Replies to post #72574 on Xechem International Inc. (fka XKEM)

[light_the_way2001]

Only last month, the bank signed an agreement extending a credit facility of N150 million to a pharmaceutical company, Xechem Pharmaceuticals Nigeria Limited, to produce a newly invented drug for the treatment of sickle cell disease. It will be manufactured in Nigeria utilizing 100 per cent raw materials, a major landmark in our technological development as a nation,” he stated.


Very nice find. Do you have a date of the story? How much in US dollars is that amount? TIA, by the way YHM,

[Socal_MolBio]

"According to the president, the drug, Nicosan, researched and patented by the National Institute for Pharmaceutical Research and Development (NIPRD) would generate a yearly minimum of $5 million in foreign exchange in the first two years of operations from royalty payments and exports."

Interesting

[lsd673]

If I remember right, that story came out in July this year, the N150M being about $1.2M. The $5M royalties translate to about $65M in EXPORT sales from Xechem, so expect that this is a long way off to be realized by the government since local demand will likely be met first, and that alone will take some five years to be realized following factory completion IMO