefeller, Sr., to promote "the well-being of mankind throughout the world." During its first 14 years the foundation received $183 million from Rockefeller. . Subsequently, additional funding has been received from the Andrew W. Mellon and other Foundations. CICCR is designed to help the process of development of new contraceptive agents that specifically address the needs and perspectives of women. Polydex Pharmaceuticals Limited researches, develops, manufactures and markets biotechnology based products for veterinary, human pharmaceutical and cosmetics industries worldwide. -0- Note: This press release may contain certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Actual events or results may differ from the company's expectations. In addition to the matters described in this press release, future actions by the Food and Drug Administration or equivalent foreign regulatory authorities, results of pending or future clinical trials, as well as risk factors listed in the company's SEC filings, may affect the actual results achieved by the company. CONTACT: Polydex Pharmaceuticals Limited, Scarborough George G. Usher, President 416/755-2231 gusher@polydex.com www.polydex.com or The Cavior Organization, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Warren J. Cavior, 212/687-6070 caviorg@aol.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion