XKEM - Xechem Nigeria Receives N350 Million Naira Funding From NEXIM Bank to Accelerate Construction of NICOSAN(TM) Production Facility
Monday April 9, 6:30 am ET
NEW BRUNSWICK, NJ--(MARKET WIRE)--Apr 9, 2007 -- Xechem International, Inc. (OTC BB:XKEM.OB - News) announced today that Dr. Ramesh Pandey, Chairman and CEO of XECHEM companies, has collected N350 million Naira from Nigerian Export-Import ("NEXIM") Bank on Thursday, April 5, 2007 (approximately $2.6 million US Dollars). This amount was in addition to an earlier N150 million Naira (approximately $1.2 million US Dollars) approved and disbursed by NEXIM Bank.
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Dr. Pandey attended a small celebration along with senior management and board members of Xechem Nigeria at the home office of NEXIM Bank as he accepted the funds. Presenting the funds were NEXIM Bank's Managing Director/Chief Executive, Alh B. Y. Ahmed and Executive Director (operations) E.J. Ekere.
Dr. Pandey stated, "This is a very exciting time for Xechem. We are very grateful to the management of NEXIM Bank for taking this bold step with their vision and compassion to make Xechem's dream to bring this important drug to the millions of Sickle Cell Disease (SCD) patients who are anxiously waiting for NICOSAN(TM). Everyone has worked very hard to reach this point to help make this very important drug a reality for their country. With these funds, we can now accelerate completion of the commercial scale production facility for an opening during the fourth quarter of 2007."
About NICOSAN(TM)
NICOSAN(TM) is an antisickling drug developed by the Nigerian scientists at the National Institute for Pharmaceutical Research and Development (NIPRD). In clinical studies conducted under NIPRD's auspices, the drug has shown to substantially reduce the degree of sickling of the red blood cells of those afflicted with the disease. While not a cure, the clinical trials have confirmed that the large majority of patients taking NICOSAN(TM) no longer experience sickle cell "crises" while on the medication, and even among those whose crises are not eliminated, the number and severity of the crises are substantially reduced. Through quality control/quality assurance (QC/QA) Xechem has standardized and verified the antisickling activity of the product, which is now called as NICOSAN(TM).
After the approval by the regulatory agency of Nigeria, National Agency for Food and Drug Administration and Control (NAFDAC), NICOSAN(TM) is being marketed in Nigeria since July 6th, 2006 on a limited basis. NICOSAN(TM) has Orphan Drug Designation in the US and EU countries.
About XECHEM
Xechem International is a development stage biopharmaceutical company working on Sickle Cell Disease (SCD), antidiabetic, antimalarial, antibacterial, antifungal, anticancer and antiviral (including AIDS) products from natural sources, including microbial and marine organisms. Its focus is on the development of phyto-pharmaceuticals (natural herbal drugs) and other proprietary technologies, including those used in the treatment of orphan diseases. Xechem's mission is to bring relief to the millions of people who suffer from these diseases. Its recent focus and resources have been directed primarily toward the development and launch of NICOSAN(TM) (to be marketed as HEMOXIN(TM) in the US and Europe). With the Nigerian regulatory approval now in hand, Xechem is now working on the commercialization of the drug in Nigeria and the pursuit of US FDA and European regulatory approval. In addition to NICOSAN(TM), Xechem is also working on another sickle cell compound, 5-HMF, which it has licensed from Virginia Commonwealth University (VCU).
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by safe harbors created hereby. Such forward-looking statements involve known and unknown risks and uncertainties. Such risks include the risk that: (i) Xechem Nigeria will be unable to consummate the closing of its currently proposed bank financings; (ii) there could be delays and/or cost overruns in connection with the build out of Xechem Nigeria's pilot plant facility to a full scale commercial production facility; (iii) the Company and/or Xechem Nigeria could suffer significant dilution from the raising of additional capital until such point in time as they achieve cash flow break even status; (iv) doing business in Nigeria is subject to all of the risks of operation in a foreign country and associated political and regulatory risky and v) operations of the Company could be disrupted due to the chronic limited availability of funds to meet ongoing obligations.
Contact:
For further information contact:
Stephen Burg
Director
Xechem International, Inc.
(707) 425-8855
AI
