CALGARY, Nov. 2 /PRNewswire-FirstCall/ -- Patch International Inc. (PAII: OTCBB, PQG: Berlin Bremen Stock Exchange) reported that Pharmaxis (PXS: Australian Stock Exchange) announced that the securities of PXS will be placed in pre-open at the request of the company, pending the release of an announcement by the company. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on November 3, 2004 or when the announcement is released to the market. Patch is optimistic that positive news is pending.
Commenting on the Pharmaxis developments, President David Stadnyk said:
“Patch holds 11.2 million shares in Pharmaxis and is the company’s second largest shareholder behind the Rothschild Group. We have had a number of inquiries from our shareholders regarding the developments with Pharmaxis and we want to assure everyone that we will report the developments to the market as soon as we have them. We have enjoyed watching the growth of Pharmaxis and we look forward to continued progress in the company’s future.”
ABOUT PHARMAXIS
Pharmaxis is a specialist pharmaceutical company committed to the research, development and commercialization of human therapeutic products for chronic respiratory and autoimmune diseases.
Pharmaxis is focused on the development of its two leading technologies. The first technology includes Bronchitol(TM) and Aridol(TM), which are inhaled non-ionic osmolytes. Bronchitol(TM) is being developed for the treatment of respiratory diseases - in particular, cystic fibrosis, bronchiectasis and chronic bronchitis. Aridol(TM) is an improved lung function test and is currently in a 600 subject multicentre Phase 111 study and over 250 subjects have been enrolled to date.
The second technology focuses on new immune response modifiers - PXS25 and PXS2000 - for the treatment of multiple sclerosis and rheumatoid arthritis. The company has a pipeline of products in different stages of development, including four projects at clinical study stage (in patients), two projects in pre-clinical evaluation and one research project to identify a compound for development. Pharmaxis operates a first class, TGA-licensed manufacturing facility at Frenchs Forest, near Sydney, Australia.
Pharmaxis was founded in 1998 and is chaired by Denis Hanley, former Chairman and CEO of Memtec Limited. He has extensive experience in growing Australian technology corporations to become successful global entities.
Pharmaxis was listed on the Australian Stock Exchange in November 2003. For additional information on Pharmaxis, please visit the corporate website at http://www.pharmaxis.com.au/
ABOUT PATCH INTERNATIONAL
Patch International was a private corporation acquired by publicly traded Praxis Pharmaceuticals early this year. Patch trades under the symbol PAII. It is also listed on the Berlin Bremen Stock Exchange where it trades under the symbol PQG.
In addition to its major investment interest in Pharmaxis Ltd. (PXS: Australian Stock Exchange) where it is one of the largest shareholders, along with CIBC, HSBC, and the Rothschild Group, Patch is involved in oil and gas projects in Saskatchewan, Texas, and the East Corning area in Northern California. Also, the company is involved globally in Ukraine, where it is in the final stages of talks to develop several oil and gas wells in conjunction with the Ukrainian government.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by Patch International Inc. may differ materially from these statements due to a number of factors. Patch International Inc. assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risk before you make investment decisions.
For further information visit our corporate website at http://www.patchenergy.com/.
Contact: Investor Relations Tel: 604-688-2790 Fax: 604-688-5390. E-mail: info@patchenergy.com
Patch International Inc.
CONTACT: visit our corporate website at http://www.patchenergy.com/; InvestorRelations, Tel: (604) 688-2790, Fax: (604) 688-5390, E-mail:info@patchenergy.com