Chemaphor Receives Initial Proceeds Under its OxBC Research, Development and Commercialization Agreement With Elanco Animal Health Division of Eli Lilly and Company
Market Wire, September, 2007
Chemaphor Inc. (TSX VENTURE: CFR), a biotechnology research and development company, announced today that it has received proceeds from its collaborative research, license and commercialization agreement with Elanco Animal Health ("Elanco"), a division of Eli Lilly and Company (NYSE: LLY) to license its OxBC product technology ("OxBC"). The agreement establishes the framework for Chemaphor and Elanco to research, develop and potentially commercialize products for use in poultry and other food animal species using OxBC technology. The Company expects to recognize the proceeds as revenue as the services are delivered.
"We have been active in continuing the research and development of OxBC for improving growth and feed efficiency in food animals and we are pleased that Elanco has joined us with operational and financial support in this endeavour. This funding is considered significant to our current financial reporting" said Graham Burton, President and Chief Executive Officer of Chemaphor.
About Chemaphor
Chemaphor Inc. ( www.chemaphor.com ) uses its core expertise in organic chemistry to develop premium products for the animal health, skin care cosmetics, pharmaceutical and specialty chemical markets. The Company's focus is on two proprietary products, a non pharmaceutical product OxBC and a lead cancer drug compound OCL-1. Chemaphor's goal is to fully exploit its proprietary platform of carotenoid oxidation compounds by finding recognized partners to commercialize its products in multiple, large markets.
Forward-looking statements
This news release contains forward-looking information. These statements relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management of Chemaphor Inc. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. These forward-looking statements are made as of the date hereof and Chemaphor Inc. does not assume any obligation to update or revise them to reflect new events or circumstances. (The TSX-Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.)
Contacts: Groupe Evolution Inc. Investor Relations Sylvain Archambault 514-448-4887 866-703-4887 (toll free) s.archambault@evolutiongrp.com Chemaphor Inc. Dr. Graham Burton 613-990-0969 g.burton@chemaphor.com
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