Xechem International Inc. (fka XKEM)

[IamtheWalrus]

http://www.neximbank.com.ng/NEXIM%20grants%20150%20million%20Facility%20to%20support%20Sickel%20Cell....

In pursuance of its mandate of export development and facilitation as well as enhancing local raw materials utilization and employment generation, the Nigerian Export-Import Bank grants a $150 million facility to Xechem Pharmaceuticals Nigeria Ltd, a subsidiary of Xechem International ,Inc, a biopharmaceutical company based in the USA for the monthly production of five million capsules of a new Sickle Cell Drug, NICOSAN under the first phase of project Implementation at Sheda Science and Technology Complex, Abuja.
This phase of project implementation by Xechem would involve the provision of an Export Development Facility of N150 million to the company by NEXIM to facilitate the further development, commercial production and marketing of NICOSAN

On Monday, May 22nd 2006, the official signing and presentation of the N150 million cheque to Xechem Pharmaceuticals Nig, Ltd took place at the Corporate Head Office of the Bank. In attendance were the Chairman Board of Directors, NEXIM Bank, Mr. Tunde Lemo; the MD/CEO NEXIM, Alh Baba Yusuf Ahmed, the Executive Directors of the Bank- Mr. Lateef A. Balogun and Mr. Edet J. Ekere; the Chairman Xechem Pharmaceuticals Ltd Dr. Ramesh C. Pandy and other management staff of the Company; Representatives of the Federal Ministry of Science and Technology; Ministry of Health and the National Institute for Pharmaceuticals Research and Development.

In his address at the occasion, the Chairman Board of Directors, NEXIM Bank, Mr. Tunde Lemo, stated that the Bank is proud to have the opportunity to fund a scheme like that which will bring relief to many sickle cell patients around the world. He commended the National Institute for Pharmaceuticals Research and Development (NIPRD) for the invention after several years of research.


In his speech, the MD/CEO, NEXIM Bank, Alhaji Baba Yusuf Ahmed stated that the drug will go a long way to restore hope to people with the disease worldwide who for many decades had lost hope of getting any form of treatment or cure. “With over ten million sufferers in Africa, we should be able to support the cause and thereby bring hope to these people who are in need of this drug,” he said.

Responding, the Chairman of the Pharmaceutical Company, Dr. Ramesh Pandy said the drug is produced using a combination of herbs. He stated that being the first of its kind; the drug would be exported to other African countries as well as Europe and America where black people are desperately in need of it.
He explained that although the drug does not completely treat the ailment, a single dose per day helps to manage the situation thereby allowing the patient to live a normal life completely free from crisis.

The production, packaging and marketing of NICOSAN a herbal mixture produced under current Good Laboratory Practices('cGLP') and current Good Manufacturing Process('cGMP') is a novelty and a rare fact that will not only further diversify non traditional exports from Nigeria but would also bring hope and succor to over 10 million sufferers worldwide. The project has very high export potentials that would generate a yearly minimum of US$5million in foreign exchange in the first two years of operations from Royalty payments and product shipments.

The disbursement of the Export Development Facility to the Company by NEXIM also has some socioeconomic benefits, such as the creation of employment opportunities to about 80 Nigerians, largely Scientists and Researchers and a market opportunity for Nigerian farmers to annually supply over 720 tonnes of raw materials for the project.