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U.S. Ex-Im Bank has Approved Comprehensive Guarantee to Support $9.38 Million Loan from UPS Capital to Xechem Pharmaceuticals Nigeria
Wednesday October 18, 12:46 pm ET
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Xechem International, Inc. (OTC BB: XKEM - News) announced today that the United States Export Import (Ex-Im) Bank, the official credit export agency of the United States, has approved a Comprehensive Credit Guarantee to support a $9.38 million loan from UPS Capital Business Credit to Xechem Pharmaceuticals Nigeria, Ltd. (Xechem Nigeria). Two Nigerian banks, Access Bank Plc. and Diamond Bank, Plc., are to provide the required Nigerian local bank guarantees in favor of Ex-Im Bank.
ADVERTISEMENT
Funds Earmarked for Establishment of State-of-the-Art Pharmaceutical Facility in Sheda Science Village, Sheda, FCT, Abuja, Nigeria
The funds to be provided by UPS Capital under the Ex-Im guaranteed loan will be used to purchase the U.S. manufactured plant equipment and machinery needed by Xechem Nigeria to establish a state-of-the-art pharmaceutical facility. The first phase of construction of the new facility began in July of this year. The total cost of the project is estimated at $12.45 million, of which $9.38 million will come from the U.S. loan. The expanded pharmaceutical facility, once completed, will enable Xechem Nigeria to produce commercial scale quantities of NICOSAN(TM), Xechem\'s breakthrough medicine for the prophylactic management of Sickle Cell Disease (SCD).
Xechem Nigeria received regulatory approval for the manufacture, sales and marketing of NICOSAN(TM) from Nigeria\'s National Agency for Food and Drug Administration and Control (NAFDAC) on July 3rd, 2006, and officially launched the drug just a few days later at a ceremony presided over by His Excellency, General Olusegun Obasanjo, the President of Nigeria. The drug is currently being produced by Xechem Nigeria in limited quantities at its pilot-scale facility in Abuja.
Dr. Ramesh Pandey, Chairman and CEO of the Xechem Companies said, "We are very pleased that this most anticipated guarantee from the U.S. Ex-Im Bank has now been approved and that we can now accelerate pursuit of our dream of building what we believe will be one of the finest state-of-the-art cGMP standard pharmaceutical facilities in Nigeria. Even more importantly, the Ex-Im guaranteed loan will help insure that we can produce commercial scale quantities of NICOSAN(TM) to meet the needs of the millions of people afflicted with this terrible disease. We are very grateful to Ex-Im Bank, UPS Business Credit, Access Bank and Diamond Bank, as well as our financial consultants, Financialbridge, Inc., for their support for this important project and for helping us make the dream a reality."
About Sickle Cell Disease
Sickle Cell Disease (SCD) is an inherited blood disorder caused by an abnormality in the hemoglobin molecule. Patients with the disease often produce stiff, abnormally shaped red blood cells that often do not flow freely through the blood vessels. This can create clogs in the vessels, which in turn can cut off the flow of normal hemoglobin and oxygen to parts of the body, and can cause severe painful attacks or "crises", damage to various organs and shortened life spans. People with SCD often suffer unpredictable painful crises several times a year lasting from a few hours to a week or more. In the US, there are approximately 80,000 patients with SCD. In Nigeria, that number is believed to be approximately 4 million, with an estimated 10 - 12 million sufferers throughout the African continent. Worldwide, at least 16 million individuals are believed to be afflicted with SCD.
About Xechem
Xechem International is a development stage biopharmaceutical company working on Sickle Cell Disease (SCD), antimalarials, and antiviral (including AIDS), anticancer, antifungal and antibacterial products from natural sources, including microbial and marine organisms. Its primary 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) (named HEMOXIN(TM) in the US and Europe) for the prophylactic management of Sickle Cell Disease (SCD). With the recent Nigerian regulatory approval of NICOSAN(TM), Xechem is now scaling-up the commercialization of the drug in Nigeria and making preparations for 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.
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.
Contact:
Xechem International, Inc
Stephen Burg, Director, 707-425-8855
--------------------------------------------------------------------------------
Source: Xechem International, Inc.
Wednesday October 18, 12:46 pm ET
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Xechem International, Inc. (OTC BB: XKEM - News) announced today that the United States Export Import (Ex-Im) Bank, the official credit export agency of the United States, has approved a Comprehensive Credit Guarantee to support a $9.38 million loan from UPS Capital Business Credit to Xechem Pharmaceuticals Nigeria, Ltd. (Xechem Nigeria). Two Nigerian banks, Access Bank Plc. and Diamond Bank, Plc., are to provide the required Nigerian local bank guarantees in favor of Ex-Im Bank.
ADVERTISEMENT
Funds Earmarked for Establishment of State-of-the-Art Pharmaceutical Facility in Sheda Science Village, Sheda, FCT, Abuja, Nigeria
The funds to be provided by UPS Capital under the Ex-Im guaranteed loan will be used to purchase the U.S. manufactured plant equipment and machinery needed by Xechem Nigeria to establish a state-of-the-art pharmaceutical facility. The first phase of construction of the new facility began in July of this year. The total cost of the project is estimated at $12.45 million, of which $9.38 million will come from the U.S. loan. The expanded pharmaceutical facility, once completed, will enable Xechem Nigeria to produce commercial scale quantities of NICOSAN(TM), Xechem\'s breakthrough medicine for the prophylactic management of Sickle Cell Disease (SCD).
Xechem Nigeria received regulatory approval for the manufacture, sales and marketing of NICOSAN(TM) from Nigeria\'s National Agency for Food and Drug Administration and Control (NAFDAC) on July 3rd, 2006, and officially launched the drug just a few days later at a ceremony presided over by His Excellency, General Olusegun Obasanjo, the President of Nigeria. The drug is currently being produced by Xechem Nigeria in limited quantities at its pilot-scale facility in Abuja.
Dr. Ramesh Pandey, Chairman and CEO of the Xechem Companies said, "We are very pleased that this most anticipated guarantee from the U.S. Ex-Im Bank has now been approved and that we can now accelerate pursuit of our dream of building what we believe will be one of the finest state-of-the-art cGMP standard pharmaceutical facilities in Nigeria. Even more importantly, the Ex-Im guaranteed loan will help insure that we can produce commercial scale quantities of NICOSAN(TM) to meet the needs of the millions of people afflicted with this terrible disease. We are very grateful to Ex-Im Bank, UPS Business Credit, Access Bank and Diamond Bank, as well as our financial consultants, Financialbridge, Inc., for their support for this important project and for helping us make the dream a reality."
About Sickle Cell Disease
Sickle Cell Disease (SCD) is an inherited blood disorder caused by an abnormality in the hemoglobin molecule. Patients with the disease often produce stiff, abnormally shaped red blood cells that often do not flow freely through the blood vessels. This can create clogs in the vessels, which in turn can cut off the flow of normal hemoglobin and oxygen to parts of the body, and can cause severe painful attacks or "crises", damage to various organs and shortened life spans. People with SCD often suffer unpredictable painful crises several times a year lasting from a few hours to a week or more. In the US, there are approximately 80,000 patients with SCD. In Nigeria, that number is believed to be approximately 4 million, with an estimated 10 - 12 million sufferers throughout the African continent. Worldwide, at least 16 million individuals are believed to be afflicted with SCD.
About Xechem
Xechem International is a development stage biopharmaceutical company working on Sickle Cell Disease (SCD), antimalarials, and antiviral (including AIDS), anticancer, antifungal and antibacterial products from natural sources, including microbial and marine organisms. Its primary 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) (named HEMOXIN(TM) in the US and Europe) for the prophylactic management of Sickle Cell Disease (SCD). With the recent Nigerian regulatory approval of NICOSAN(TM), Xechem is now scaling-up the commercialization of the drug in Nigeria and making preparations for 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.
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.
Contact:
Xechem International, Inc
Stephen Burg, Director, 707-425-8855
--------------------------------------------------------------------------------
Source: Xechem International, Inc.
the Ex-Im guaranteed loan will help insure that we can produce commercial scale quantities of NICOSAN(TM) to meet the needs of the millions of people
nun heißt es warten auf USA-Vorgaben.
Und das Aufspringen der Börsenbriefe...
Und das Aufspringen der Börsenbriefe...
Antwort auf Beitrag Nr.: 24.715.507 von physik am 19.10.06 09:56:57jut, in USA nimmt man erstmal rasch die großzügigen Gewinne mit...
!
Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an feedback@wallstreet-online.deTrading Spotlight
Antwort auf Beitrag Nr.: 24.715.507 von physik am 19.10.06 09:56:57Das Posting finde ich besonders gut 
!
Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an feedback@wallstreet-online.de!
Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an feedback@wallstreet-online.de!
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Antwort auf Beitrag Nr.: 25.224.622 von Eyk am 08.11.06 20:13:02bin schon da
ist ja der hammer das teil
ist ja der hammer das teil
Was sagt man dazu, mein Posting schon wieder gelöscht. Gute Arbeit MODs.
Antwort auf Beitrag Nr.: 25.224.833 von Brokzocker am 08.11.06 20:18:45Dann kann es 
ja nuf gehen
ja nuf gehen
Xechem’s Subsidiary Receives 2nd Phase Loan Approval from NEXIM Bank
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Xechem International, Inc. (OTCBB: XKEM) announced today that its subsidiary Xechem Pharmaceuticals Nigeria Ltd. received final approval from the Nigerian Export-Import (“NEXIM”) Bank on March 28, 2007 for an additional loan of N350 Million Naira (approximately $2.6 million US Dollars).
Dr. Ramesh C. Pandey, the Chairman and CEO, stated, “The proceeds of this loan, which we expect to receive in the coming days, will allow us to place the ongoing construction of our new full scale manufacturing facility on the highest priority level. We are going to work very closely with our contractors and our partners at the Sheda Science and Technology Complex (SHESTCO) property to facilitate as rapid a completion of the construction as possible.”
“We are very grateful to all who have worked so hard to make this happen,” Dr. Pandey continued, “and recognize the level of commitment the NEXIM Bank has made to help assure the people of Nigeria and ultimately the world that this important anti-sickling drug, discovered by a Nigerian research team at the National Institute for Research and Development (NIPRD), will be made available to all who need it.”
About NICOSAN™
NICOSAN™ is an anti-sickling drug originally developed as NIPRISAN 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™ 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™.
After the approval by the regulatory agency of Nigeria, National Agency for Food and Drug Administration and Control (NAFDAC), NICOSAN™ is being marketed in Nigeria since July 6th, 2007 on a limited basis. NICOSAN™ 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™ (to be marketed as HEMOXIN™ 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™, 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 risks; and (v) operations of the Company could be disrupted due to the chronic limited availability of funds to meet ongoing obligations.
Contacts
Xechem International, Inc.
Stephen Burg, 707-425-8855
Director
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Xechem International, Inc. (OTCBB: XKEM) announced today that its subsidiary Xechem Pharmaceuticals Nigeria Ltd. received final approval from the Nigerian Export-Import (“NEXIM”) Bank on March 28, 2007 for an additional loan of N350 Million Naira (approximately $2.6 million US Dollars).
Dr. Ramesh C. Pandey, the Chairman and CEO, stated, “The proceeds of this loan, which we expect to receive in the coming days, will allow us to place the ongoing construction of our new full scale manufacturing facility on the highest priority level. We are going to work very closely with our contractors and our partners at the Sheda Science and Technology Complex (SHESTCO) property to facilitate as rapid a completion of the construction as possible.”
“We are very grateful to all who have worked so hard to make this happen,” Dr. Pandey continued, “and recognize the level of commitment the NEXIM Bank has made to help assure the people of Nigeria and ultimately the world that this important anti-sickling drug, discovered by a Nigerian research team at the National Institute for Research and Development (NIPRD), will be made available to all who need it.”
About NICOSAN™
NICOSAN™ is an anti-sickling drug originally developed as NIPRISAN 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™ 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™.
After the approval by the regulatory agency of Nigeria, National Agency for Food and Drug Administration and Control (NAFDAC), NICOSAN™ is being marketed in Nigeria since July 6th, 2007 on a limited basis. NICOSAN™ 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™ (to be marketed as HEMOXIN™ 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™, 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 risks; and (v) operations of the Company could be disrupted due to the chronic limited availability of funds to meet ongoing obligations.
Contacts
Xechem International, Inc.
Stephen Burg, 707-425-8855
Director
auch ein netter Thread für background-info.
Xechem Achieves Another Milestone: Receives Approval of US $9.38 Million Funding by UPS Capital and the U.S. EX-IM Bank
Monday May 21, 6:30 am ET
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Xechem International, Inc. (OTC BB: XKEM - News) announced today that the UPS Capital Business Credit and the United States Export Import (EX-IM) Bank has received all the required approvals in connection with a US $9.38 million EX-IM loan guarantee for Xechem Pharmaceuticals Nigeria, Ltd. (Xechem Nigeria). The UPS Bank has now approved the funding of the loan in accordance with the guidelines and requirements of the EX-IM Bank loan guarantee program.
ADVERTISEMENT
In October 2006, EX-IM Bank, the official credit export agency of the United States, had approved a Comprehensive Credit Guarantee to support the loan, subject to the condition that Xechem Nigeria obtains supporting guarantees from two suitable local banks. Diamond Bank Plc and Platinum Habib Bank Plc, both headquartered in Nigeria, have issued the required guarantees, paving the way for finalization and funding of the UPS loan. Personal guarantees were also provided to these banks by Dr. Ramesh C. Pandey, Chairman & CEO of Xechem International, Inc. and Xechem Pharmaceutical Nigeria Ltd., and two Nigerian Board members, Dr. Adesoji Adelaja (also a Xechem International Board Member) and Mr. Isaac Inyang. The loan is for a five year term, bearing interest at LIBOR plus 2.75% and requires semi annual reductions of principal at 10% per period, together with payment of accrued, unpaid interest.
Funds Earmarked for Equipment, Corporate Offices and Manufacturing Facility
The funds provided by UPS Capital under the EX-IM guaranteed loan will be used to purchase the U.S. manufactured pre-fabricated corporate offices, warehouse, plant equipment and machinery needed by Xechem Nigeria to establish a state-of-the-art facility in the outskirts of Abuja, Nigeria, which is slated for completion during the fourth quarter of this year. The UPS loan is in addition to a separate loan of N350 Million Naira (approximately $2.7 million US Dollars) made in April 2007 to Xechem Nigeria by the Nigerian Export-Import (NEXIM) Bank for construction of manufacturing facility related costs, which supplements the N150 Million Naira (approximately US $1,157,000) of funds previously advanced by NEXIM. The expanded facility, once completed, will enable Xechem Nigeria to produce commercial scale quantities of NICOSAN(TM), Xechem\\\'s breakthrough medicine for the prophylactic management of Sickle Cell Disease (SCD).
\\\"We are very pleased that all of the pieces to the approval and funding of this long awaited EX-IM guaranteed loan have finally come together,\\\" commented Dr. Ramesh C. Pandey, Chairman and CEO of Xechem Companies. \\\"We can now turn our full attention to realizing our dream of completing the state-of-the-art laboratories and a cGMP production facility in Nigeria which will help us in the production of commercial scale quantities of NICOSAN(TM) to meet the needs of the millions of people afflicted with this terrible disease.\\\"
Dr. Pandey added, \\\"We are very grateful to EX-IM Bank, UPS Business Credit, Diamond Bank and Bank PHB for their strong support for this important project and for helping us make the dream a reality. I am especially grateful to our consultants Financialbridge, Inc. and Mr. Isaac Inyang for their tireless efforts in seeing this through to a successful conclusion.\\\"
About NICOSAN(TM)
NICOSAN(TM) is an anti-sickling drug originally researched by the scientists at the National Institute for Pharmaceutical Research and Development (NIPRD) in Abuja, Nigeria. In clinical studies conducted under NIPRD\\\'s auspices, the drug showed substantial reduction in 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 with expertise in developing drugs for 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 proprietary technologies, including those used in the treatment of orphan diseases and phyto-pharmaceuticals (natural herbal drugs). 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) 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; (ii) there can be no assurances that Xechem Nigeria will be successful in its production or marketing of Niprsan (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, if at all; (iv) doing business in Nigeria is subject to all of the risks of operation in a foreign country and associated political and regulatory risks; and (v) operations of the Company could be disrupted due to the chronic limited availability of funds to meet ongoing obligations.
Monday May 21, 6:30 am ET
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Xechem International, Inc. (OTC BB: XKEM - News) announced today that the UPS Capital Business Credit and the United States Export Import (EX-IM) Bank has received all the required approvals in connection with a US $9.38 million EX-IM loan guarantee for Xechem Pharmaceuticals Nigeria, Ltd. (Xechem Nigeria). The UPS Bank has now approved the funding of the loan in accordance with the guidelines and requirements of the EX-IM Bank loan guarantee program.
ADVERTISEMENT
In October 2006, EX-IM Bank, the official credit export agency of the United States, had approved a Comprehensive Credit Guarantee to support the loan, subject to the condition that Xechem Nigeria obtains supporting guarantees from two suitable local banks. Diamond Bank Plc and Platinum Habib Bank Plc, both headquartered in Nigeria, have issued the required guarantees, paving the way for finalization and funding of the UPS loan. Personal guarantees were also provided to these banks by Dr. Ramesh C. Pandey, Chairman & CEO of Xechem International, Inc. and Xechem Pharmaceutical Nigeria Ltd., and two Nigerian Board members, Dr. Adesoji Adelaja (also a Xechem International Board Member) and Mr. Isaac Inyang. The loan is for a five year term, bearing interest at LIBOR plus 2.75% and requires semi annual reductions of principal at 10% per period, together with payment of accrued, unpaid interest.
Funds Earmarked for Equipment, Corporate Offices and Manufacturing Facility
The funds provided by UPS Capital under the EX-IM guaranteed loan will be used to purchase the U.S. manufactured pre-fabricated corporate offices, warehouse, plant equipment and machinery needed by Xechem Nigeria to establish a state-of-the-art facility in the outskirts of Abuja, Nigeria, which is slated for completion during the fourth quarter of this year. The UPS loan is in addition to a separate loan of N350 Million Naira (approximately $2.7 million US Dollars) made in April 2007 to Xechem Nigeria by the Nigerian Export-Import (NEXIM) Bank for construction of manufacturing facility related costs, which supplements the N150 Million Naira (approximately US $1,157,000) of funds previously advanced by NEXIM. The expanded facility, once completed, will enable Xechem Nigeria to produce commercial scale quantities of NICOSAN(TM), Xechem\\\'s breakthrough medicine for the prophylactic management of Sickle Cell Disease (SCD).
\\\"We are very pleased that all of the pieces to the approval and funding of this long awaited EX-IM guaranteed loan have finally come together,\\\" commented Dr. Ramesh C. Pandey, Chairman and CEO of Xechem Companies. \\\"We can now turn our full attention to realizing our dream of completing the state-of-the-art laboratories and a cGMP production facility in Nigeria which will help us in the production of commercial scale quantities of NICOSAN(TM) to meet the needs of the millions of people afflicted with this terrible disease.\\\"
Dr. Pandey added, \\\"We are very grateful to EX-IM Bank, UPS Business Credit, Diamond Bank and Bank PHB for their strong support for this important project and for helping us make the dream a reality. I am especially grateful to our consultants Financialbridge, Inc. and Mr. Isaac Inyang for their tireless efforts in seeing this through to a successful conclusion.\\\"
About NICOSAN(TM)
NICOSAN(TM) is an anti-sickling drug originally researched by the scientists at the National Institute for Pharmaceutical Research and Development (NIPRD) in Abuja, Nigeria. In clinical studies conducted under NIPRD\\\'s auspices, the drug showed substantial reduction in 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 with expertise in developing drugs for 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 proprietary technologies, including those used in the treatment of orphan diseases and phyto-pharmaceuticals (natural herbal drugs). 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) 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; (ii) there can be no assurances that Xechem Nigeria will be successful in its production or marketing of Niprsan (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, if at all; (iv) doing business in Nigeria is subject to all of the risks of operation in a foreign country and associated political and regulatory risks; and (v) operations of the Company could be disrupted due to the chronic limited availability of funds to meet ongoing obligations.
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