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RECEPTAGEN LTD. GAINS U.S. RIGHTS TO POTENTIAL IMMUNE STIMULANT; COMPLETES ACQUISITION OF RYAN PHARMACEUTICALS

 VANCOUVER, B.C., Jan. 5 /PRNewswire/ -- Receptagen Ltd. (Alberta: RCG), a public Canadian biotechnology company, today announced it has completed the acquisition of privately held Ryan Pharmaceuticals Inc. of Bellevue, Wash., making Ryan a wholly owned subsidiary of Receptagen. Ryan owns the exclusive U.S. patent rights to Coenzyme Q10 (CoQ10), a potential immune stimulant.
 Through a share exchange agreement, Receptagen Ltd. acquired Ryan Pharmaceuticals for 750,000 shares of Receptagen and a 5 percent royalty on the net sales of CoQ10. Of the 750,000 shares, 250,000 were issued on the close of the agreement, 250,000 will be issued upon Receptagen entering into Phase-I clinical trials of CoQ10, and 250,000 will be issued upon the filing or transfer of an Investigational New Drug application for the treatment of AIDS with CoQ10.
 In addition, Receptagen made an initial payment of $15,000 USD to the shareholders of Ryan and will pay the shareholders up to $200,000 USD for expenses incurred in connection with the patent. The agreement has been approved by the Alberta Stock Exchange. Other financial details were not disclosed.
 In order to finance the development of CoQ10 and to further commercialize Receptagen's growth blocker technology, the company recently completed a special-warrant private placement of $10 million CDN with Equity Capital Group, a Toronto-based division of Canaccord Capital Corp.
 Coenzyme Q10
 CoQ10 is a naturally occurring, non-toxic substance that plays a key role in energy metabolism of the body and is also an antioxidant. Formulated as a drug, the substance has been marketed worldwide by other companies for several years, and has been prescribed for more than 40 million patients. CoQ10 has been approved in Japan and Europe for the treatment of congestive heart failure.
 "Our interest in CoQ10 is the evidence that it also acts as an immune stimulant for patients with depressed immune systems, as in AIDS cases," said Dr. Morgan. "Results of early Phase-I clinical trials performed at the University of Texas in patients with full-blown AIDS have shown improved immune function and the alleviation of objective and subjective disease symptoms. Pilot Phase-I clinical testing was originally conducted under an Investigational New Drug application, which Receptagen will resume as a result of the corporate acquisition."
 Receptagen Ltd. is a Canadian public company operating through its U.S. wholly owned subsidiary, Receptagen Corp. Founded in 1992, the company is engaged in developing proprietary drugs for the treatment of cancer and other life-threatening diseases such as AIDS, based on the regulation of enzyme "co-factors" like vitamin B12 and CoQ10.
 -0- 1/5/94
 /CONTACT: In the U.S., A. Charles Morgan, president and chief technical officer of Receptagen, 206-778-5260; or Charles Versaggi of Gable/Versaggi Biocommunications, 408-358-4162, for Receptagen; or, in Canada, Doug Ford or Gail Thurston, both of Enterprise Development Corp., 604-685-0114; or Clarence Debelle, 416-869-7363, or David Horton, 604-643-7671, both of Canaccord Capital Corp./
 (RCG)


CO: Receptagen Ltd.; Ryan Pharmaceuticals ST: Washington IN: MTC SU: TNM

TB-BR -- SJ013 -- 9180 01/05/94 08:30 EST
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Publication:PR Newswire
Date:Jan 5, 1994
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