Dimethaid draws $900,000 against its financing facility

Apr 02, 2001, 01:00 ET from Dimethaid Research Inc.

    TORONTO, April 2 /PRNewswire/ - Dimethaid Research Inc. (TSE: DMX)
 announced today that it has effected a second draw pursuant to its January
 2001 private placement agreement with Acqua Wellington North American Equities
 Fund, Ltd. The Company issued Acqua Wellington an additional 129,573 shares of
 common stock and received net proceeds of $900,000.
     The proceeds from today's draw will be used for general corporate
 purposes as the Company prepares to launch PENNSAID(R) Topical Solution in the
 European Union and in North America.
     PENNSAID(R) was launched in the United Kingdom last week by Provalis
 Healthcare Ltd, a division of Provalis Plc (LSE: PRO, NASDAQ SC: PVLS).
     "There are an estimated 7 million osteoarthritis sufferers in the U.K.
 who now have a treatment alternative that offers effective pain relief without
 any of the numerous side effects associated with currently available pills,
 including NSAIDs and COX-2 inhibitors," said Rebecca Keeler, President and
 CEO. "With the launch of PENNSAID(R) in the U.K., we have moved from 'mission
 to market,' and are targeting additional milestones as we expand our
 commercialization efforts. The flexibility of the Acqua Wellington financing
 allows us confidently to move forward with our strategic plans."
     Dimethaid Research Inc. is a pharmaceutical company engaged in the
 development and commercialization of innovative therapeutic products that
 offer the potential to minimize the unwanted systemic effects of drug therapy
 on the body. Dimethaid's proprietary drug delivery technology utilizes the
 cell's tubule system to deliver drugs cell-to-cell. As a result, patients are
 able to treat localized conditions, such as osteoarthritis, while limiting the
 body's absorption of, and associated risks from, the medication. This
 technology has been applied first to produce PENNSAID(R) Topical Solution. The
 Company's business development strategy is to leverage its proprietary
 transdermal delivery technology into additional commercial products. For
 additional information on the Company, please visit www.dimethaid.com.
 
     This release may contain forward-looking statements. Such statements
 involve known and unknown risks, uncertainties and other factors outside of
 management's control that could cause actual results to differ materially from
 those expressed in the forward-looking statements. A discussion of such risk
 factors is included in the Company's AIF filed with the OSC and includes,
 without limitation, risks regarding product development, clinical trials,
 dependence on third parties for development and licensing arrangements, and
 risks involving regulatory approval of products, licenses and patents. The
 Company undertakes no obligation to publicly revise these forward-looking
 statements to reflect subsequent events or circumstances.
 
 

SOURCE Dimethaid Research Inc.
    TORONTO, April 2 /PRNewswire/ - Dimethaid Research Inc. (TSE: DMX)
 announced today that it has effected a second draw pursuant to its January
 2001 private placement agreement with Acqua Wellington North American Equities
 Fund, Ltd. The Company issued Acqua Wellington an additional 129,573 shares of
 common stock and received net proceeds of $900,000.
     The proceeds from today's draw will be used for general corporate
 purposes as the Company prepares to launch PENNSAID(R) Topical Solution in the
 European Union and in North America.
     PENNSAID(R) was launched in the United Kingdom last week by Provalis
 Healthcare Ltd, a division of Provalis Plc (LSE: PRO, NASDAQ SC: PVLS).
     "There are an estimated 7 million osteoarthritis sufferers in the U.K.
 who now have a treatment alternative that offers effective pain relief without
 any of the numerous side effects associated with currently available pills,
 including NSAIDs and COX-2 inhibitors," said Rebecca Keeler, President and
 CEO. "With the launch of PENNSAID(R) in the U.K., we have moved from 'mission
 to market,' and are targeting additional milestones as we expand our
 commercialization efforts. The flexibility of the Acqua Wellington financing
 allows us confidently to move forward with our strategic plans."
     Dimethaid Research Inc. is a pharmaceutical company engaged in the
 development and commercialization of innovative therapeutic products that
 offer the potential to minimize the unwanted systemic effects of drug therapy
 on the body. Dimethaid's proprietary drug delivery technology utilizes the
 cell's tubule system to deliver drugs cell-to-cell. As a result, patients are
 able to treat localized conditions, such as osteoarthritis, while limiting the
 body's absorption of, and associated risks from, the medication. This
 technology has been applied first to produce PENNSAID(R) Topical Solution. The
 Company's business development strategy is to leverage its proprietary
 transdermal delivery technology into additional commercial products. For
 additional information on the Company, please visit www.dimethaid.com.
 
     This release may contain forward-looking statements. Such statements
 involve known and unknown risks, uncertainties and other factors outside of
 management's control that could cause actual results to differ materially from
 those expressed in the forward-looking statements. A discussion of such risk
 factors is included in the Company's AIF filed with the OSC and includes,
 without limitation, risks regarding product development, clinical trials,
 dependence on third parties for development and licensing arrangements, and
 risks involving regulatory approval of products, licenses and patents. The
 Company undertakes no obligation to publicly revise these forward-looking
 statements to reflect subsequent events or circumstances.
 
 SOURCE Dimethaid Research Inc.