MONTREAL, July 7 /PRNewswire-FirstCall/ -- Theratechnologies (TSX: TH) announced today that Celmed BioSciences has completed the acquisition of NewBiotics Inc., a biopharmaceutical developer of cancer therapies.
This all share transaction, first announced on June 7, 2004, closed on July 2nd, 2004, following the approval of the shareholders of NewBiotics. Celmed BioSciences Inc. is a private Canadian biopharmaceutical company active in the field of oncology. Spun off by Theratechnologies in 2001, Celmed develops photodynamic-based therapies to treat hematological and immune diseases using its proprietary technology Theralux(TM). This acquisition broadens Celmed's technology base and diversifies its product pipeline in the oncology sector.
As a result of this acquisition, Theratechnologies' ownership in Celmed is reduced from 59.7% to 42%. Consequently, the Celmed investment will now be accounted for by the equity method.
Theratechnologies (TSX: TH) is a Canadian biopharmaceutical company engaged in the discovery and development of therapeutic products in the field of endocrinology and metabolism. The Company has and is developing a portfolio of peptides at various stages of development for the treatment of catabolic (loss of the body's synthesis and regeneration capacity) and metabolic disorders, as well as osteoporosis and type II diabetes. In addition, Theratechnologies is expanding its peptide portfolio through proven, proprietary technologies.
Theratechnologies' website is located at http://www.theratech.com/ . The Company is listed on the Toronto Stock Exchange under the symbol TH.
This press release contains forward-looking statements, which reflect the
Company's current expectations regarding future events. Such statements
inherently involve numerous risks and uncertainties, including the
availability of funds and resources to pursue R&D projects, the
successful and timely completion of clinical studies, the ability of the
Company to take advantage of the business opportunities in the
biopharmaceutical industry, the granting of the necessary authorizations
by the regulatory authorities, and the general economic conditions.
Actual future results may differ materially from the anticipated results
expressed in the forward looking statements contained in this press
release and the Company does not undertake to update this information.
Investors are cautioned against placing undue importance on forward-
looking information contained herein and should consult the Company's
2003 Annual Report, which contains a more exhaustive analysis of risks
and uncertainties connected to the businesses of the Company.
CONTACT: Peter McBride, Vice President, Investor Relations and PublicAffairs, (514) 336-4804, ext. 215, firstname.lastname@example.org