Welichem shareholders approve asset purchase agreement with Stiefel, a GSK company
04 July 2012 - 10:15PM
PR Newswire (Canada)
VANCOUVER, July 5, 2012 /CNW/ - Welichem Biotech Inc. announces
that Welichem shareholders at a special meeting of the Company held
today have approved the previously announced agreement with
Stiefel, a GSK company for the acquisition by Stiefel of exclusive
development and commercialization rights to the novel
anti-inflammatory agent, WBI-1001. The transaction remains
subject to final approval of the TSX Venture Exchange and is
expected to close by the end of July. About Welichem Biotech Inc.
Welichem Biotech Inc. is a publicly-traded biotechnology company
developing therapeutic drugs in the fields of autoimmune diseases
and cancers. For a more complete business and financial
profile of the Company, interested parties are encouraged to visit
the Company's website, www.welichem.com. The TSX Venture Exchange
has not reviewed and does not accept responsibility for the
adequacy or accuracy of the content of this news release. This
press release contains forward-looking statements that include our
belief as to the potential of our products. Certain risks and
uncertainties such as our ability to successfully commercialize the
products could cause the Company's actual results to differ
materially from those in the forward-looking statements. Welichem
Biotech Inc. CONTACT: Liren Tang, President and Chief Executive
Officer. Tel.: (604)432-1703, Email: lirentang@welichem.com
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