Xechem Pharmaceutical N2.5 billion IPO

[Stockbear]

Xechem plan N2.5billion IPO. From what I gather, they already enjoy good patronage from foreign investors which puts them in good company.

Culled from BusinessDay, published Monday 9 April, pg 11.

Xechem Plans N2.5billion IPO
BusinessDay
Badejo Ademuyiwa, Abuja

Xechem Pharmaceuticals Nigeria Limited is heading to the capital market to raise N2.54 billion through an Initial Public Offer to buoy its working capital.

The IPO is being perfected by Chapel Hill, and will hopefully be in the market by September, this year.

Xechem in agreement with the Ministry of Health and the National Institute for Pharmaceutical Research and Development (NIPRD) is to develop, produce, sell and market NICOSAN.

NICOSAN, a non-toxic drug from extracts from tropical plants, was developed by NIPRD scientists to manage sickle cell disease.

Iretiolu Oniyide, managing director, Xechem Nigeria, disclosed this during a facility tour of the plant at Sheda, Abuja and noted that the offer will complement other facilities under way to improve the working capital of the drug firm.

Bullet points:

• $8 million has been invested to date.

• A N350 million NEXIM loan to be sealed next week.

• Direct investment of $12 million from the USA.

• $9.2 million facility guarantee from U.S Exim/

• Local guarantee from Diamond bank and Bank PHB.

• NISCON is currently available from 1,500 pharmaceutical shops across the country.

• Target of four and eight million capsules per day to meet Nigerian demand and that of the continent.

[dotunk]

hi.

thanks for the info. could you remind me/us when it debuts and if there is any other info before then.

what are the fundermentals of the company? ant 5 yr financial review?

[Stockbear]

@ DotunK - As I find info I'll share. Otherwise everyone else should please contribute.

http://www.xechemnigeria.com

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E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE
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U.S. Ex-Im Bank Approves Comprehensive Guarantee for UPS Capital Loan of $9.38million to fund establishment of Xechem Pharmaceutical Plant in Nigeria
MIAMI, FLORIDA, Oct. 25 -/E-Wire/-- The Export Import Bank of the United States has approved Comprehensive Guarantee to cover U.S. Loan of $9.38million to fund establishment of Xechem Pharmaceutical Plant in Abuja, Nigeria, estimated to cost $12.45million. UPS Capital Business Credit of Hartford, Connecticut is the U.S. Lender providing related Loan for the Project, while Access Bank, Plc. and Diamond Bank, Plc., are to provide Nigerian Bank Guarantees in support of the Project Loan. The Xechem Pharmaceutical Project Loan has been successfully packaged by Financialbridge and will be utilized to purchase U.S. manufactured Plants and Machinery to be supplied by leading Pharmaceutical Equipment Vendors and EPC Contractors including Fisher Scientific, APT and NITRA Corp, etc.

The Xechem Pharmaceutical Plant in Nigeria will manufacture and commercialize NICOSAN™, a phyto-pharmaceutical used for the treatment of Sickle Cell Disease (SCD), a genetic blood disorder caused by the abnormality in the hemoglobin molecule, affecting approximately 4 million Nigerians and another 6 to 8 million sufferers in the rest of Africa and 16 million worldwide. While the only known cure for SCD is Bone Marrow Transplant, which replaces defective red blood cells with donor healthy cells, NICOSAN™ taken once daily is the first drug to offer patients safe and effective treatment for the prophylactic management of SCD. The U.S. Department of Health and Human Services, Office of Orphan Products Development - Food and Drug Administration (FDA), granted the company Orphan Drug designation for NICOSAN™. The Nigerian National Agency for Food and Drug Administration and Control (NAFDAC) has also approved NICOSAN™ for commercialization.

For full info see link below:

http://www.ewire.com/display.cfm/Wire_ID/3446

[Stockbear]

More info to consider.

Welcome to the Export-Import Bank of the United States Africa Update
December 2006

Featured Transaction

Ex-Im Bank supports a 5 year commercial loan guarantee for UPS Capital to fund establishment of Xechem Pharmaceutical Plant in Nigeria
Ex-Im Bank approved a request from UPS Capital Business Credit, Hartford, Connecticut, for a five-year, medium-term guarantee in the amount of $8,534,542 to support the sale of for U.S. pharmaceutical manufacturing equipment to Xechem Pharmaceuticals, a company located in Nigeria. In addition to the U.S. exports, Ex-Im financing will support local costs for this project totaling $1,280,781. Diamond Bank Ltd. and Access Bank Plc will support the transaction by providing co-guarantees under the Ex-Im Bank's recently established $300 Million Nigerian Banking Guarantee Facility. The Xechem Pharmaceutical Project will purchase U.S. manufactured plants and machinery supplied by leading pharmaceutical equipment vendors and EPC Contractors including Fisher Scientific, APT and NITRA Corp, etc.

The Xechem Pharmaceutical Plant in Nigeria will manufacture and commercialize NICOSAN™, a phyto-pharmaceutical used for the treatment of Sickle Cell Disease (SCD), a genetic blood disorder caused by the abnormality in the hemoglobin molecule, affecting approximately 4 million Nigerians and another 6 to 8 million sufferers in the rest of Africa and 16 million worldwide. While the only known cure for SCD is Bone Marrow Transplant, which replaces defective red blood cells with donor healthy cells, NICOSAN™ taken once daily is the first drug to offer patients safe and effective treatment for the prophylactic management of SCD. The U.S. Department of Health and Human Services, Office of Orphan Products Development - Food and Drug Administration (FDA), granted the company Orphan Drug designation for NICOSAN™. The Nigerian National Agency for Food and Drug Administration and Control (NAFDAC) has also approved NICOSAN™ for commercialization.

The Xechem Pharmaceutical Plant will also produce other products for the treatment of Malaria, HIV/AIDS and related complications.

See link for full info:
http://www.exim.gov/products/special...es/dec2006.cfm

[Stockbear]

More info for your consideration.

Nigerian Tribune
28 February 2007
Xechem begins mass production of NICOSAN, anti- sickle cell drug

Folusho Akinwunmi, Abuja

Xechem pharmaceutical has announced that it would begin mass production of NICOSAN, an anti-sicklin drug for the management of sickle cell disease by the second quarter of this year.

The drug, which was developed locally, using four local herbs as the main ingredient has been approved both locally and internationally as an effective drug in management of the “Blackman disease” leaving behind no side effect.

Speaking with Nigerian Tribune, the Managing Director of Xechem, Mr. Iretiolu Oniyide disclosed that the company took the decision to mass produce the drug because of the demand for it both in Nigeria and other African Countries where sickle cell was endemic.

In Nigeria , an estimate of 4 million people are said to be sufferer of the sickle cell disease.

President Olusegun Obasanjo had last year commissioned the pilot production of the drug, while commissioning the Gamma Irradiation project situated within the Sheda science and technology complex, Abuja , also housing the Xechem pharmaceuticals.

See link for full info:
http://www.tribune.com.ng/28022007/biznes.html

[Stockbear]

More info:

NATIONAL DATA CENTER FOR SCIENCE & TECHNOLOGY (NADCEST)


Xechem Develops NICOSAN & tries to find solutions to Sickle Cell Anemia


Xechem Pharmaceuticals Nigeria Limited (Xechem Nigeria ), was registered in Nigeria in 2002 as a subsidiary of Xechem International Inc. with the headquarters located at New Brunswick Technology Center .

Dr. Pandey shows the prototype of
the Xechem Pharmaceuticals plants.

Sickle Cell Disease (SCD) has robbed nations of the much-needed contributions of young men and women for economic growth and development. At the start of the 21st century, there could be no better place for Xechem Nigeria to be born than in Nigeria , which consists of almost 40% of all Sickle Cell Disease (SCD) sufferers in the world. Xechem Nigeria came into existence as a spin-off from collaboration between Rutgers, the State University of New Jersey and the Federal Ministry of Science and Technology (FMST) in Nigeria that started in 2000. Shortly after the Federal Government of Nigeria resolved to pursue R&D vigorously in biotechnology in 2000, a delegation was sent to the United States to explore potential collaboration that would facilitate the implementation of the government's vision to use biotechnology as a key tool to drive Science and Technology in the country into the 21st century. In August 2001, a joint conference on biotechnology was organized at Rutgers University, and Cook college New Brunswick, NJ between Sheda Science and Technology Complex (SHESTCO) and Rutgers University under the leadership of Dr. Soji Adelaja (then Dean of research at Cook College and New Jersey Agricultural Extension station-Inter Executive Dean) and Dr. Albert Ayeni, (Weed Scientist and later coordinator of international programs).

http://www.nadcest.gov.ng/anemia.htm

[Stockbear]

More info:

Xechem International's Nigerian Subsidiary Welcomes New Managing Director
Tuesday January 30, 7:00 am ET

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Xechem International, Inc. (OTC BB: XKEM - News) announced today that Mr. Iretiolu Oniyide has assumed his newly appointed role as Managing Director and board member of Xechem Pharmaceuticals Nigeria Ltd., located at the Sheda Science and Technology Park, Science Village, Abuja, Nigeria.

On joining the Xechem Nigeria team, Mr. Oniyide stated, "I am very excited about the opportunity to build on the extraordinary achievements already made by Xechem Nigeria under Dr. Ramesh Pandey's leadership over the last four years. I look forward to working with Dr. Pandey and the entire Xechem Nigeria team to achieve full-scale production of NICOSAN(TM), the company's breakthrough drug for Sickle Cell Disease (SCD), as quickly as possible so that we can ensure that the patients suffering with the debilitating effects of this terrible disease can get the help and relief they so badly need." He further emphasized Xechem Nigeria's intention to strengthen existing relationships with private and governmental partners that have been so supportive of the company's efforts.

Full info:
http://biz.yahoo.com/bw/070130/20070130005319.html?.v=1

[Stockbear]

These are the only financials I could find. See links;

XeChem Historical Financials, Metrics, and Accounting Fees Summaries:

Financial Metrics from FY 2000 through 2005 (will be updated upon FY 2006 10KSB filing) => Provided by: JoChef
http://www.pennypickers.com/JoChef/5...ics_XeChem.xls

Financial Statements Summary & Year Over Year Comparision from FY 1996 through 2005 (will be updated upon FY 2006 10KSB filing) => Provided by: JoChef
http://www.pennypickers.com/JoChef/1...als_XeChem.xls

Accounting Fees (Audit & Taxes) from FY 2000 through 2005 (will be updated upon FY 2006 10KSB filing) => Provided by: JoChef
http://www.pennypickers.com/JoChef/A...xFees_2005.xls

[c kenneths]

Stockbear, you are really an asset in this forum, do keep up the good work!

[Apache]

Was just going through the archives of thread and ran across this one. Whatever happened to Xechem?