strategy and core programs that encompass both therapeutics and branded
nutraceutical products, and following the approval by Neurochem's Board
of Directors, the name-change from Neurochem to BELLUS HEALTH(TM),
pending shareholder approval at the next annual meeting.
- Approval by Neurochem's Board of Directors for the creation of
subsidiaries for the purposes of carrying on the Company's
nutraceutical business, and as part of these new developments, the
nutraceutical business will be named OVOS NATURAL HEALTH(TM).
- An amendment under the Equity Line of Credit Facility, extending the
term to February 2010. The minimum draw-down obligation by the Company
has been reduced to $15,000,000 over the term. The maximum amount of
each monthly draw-down is limited to the lower of $6,000,000 or
12.5% of the volume-weighted price calculation of the common shares at
the time of draw-down. The common shares will be issued at a discount
of 4.0% to market price if the volume-weighted average price (VWAP)
per share is $6 or higher and 7% if the VWAP per share is lower than $6
at the time of draw-down.
"Neurochem is making significant progress in the implementation of the
strategy that aims to make homotaurine available to consumers. Our drive
towards the commercialization of this brand under the leadership of Mr.
Gary Schmid as CEO of our nutraceutical business is geared towards
potentially selling homotaurine via the Internet as early as the second
quarter of 2008 and made available at retail in Canada during the third
quarter of 2008," said Dr. Francesco Bellini, Chairman, President and CEO
of Neurochem. "With respect to our pharmaceutical activities, we are
continuing to accelerate the development of our product candidates in the
field of Diabetes and Alzheimer's disease a
|SOURCE NEUROCHEM INC.|
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