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July 29, 2002
Neurochem completes transaction with Picchio Pharma Inc.
Neurochem Inc. (TSX : NRM) announced today the closing of the transaction by Picchio Pharma
Inc. for the acquisition of 2.8 million units of Neurochem at a cost of $2.50 per unit, for
a total of $7 million. The units are comprised of one Neurochem common share and one warrant
exercisable anytime within a three-year period with a 25% premium over the issue price.
Depending on the exercise of warrants over the next three years, the total possible
investment by Picchio Pharma under this transaction could reach $15.75 million. With the
exercise of all warrants, Picchio Pharma Inc. would hold close to 24% of the common shares
of Neurochem. The proceeds of the investment will be used for working capital to advance
Neurochem's pipeline of products. Dr. Francesco Bellini, Chairman of Picchio Pharma, is to
assume the position of Chairman of the Board at Neurochem. About Picchio Pharma Inc
Picchio Pharma Inc. is a joint venture company established between Dr. Francesco Bellini
and Power Technology Investment Corporation, a subsidiary of Power Corporation of Canada.
Picchio Pharma's objective is to become a leading Canadian biopharmaceutical company
dedicated to acquiring, developing and commercializing new therapeutic products and
technologies. About Neurochem
Neurochem is an industry leader in the development of therapeutic drugs and diagnostic
tools for central nervous system and amyloid-related diseases associated with aging. The
Company has built a strong product pipeline by developing a novel, proprietary series of
compounds that inhibit the formation, deposition and toxic effects of amyloid fibrils within
the body. Neurochem's therapeutic programs target Alzheimer's Disease, Hemorrhagic Stroke
(due to Cerebral Amyloid Angiopathy), Secondary Amyloidosis, Diabetes Type II and Epilepsy.
Neurochem is using a multi-pronged approach towards the development of pharmaceuticals for
Alzheimer's Disease, including glycosaminoglycans (GAGs) mimetics, a vaccine, an
anti-inflammatory and neuroprotective approaches as well as the development, in collaboration
with Amersham Health, of a diagnostic imaging tool. The Company has advanced to date three
drug candidates to clinical trials: Alzhemed™, for the treatment of Alzheimer's Disease,
Fibrillex™, for the orphan disease Secondary Amyloidosis, and Cerebril™, for
Hemorrhagic Stroke. At present, the Company employs over 77 people and is located in
Saint-Laurent, Canada (www.neurochem.com).
All of the statements contained in this news release, other than statements of fact which
are independently verifiable at the date hereof, are forward-looking statements. Such
statements, based as they are on the current expectations of management, inherently involve
numerous risks and uncertainties, known and unknown. Some examples of known risks are: the
impact of general economic conditions, general conditions in the pharmaceutical industry, changes
in the regulatory environment in the jurisdictions in which Neurochem does business, stock
market volatility, fluctuations in costs, and changes to the competitive environment due to
consolidation or otherwise. Consequently, actual future results may differ materially from
the anticipated results expressed in the forward-looking statements.
For further Information, please contact: |
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