LAS VEGAS, Aug. 8, 2006 (PRIMEZONE) -- Samaritan Pharmaceuticals Inc. (AMEX:LIV - News) a developer of innovative drugs, is pleased to announce it has purchased back the Canadian licensing rights related to HIV drug Anticort from Quest PharmaTech, Inc. (previously known as Altachem Pharma, Inc. and Steroidogenesis Inhibitors Canada, Inc.).
In February 1996, Steroidogenesis Inhibitors Canada, purchased the Canadian rights to license HIV drug Anticort from Samaritan’s subsidiary, Steroidogenesis Inhibitors Inc.
Quest in an effort to sell its non-core assets, sold its Anticort licensing rights back to Samaritan for US$50,000 and 50,000 common shares of Samaritan.
Dr. Janet Greeson, CEO of Samaritan stated, ``We appreciate the efforts of Dr. Madiyalakan, the Executive Chairman of Quest, in making this a smooth transaction and wish Quest immeasurable success with their future endeavors.’'
Samaritan Pharmaceuticals: ``We LIV....to Save Lives.’'
Samaritan is a small-cap Biotech, driven to discover, develop and commercialize innovative therapeutics for AIDS, Alzheimer’s, Cancer and Heart disease patients. Look at http://www.samaritanpharma.com. Please register on Website so we can notify you of upcoming conference calls, news and events.
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Disclaimer
The company disclaims any information that is created by an outside party and endorses only information that is communicated by its press releases, filings and Website. This news release contains forward-looking statements that reflect management’s current beliefs about the potential for its drug candidates, science and technology. However, as with any biopharmaceutical under development, there are significant risks and uncertainties in the process of development and regulatory review. There are no guarantees that products will prove to be commercially successful. For additional information about the factors that affect the company’s business, please read the company’s latest Form 10-K filed April 13, 2006. The company undertakes no duty to update forward-looking statements.
Contact: Samaritan Pharmaceuticals, Inc. Gene Boyle (702) 735-7001 GeneBoyle@SamaritanPharma.com
Source: Samaritan Pharmaceuticals Inc.
