VANCOUVER, Nov. 30 /CNW/ - Welichem Biotech Inc. (the "Company") (TSX-V:
WBI), announced today that the Company has established a loan facility with
Canadian Maple Leaf Investment Ltd. (CMLI), a major shareholder of the
Company, that commits to provide funding up to $1,000,000 to the Company over
the next six months on an "as and required" basis. The Company will pay CMIL
interest at a rate of Canadian prime rate plus 2% per annum, calculated daily
based on the daily closing balance and to be paid at maturity. The loan
facility can be extended to longer term at mutual agreement. The Company is
planning to use the loan to complete its Phase I Clinical Trials for WBI-1001,
its lead drug compound to treat psoriasis, and pre-clinical studies for its
novel anti-cancer drug compound (WBI-2100) and to fund its operations. The
Company is actively seeking financing opportunities to fund Phase II Clinical
Trials for WBI-1001 and Phase I Clinical Trials for WBI-2100, and to develop
other drug compounds in its pipeline.
About Welichem Biotech Inc.
Welichem Biotech Inc. is a publicly-traded biotechnology company
developing therapeutic drugs in the fields of autoimmune diseases and cancer.
About Canadian Maple Leaf Investment Ltd.
Canadian Maple Leaf Investment Ltd. (CMIL) is a private B.C. company and
invests in a wide range of projects and companies. CMIL currently owns 44% of
the Company's shares with a long-term investment objective.
ON BEHALF OF THE BOARD
York Yingping Guo
President & Chief Executive Officer
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. The Company thus seeks safe harbour
For further information:
For further information: York Yingping Guo, Tel.: (604) 432-1703, Email:
email@example.com; Yan Chen, Business Development Manager, Tel.: (604)
432-1703, Email: firstname.lastname@example.org