Xechem International Inc. (fka XKEM)

[J-RO]

Featured Transaction

Ex-Im Bank supports AGOA related transaction: Commercial loan guarantee provided to M&T Bank to fund purchases of new and used textile equipment to Nigerian manufacturer.
Ex-Im Bank recently approved a $2.3 million medium-term, comprehensive guarantee to support the sale of new and used textile equipment to Meggitto Ventures Limited in Lagos, Nigeria. The increase in production resulting from the newly acquired equipment will be dedicated primarily to the manufacturing of t-shirts, of which a majority will be exported to the United States under AGOA. This transaction is being supported by an irrevocable guarantee issued by Oceanic Bank International, Nigeria under the recently established Ex-Im Bank $300 Million Nigerian Banking Facility. There are multiple U.S. exporters and suppliers for this transaction, however a majority of the items are being exported and or supplied by Southern Textile Exchange, LLC, Charlotte, NC; Vanguard Supreme, Monroe, NC; and Tubular textile Machinery, Inc., Lexington, NC.

Featured Transaction

Ex-Im Bank supports a 5 year commercial loan guarantee for UPS Capital to fund establishment of Xechem Pharmaceutical Plant in Nigeria
Ex-Im Bank approved a request from UPS Capital Business Credit, Hartford, Connecticut, for a five-year, medium-term guarantee in the amount of $8,534,542 to support the sale of for U.S. pharmaceutical manufacturing equipment to Xechem Pharmaceuticals, a company located in Nigeria. In addition to the U.S. exports, Ex-Im financing will support local costs for this project totaling $1,280,781. Diamond Bank Ltd. and Access Bank Plc will support the transaction by providing co-guarantees under the Ex-Im Bank's recently established $300 Million Nigerian Banking Guarantee Facility. The Xechem Pharmaceutical Project will purchase U.S. manufactured plants and machinery supplied by leading pharmaceutical equipment vendors and EPC Contractors including Fisher Scientific, APT and NITRA Corp, etc.

The Xechem Pharmaceutical Plant in Nigeria will manufacture and commercialize NICOSAN™, a phyto-pharmaceutical used for the treatment of Sickle Cell Disease (SCD), a genetic blood disorder caused by the abnormality in the hemoglobin molecule, affecting approximately 4 million Nigerians and another 6 to 8 million sufferers in the rest of Africa and 16 million worldwide. While the only known cure for SCD is Bone Marrow Transplant, which replaces defective red blood cells with donor healthy cells, NICOSAN™ taken once daily is the first drug to offer patients safe and effective treatment for the prophylactic management of SCD. The U.S. Department of Health and Human Services, Office of Orphan Products Development - Food and Drug Administration (FDA), granted the company Orphan Drug designation for NICOSAN™. The Nigerian National Agency for Food and Drug Administration and Control (NAFDAC) has also approved NICOSAN™ for commercialization.

The Xechem Pharmaceutical Plant will also produce other products for the treatment of Malaria, HIV/AIDS and related complications.

http://www.exim.gov/products/special/africa/updatearchives/dec2006.cfm