Contact Information: CONTACT: Vincent Zubero Financialbridge, Inc. 305-596-1005 Email Contact WEB SITE: http://www.xechemnigeria.com
U.S. Ex-Im Bank Approves Comprehensive Guarantee for UPS Capital Loan of $9.38 Million to Fund Establishment of Xechem Pharmaceutical Plant in Nigeria
| Source: Financialbridge, Inc.
MIAMI, FL -- (MARKET WIRE) -- October 26, 2006 -- E-Wire -- The Export Import Bank of the United
States has approved Comprehensive Guarantee to cover a U.S. Loan of $9.38
million to fund establishment of Xechem Pharmaceutical Plant in Abuja,
Nigeria, estimated to cost $12.45 million. UPS Capital Business Credit of
Hartford, Connecticut is the U.S. Lender providing related Loan for the
Project, while Access Bank, Plc. and Diamond Bank, Plc. are to provide
Nigerian Bank Guarantees in support of the Project Loan. The Xechem
Pharmaceutical Project Loan has been successfully packaged by
Financialbridge and will be utilized to purchase U.S. manufactured Plants
and Machinery to be supplied by leading Pharmaceutical Equipment Vendors
and EPC Contractors including Fisher Scientific, APT and NITRA Corp, etc.
The Xechem Pharmaceutical Plant in Nigeria will manufacture and
commercialize NICOSAN™, a phyto-pharmaceutical used for the treatment of
Sickle Cell Disease (SCD), a genetic blood disorder caused by the
abnormality in the hemoglobin molecule, affecting approximately 4 million
Nigerians and another 6 to 8 million sufferers in the rest of Africa and 16
million worldwide. While the only known cure for SCD is Bone Marrow
Transplant, which replaces defective red blood cells with donor healthy
cells, NICOSAN™ taken once daily is the first drug to offer patients
safe and effective treatment for the prophylactic management of SCD. The
U.S. Department of Health and Human Services, Office of Orphan Products
Development - Food and Drug Administration (FDA), granted the company
Orphan Drug designation for NICOSAN™. The Nigerian National Agency for
Food and Drug Administration and Control (NAFDAC) has also approved
NICOSAN™ for commercialization.
The Xechem Pharmaceutical Plant will also produce other products for the
treatment of Malaria, HIV/AIDS and related complications.
NICOSAN™ was formally launched in Abuja on July 6, 2006 by President
Olusegun Obasanjo of Nigeria. In his remarks made at the launching
ceremony, President Obasanjo commended Xechem and its chairman, Dr. Ramesh
Pandey, for their success in researching and developing this important drug
to market and for validating the Government of Nigeria's efforts to
commercialize locally developed technologies. Dr. Pandey headed the
Research Team, Scientific Advisory Board, Sickle Cell Research, Efficacy
and Awareness Advisory Board, composed of Scientists, Doctors,
Pharmacologists, etc. that researched, clinically tested and developed
NICOSAN™.
For full release please click on the following link:
http://www.ewire.com/display.cfm/Wire_ID/3446
Contact Xechem at http://www.xechemnigeria.com