(XKEM) GOOD NEWS OUT; (OTCBB: XKEM) announced that it has executed definitive closing agreement documents in connection with the previously announced memorandum of understanding with Alembic, Limited. The company believes this alliance will enhance and accelerate its ability to bring NICOSAN(TM)/HEMOXIN(TM) to market.
FULL NEWS BELOW;
************************
Ridgeland, MS, APR 19, 2004 (EventX/Knobias.com via COMTEX) -- Xechem International Inc (OTCBB: XKEM) announced that it has executed definitive closing agreement documents in connection with the previously announced memorandum of understanding with Alembic, Limited. The company believes this alliance will enhance and accelerate its ability to bring NICOSAN(TM)/HEMOXIN(TM) to market. The definitive agreement tracks the Memorandum of Understanding, which calls for, among other things, the funding of up to $3,000,000 in 4-year loans from Alembic, in addition to its $640,000 equity investment in Xechem. The funds are slated primarily toward moving forward Xechem's efforts to commercialize NICOSAN(TM)/ HEMOXIN(TM) in Nigeria. |
