Xechem Timeline: (Work In Progress)
"Compiled from posts on the board"
Great Idea Q3
Dr. Pandey working for Abbott Laboratories, working on antibiotics and cancer treatments that cost $3 million, $4 million or $5 million per kilogram
Approached by Lyphomed to help them develop generic vancomycin. The only company making it was Eli Lilly and their patent had been expired for five years. (Swift worked for Eli Lilly).
Founded Xechem
Xechem Mission Statement: Make needed drugs that no one else would make.
Begins generic production of vancomycin in Copenhagen and Japan. "We made our money back in less than two weeks. It changed my life".
Bought Xechem from its parent company in 1990.
"As the company prepared for its first public offering, an untimely patent extension (sound fishy) was granted to another firm and this sent Xechem stock into a freefall". UPI
Approached by Nigerians to develop Nicosan
1999
Zkem patent for Paclitaxel - outperforms Bristol-Myers Squib version
Bristol Meyrs sues - Xechem sues... Xechem wins, but has been drained of badly need capital.
26 August 2005, orphan designation (EU/3/05/302) was granted by the European Commission to Xechem UK Ltd., United Kingdom
July 11, 2006 • Nigerian President Olusegun Obasanjo Launches Xechem's Sickle Cell Drug, NICOSAN(TM), in Nigeria
Oct 4, 2006 • Xechem Receives $473,181 SBIR Grant From NIH-NHLBI to Conduct Toxicity Studies of 5-HMF Compound
Oct 18, 2006 • U.S. Ex-Im Bank has Approved Comprehensive Guarantee to Support $9.38 Million Loan from UPS Capital to Xechem Pharmaceuticals Nigeria
Dec. 2006 - Named CEO of the year by CBS MarketWatch
Martin Luther King,Jr.'s niece writes a song about Dr. Pandey
As of December 31, 2006, Xechem has paid Alembic $1,000,000 of the principal amount due plus interest in the amount of $190,000 on the New Note. (they're paying on their bills)
New Nigerian factory is under construction. New high yield dryers are ordered and arrive in customs in Nigeria.
Mar 13, 2007 • Xechem Updates the Progress on NICOSAN(TM) Manufacturing Capacity in Nigeria
Mar 29, 2007 • Xechem's Subsidiary Receives 2nd Phase Loan Approval from NEXIM Bank
Basu buys into Xechem and puts Dr. Robert Swift on the BOD.
On April 18, 2007 Xechem International, Inc. completed a private placement of $7,049,375
This gave the investors the right to designate two members to the board of directors due to the issuance of in excess of $6,000,000
April '07---PIPE agreement(Basu)--Swift receives $56,400 for advisory work in constructing the PIPE agreement
April 9, 2007 • Xechem Nigeria Receives N350 Million Naira Funding From NEXIM Bank to Accelerate Construction of NICOSAN(TM) Production Facility
Monday May 21, 2007 • Xechem Achieves Another Milestone: Receives Approval of US $9.38 Million Funding by UPS Capital and the U.S. EX-IM Bank
May 3rd, 2007 - Addition of Robert Swift to Board of Directors.
Trouble begins for Xechem and Dr. Pandey
May 17 '07--Biggs to BOD
May 30, 2007 • Xechem Announces Addition of H. Scott English as Investor Relations Director and Ben White as Director of Finance and Accounting
June 12 '07--Col Pandey removed
July 5 '07---Dr Pandey removed-Swift to CEO
July 12 8k---Xechem also announced a cost-cutting plan that will increase the focus on its Nigerian operations. That plan is expected to include the closure of the company's New Jersey headquarters with the office operations moving to smaller and less expensive facilities. According to Dr Swift, "There is not enough activity to justify the continued annual expense in excess of $250,000 to hold onto our New Jersey facilities. We can out source the clinical activities related to the development of 5-HMF, the Company's sickle cell compound licensed from VCU, and NICOSAN(TM). Research on these and other potential drugs can be accomplished collaboratively with world class academic institutions like VCU and Rutgers At this stage in the Company's development, the Board feels that all available resources must be focused on production of NICOSAN(TM) at our Nigerian operation and the filing of an IND for 5-HMF. After I spend time at the Nigerian facility, I will be better able to assess the requirements to reach full-scale production, as well as the timeline. We plan to have a shareholder meeting towards the end of the year to inform all shareholders of the progress we have made and what to expect in the future for Xechem."
Aug 16 '07--Swift resigns CEO---becomes COO w/$185k contract from company and $60k per annum from Xechem Nigeria
August 20th, 2007 -Dr.Swift becomes "Chief Oversight Officer".
Swift is already the Interim CEO, Interim President, and Chairman of the Board since July 5th, 2007 (that didn't take long - I guess you can move up quick with a knife in your hand.IMO)
Dr. Swift is a healthcare consultant. He has 15 years of experience in molecular biology, cancer research, biopharmaceuticals and medical devices, and over ten years of experience with ELI LILLY. He has five years as an investment bilker I mean banker. In 2001 Swift joins Origin Capital Management. He's there until 2004.
Aug '07 Attempts to contact Swift are futile, he hangs up on investors. (that should have explained his personality at that time)
Aug 31 '07---ratchet price drops from .0175 to .01 due to PIPE interest payment missed
Sept '07---XKEM goes pink
Oct '07---Adesoji resigns from BOD
Dec '07---ratchet drops to .001 due to $459k loan
March of 08: Enter our miracle man MONTY, and slowly the tide begins to change!
July 10th, 2008 - Conference call with Dr.Swift to update/bless shareholders with his the sound of his voice. What a joke that was. Did anybody get any useful info out of that?
Sept '08---ratchet to .0007-Pipe offered 10% conversion
11/05/2008 - AesRx, LLC is formed. Registrant: Mr. Seiler
THE NEXT DAY...
11/06/2008 - Dr. Swift proposes selling 5hmf to Mr. Seiler of the newly formed delaware corp. SCD Newco or one of their affiliates (AesRx) for $325,000.
With a motion from Mr. Burg, seconded by Mr. Biggs, with both of them and Dr. Swift voting in favor, Dr. Pandey voting against. The motion passes.
Board also votes on Chapter 11. Dr. Pandey again votes against this, but is outvoted and Dr. Swift is put in charge of handling the bankruptcy.
The meeting is adjourned at 12:20 pm - 11/06/2008
Nov '08---BK filed
Mar '09---Biggs resigned
PRESENT TIME: MONTY IS WORKING TO RESURRECT XECHEM FROM THE SCORCHED EARTH SYNDROME
AI
