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Xechem's Subsidiary -- Xechem Pharmaceuticals Nigeria -- Receives N150 Million Naira ($1.2 Million) Loan from NEXIM Bank
Thursday June 1, 6:30 am ET
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--June 1, 2006--Xechem International, Inc. (OTC BB: XKEM - News) announced today that its Nigerian subsidiary, Xechem Pharmaceuticals Nigeria Ltd. (Xechem Nigeria), has successfully closed on a N150 Million Naira ($1.2 million) loan from the Nigerian Export-Import (NEXIM) Bank. The loan has a three year term, with a moratorium on repayment of principal during the first year. Xechem International is neither a borrower nor a guarantor under the loan facility in this transaction.
Proceeds Earmarked For Expanding
Production Facility For NICOSAN(TM) In Abuja
The money received by Xechem Nigeria is to be used primarily to facilitate the expansion of its facility for the commercial scale production of NICOSAN(TM), its promising Sickle Cell drug. At the signing ceremony held at NEXIM's headquarters in Abuja, Nigeria, Dr. Ramesh Pandey, Chairman and CEO of both Xechem International and Xechem Nigeria, said, "The loan will enable the company to immediately begin construction of buildings needed to expand its commercial scale production facility in Abuja. It is a proud moment not only for Xechem Nigeria, but for the whole of Nigeria as well. By taking this giant step with us, NEXIM Bank has confirmed to the world the great confidence it has in this project. This will not only accelerate Xechem's efforts in bringing NICOSAN(TM) to the market, but will also help build international esteem for Nigeria and the changing investment climate in that country. We are extremely gratified that we can now embark on our much needed expansion, and are particularly excited that we can do so with locally generated funds from a respected and reputable local bank."
The Chairman of NEXIM Bank, who is also Deputy Governor of Central Bank of Nigeria, Mr. Tunde Lemo, complimented Xechem for coming to Nigeria and setting up the facility to produce NICOSAN(TM) to treat an African disease for which there is no drug in the market.
Speaking of the dignitaries in attendance at the signing ceremony, Dr. Pandey added: "I am very pleased and happy to see Professor A.B.C. Nwosu, the former Honorable Health Minister, at this ceremony. It was during his tenure that Xechem obtained the exclusive worldwide license for NICOSAN(TM) from the National Institute for Pharmaceutical Research and Development (NIPRD). I am also honored to see among those in attendance the Hon. Prof. Turner Isoun, Nigeria's Minister of Science and Technology. From the beginning, he has been extremely supportive of our efforts and we are forever grateful for the interest he has taken in what we are doing in Nigeria."
Among the other dignitaries present at the May 22nd signing ceremony at NEXIM Bank building in Abuja were: MD & CEO of NEXIM Bank, Alhaji Baba Yusuf Ahmed; The Minister of State for Finance (represented); The Director General of Sheda Science & Technology, Dr. Ayo Coker; Mr. Alhaji Tijani, Director General & CEO of Abuja Development Corporation, representing The Chairman of the Federal Capitol of Nigeria.
Drug To Be Launched In Nigeria Following NAFDAC Approval
As previously reported by Xechem International, Xechem Nigeria has submitted its Drug Master File (DMF) dossier with Nigeria's drug regulatory agency, the National Agency for Food and Drug Administration and Control (NAFDAC), seeking full registration for NICOSAN(TM). It is currently awaiting final word from that agency on its submission. Subject to the necessary approvals, Xechem has indicated that it would like to launch the drug in Nigeria by early July 2006, and shortly thereafter to embark on the clinical trials in the US hospitals for FDA approval through the Investigational New Drug (IND) Application for sale of the drug in the United States.
About Xechem
Xechem International, Inc. is a development stage biopharmaceutical company whose focus and resources are currently being primarily directed toward the development and commercial launch of NICOSAN(TM) (to be marketed as HEMOXIN(TM) in the United States and Europe), which has shown efficacy in the prophylaxis management of Sickle Cell Disease (SCD). Xechem is also working on anticancer, antiviral (including AIDS), antifungal, antimalarial and antibacterial products from natural sources, including microbial and marine organisms. Xechem's mission is to bring relief to the millions of people who suffer from these diseases. 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.
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