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From the Yahoo board
Nigeria takes over sickle cell drug
Adole Hassan
27 March 2009 | EN | FR
Around 12 million people worldwide suffer from sickle cell anaemia
NIH
[ABUJA]The Nigerian government will manufacture an indigenous remedy for sickle cell anaemia following the collapse of attempts to produce it commercially by the Nigerian subsidiary of a US-based pharmaceutical company.
Niprisan — marketed as Nicosan by Xechem International, the company that till recently held the licence to produce it — is taken by thousands of Nigerian sickle cell sufferers to alleviate their symptoms. Production slowed down in the last year and sources say it has now ceased completely.
But the government's National Institute for Pharmaceutical Research and Development (NIPRD), which originally developed the treatment, told SciDev.Net last week (19 March) that it is taking over production of Niprisan.
"We wish to confirm that the exclusive licence given to Xechem International for the manufacture and marketing of Nicosan has been withdrawn and the agreement in this regard terminated," said Niyi Ojuolape, special assistant (communication) to the Nigerian Minister of Health.
"In the mean time, NIPRD will be producing the drug to make up for any possible shortfall that might arise before a new licensee is appointed," Niyi told SciDev.Net in an email.
Niprisan is based on extracts from West African plants that had been known to generations of a Nigerian family as an effective treatment for sickle cell anaemia. Around 12 million people worldwide suffer from the painful genetic illness.
The family who owned the recipe initially made a pioneering agreement with NIPRD, widely cited as a case study in "benefit sharing" — allowing local groups to have a stake in the profits from commercialising indigenous products.
The licence to produce the drug was subsequently bought by Xechem International, which held it for six years — during the last few of which it was dogged by allegations of fraud and mismanagement.
In November 2008 Xechem International filed for bankruptcy protection in the United States (see Bankruptcy leaves indigenous sickle cell treatment in jeopardy).
Charles Wambebe, chief executive officer of the International Biomedical Research Institute in Abuja, Nigeria, and former director-general of NIPRD, says: "The development is a good one for the country. Now sickle cell sufferers in Nigeria can access the drug cheaply".
"Seeing that Xechem failed to live up to their expectations, let the status quo remain — that is, NIPRD producing the drug for Nigerians. After all Xechem did not add any value to the whole process," he told SciDev.Net.
But NIPRD has said that its own production of Niprisan will be temporary, pending the appointment of a new licence-holder.
LaMonte Forthun, a Xechem shareholder who is attempting to resurrect the firm under different management, says that it was important in the longer term to find a company to take over production of Niprisan.
"The people at NIPRD are all top notch and they have an emotional attachment to the product which is something that is really needed right now," he says.
"It's hoped that they don't let this experience ruin future relationships or collaborations with public companies.
"NIPRD is a research and development group and they are second to none, but having to deal with marketing, sales, distribution, commercial scale quantities of raw material acquisition, etc., would distract them from what they specialise in — developing new drugs."
.Comments
LaMonte Forthun ( GDP Ayurvedic University | United States of America )
27 March 2009
As the article states, we hope to put a together a plan that will bring Xechem's former CEO, Dr. Ramesh Pandey, back to help resurrect the company with the ultimate bringing additional traditional medicines to commercial production. Dr. Pandey recently licensed a diabetes drug in Nigeria through his US-based Ayurvedic University (GDPAU) which could be licensed for production at the SHESTCO facility. Our goal is to help the Minister of Information and Communication, Prof. Dora Akuyilli, in her vision of rebranding Nigeria by helping to make Nigeria the 'Traditional Medicines Capital of the World'. By having multiple commercial traditional medicines, we feel that we can bring world-wide recognition to Nigeria and Nigerian scientists; impact the Nigerian economy by creating jobs, many in the agricultural sector all over Nigeria; and most importantly, help millions suffering from the diseases the medicines we will produce will treat, the majority of which will be children.
Morning all, seems with some of the posts here some have some info that something is about to happen.............I hope it's all not pump and dump. If some have some sort of info we would be above .001 right know
Thanks eom
How's L2 we ready for another run anyone
The calm before another little storm
Morning all, allready over 60m in an hour, normal pull back should see close to 200m today
I see a rally coming in about an hour
Watch and they will come
It will be an interesting last hour of trading, I predict we close at .0016
Ya and if countues to move higher we will have front row seats
Good for you to check in, anything you can say to add to the ecitment around he
Then you better sell fast and move on to another board
At this rate we should see 150m shares traded
WOW were are we at 40m in an hour and a half
That is part of the course"profit takers" as long has the are small sells we should start to see higher highs
This should pass 100m with ease today
Aready up 80% boys, if this passes .001 watch out it will move fast
He must have known this a long time ago but did'nt do anything for some reason
Good morning all, Raven it sure looks that way pretty soon everyone will be trying to cover their own a$$..........like you said to late.
Got up extra early this morning to see the action
Just got this from Yahoo
Form 8-K for XECHEM INTERNATIONAL INC
--------------------------------------------------------------------------------
17-Mar-2009
Change in Directors or Principal Officers, Other Events
Item 5.02 Resignation of Director.
Resignation of Martin Biggs from Board of Directors. Effective May 17, 2007 Dr. Martin Biggs was added to the Board of Directors of the Company by approval of a majority of the existing members of the Board of Directors, as the second of the nominees on behalf of the purchasers of Units comprised of Convertible Debentures plus Warrants pursuant to the Securities Purchase Agreement of the Company dated as of April 4, 2007. On March 2, 2009, Dr. Biggs resigned from the board and any further affiliation with the Company citing personal commitments that would no longer permit time to devote to Xechem.
Item 8.01 Other Events.
On November 10, 2008, Xechem International, Inc. (the "Company" or "Xechem") and one of its subsidiaries, Xechem Inc., filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Illinois (the "Bankruptcy Court") to suspend all litigation and to restructure its debt. A copy of the press release issued on that date announcing the bankruptcy filing is attached.
Demand Letter from the Creditor Committee. The Company received a letter dated March 10, 2009 from Charles Ganz, Vice-Chair of the Official Committee of unsecured Creditors of Xechem International, Inc. and Xechem, Inc. advising that there are several causes of action that may exist which should be preserved for the benefit of the applicable estate, including against all applicable persons, entities and insurance coverage. A portion of what the letter includes as to the following allegations: The letter has made allegations of fraud, breach of fiduciary duty and inadequate disclosure, among other things.
The Company received letters from two holders of convertible debentures. The first was from counsel to an institutional investor and additional investors with regard to a Stock Purchase Agreement dated April 4, 2007 (the "SPA") for the purchase price of $4,959,663. The letter was addressed specifically to Dr. Pandey. They claim misrepresentations and omissions of material fact in connection with their investment and that they are commencing an action against Dr. Pandey.
The second letter was received from an individual investor on behalf of himself and all similarly situated holders of the Secured Convertible Debentures Due April 4, 2008, placing a demand for repayment of the Debentures plus interest and lost profits resulting from his investment and are seeking redress against Ramesh C Pandey and all who participated in alleged negligence, misrepresentations and breaches of fiduciary duty.
There has to be something moving this, something we don't know about a stock in BK with the PPS as dormant as this stock was doesn't just gain 400% out of the blue. Could be some are loading that knows were Xkem is going to be in the next little while when all the BS is out of the way. This isn't a company that has a fly by night product they were producing a drug that people with this disease need and want desperately.
Were the PPS is going to be who knows, but if insiders wanted to get some money out run it up then unload it "why would they have waited so long" if we knock one zero of the PPS this stock could get as high as it did a couple of years ago.
It touched .0007 with no resistance
Because there was no one there to stop them, hopefully that will change shortly, can't wait for tomorrows open
Maybe the judge can ask him about this next time in court
Drift sold all his position just before the CC
Maybe 10% of the 100m, this stock has being dormant for a long time and for it to come alive with a 400% gain something is going on.If we get another rise in the PPS on Tues or all next week who know's how high it will go.It's not hard to imagin if all goes according to plan this will be the stock of the year to own.
And Lmf we all know you are a better man.
Someone who see's what the finish line is going to be.
I hope the day comes when you meet Swift and give him a smile, that way he will know who is the better man.
Don't think we are dealing with very smart businessman here, any businessman with half a brain after two years would clearly see were Swifty and his crew did to this company. And why not go with a new business plan they would have every thing to gain and every thing to loose if they don't.They must know the need for the drug Nicosan and the revenues it would produce quarter after quarter, a drug that people need to take for the rest of their lives..........a drug that every pharma wants in their business to produce revenues.
How does this look for Tuesday...............anyone
Most of us are down big time, here for the long run. Don't make sense to cash out with 99%lose
If it's Basu like you think he would not have waited this long, I personally thing someone know this is a gold mine and all the BS is being sorted out and Xkem will be back on track soon.
The way it's trading bet we get a strong rally at the close, that would set it up for Tuesday
Is'nt Monday a holiday get in know to average down
Could'nt agree with you more, everyone here would not cause this to spike
And your complaining
Looks like a pause before another move up
So I guess we are all in the same boat for know, there has to be a reason why this is moving from being at a stand still from what seems forever
Just waiting for some exciting news
Mine is .009